# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-046390
**Filing Date:** 2025-7
**Character Count:** 1011136
**Document Hash:** 3ef88a04dfc96fdec3af9265fd6966f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046390.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046390

**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:** 251121921

**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 Core Strategies: Flexible Bond Fund (Series ID: S000061889)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200580 | Institutional Class | MXEDX           |
| C000204662 | Investor Class      | MXEWX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower Core Strategies: Flexible Bond Fund** | &nbsp;&nbsp;&nbsp;**Empower Core Strategies: Inflation-Protected Securities Fund** |
| **Institutional Class Ticker / MXEDX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXEGX** |
| **Investor Class Ticker / MXEWX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXEYX** |
| **Empower Core Strategies: International Equity Fund** | &nbsp;&nbsp;&nbsp;**Empower Core Strategies: U.S. Equity Fund** |
| **Institutional Class Ticker / MXECX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXEBX** |
| **Investor Class Ticker / MXEVX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXETX** |

---

<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 CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 12.10% | Non-Agency — 12.10% | Non-Agency — 12.10% |
|  | AASET Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A |  |
| $391252 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/16/2041 | &nbsp;&nbsp;&nbsp;$369434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A |  |
| &nbsp;&nbsp; 697683 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 641440 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453045 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/16/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571435 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576323 |
|  | Affirm Asset Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class 1D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;6.89%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106057 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195080 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;6.08%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181294 |
|  | ALTDE Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731224 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258664 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261432 |
|  | American Credit Acceptance Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208828 | &nbsp;&nbsp;&nbsp;&nbsp;1.82%, 02/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30418 | &nbsp;&nbsp;&nbsp;&nbsp;7.86%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;6.44%, 10/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180762 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;7.65%, 09/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | AmeriCredit Automobile Receivables Trust<br> Series 2023-2 Class C<br> 6.00%, 07/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | Apidos XXXVII<sup>(b)(c)</sup><br> Series 2021-37A Class B<br> 6.15%, 10/22/2034<br> 3-mo. SOFR + 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638450 | Applebee's Funding LLC / IHOP Funding LLC<sup>(b)</sup><br> Series 2019-1A Class A2II<br> 4.72%, 06/05/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607642 |
|  | Aqua Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228609 | &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219034 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850000 | Ares LXII Ltd<sup>(b)(c)</sup><br> Series 2021-62A Class B<br> 6.21%, 01/25/2034<br> 3-mo. SOFR + 1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823847 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| $450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/20/2028 | &nbsp;&nbsp;&nbsp;$426219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;7.26%, 10/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 255102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp;7.32%, 02/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 260136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.35%, 04/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;7.34%, 02/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.48%, 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | Benefit Street Partners XXVIII Ltd<sup>(b)(c)</sup><br> Series 2022-28A Class BR<br> 5.99%, 10/20/2037<br> 3-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Benefit Street Partners XXXVII Ltd<sup>(b)(c)</sup><br> Series 2024-37A Class B<br> 6.00%, 01/25/2038<br> 3-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610662 |
|  | BHG Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;7.45%, 12/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;6.49%, 04/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 04/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1CON Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 04/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335000 | Birch Grove Ltd<sup>(b)(c)</sup><br> Series 2024-9A Class A1<br> 6.24%, 10/22/2037<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | BlueMountain XXXIII Ltd<sup>(b)(c)</sup><br> Series 2021-33A Class B<br> 6.28%, 11/20/2034<br> 3-mo. SOFR + 1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899846 |
|  | Bridgecrest Lending Auto Securitization Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;7.84%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372831 | CAL Funding IV Ltd<sup>(b)</sup><br> Series 2020-1A Class A<br> 2.22%, 09/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | Carlyle Global Market Strategies Ltd<sup>(b)(c)</sup><br> Series 2021-3SA Class A2<br> 6.06%, 04/15/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985784 |
|  | CarMax Auto Owner Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292709 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| $300000 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%, 04/15/2030 | &nbsp;&nbsp;&nbsp;$314589 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class D |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 101874 |
|  | Carvana Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class D |  |
| &nbsp;&nbsp; 154716 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150017 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;6.69%, 07/10/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.22%, 02/11/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/10/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205312 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/10/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;7.66%, 04/12/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282962 |
|  | Castlelake Aircraft Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641918 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487608 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 04/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545820 | CCG Receivables Trust<sup>(b)</sup><br> Series 2023-1 Class A2<br> 5.82%, 09/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23990 | Commonbond Student Loan Trust<sup>(b)</sup><br> Series 2020-1 Class A<br> 1.69%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21261 |
|  | Compass Datacenters Issuer III LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354078 |
|  | CoreVest American Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;4.62%, 05/15/2052<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135707 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190128 |
|  | Credit Acceptance Auto Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110954 | &nbsp;&nbsp;&nbsp;&nbsp;1.94%, 02/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 01/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282020 |
|  | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 05/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488062 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 02/20/2050 | &nbsp;&nbsp;&nbsp;$203699 |
| &nbsp;&nbsp; 1040688 | Drive Auto Receivables Trust<br> Series 2021-2 Class D<br> 1.39%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1028282 |
|  | DT Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D |  |
| &nbsp;&nbsp; 1153263 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1143997 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990000 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32612 | Elara HGV Timeshare Issuer LLC<sup>(b)</sup><br> Series 2021-A Class C<br> 2.09%, 08/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58308 | ELFI Graduate Loan Program LLC<sup>(b)(d)</sup><br> Series 2021-A Class B<br> 2.09%, 12/26/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600448 | EverBright Solar Trust<sup>(b)</sup><br> Series 2024-A Class A<br> 6.43%, 06/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175050 | EWC Master Issuer LLC<sup>(b)</sup><br> Series 2022-1A Class A2<br> 5.50%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171874 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078862 | &nbsp;&nbsp;&nbsp;&nbsp;1.55%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033118 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;6.68%, 04/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347799 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373427 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 02/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751354 |
|  | First Investors Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393348 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;8.71%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439145 |
|  | FirstKey Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class F1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;3.02%, 10/19/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;2.39%, 08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513298 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E1 |  |
| $360000 | &nbsp;&nbsp;&nbsp;&nbsp;2.26%, 09/17/2038 | &nbsp;&nbsp;&nbsp;$344170 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E2 |  |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 214808 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR2 Class D |  |
| &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 621881 |
|  | Flagship Credit Auto Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147174 | &nbsp;&nbsp;&nbsp;&nbsp;2.18%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;1.27%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;1.59%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493750 | FOCUS Brands Funding<sup>(b)</sup><br> Series 2023-2 Class A2<br> 8.24%, 10/30/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Ford Credit Auto Lease Trust<br> Series 2023-B Class D<br> 6.97%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | Ford Credit Auto Owner Trust<sup>(b)(e)</sup><br> Series 2025-1 Class A<br> 4.86%, 08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | Fortiva Retail Credit Master Note Business Trust<sup>(b)</sup><br> Series 2024-ONE Class B<br> 9.70%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395652 |
|  | Foundation Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;6.97%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266872 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 03/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;6.09%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357983 | Foursight Capital Automobile Receivables Trust<sup>(b)</sup><br> Series 2021-2 Class D<br> 1.92%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357485 |
|  | Freedom Financial Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3FP Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135191 | &nbsp;&nbsp;&nbsp;&nbsp;2.37%, 11/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209386 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207867 |
|  | Frontier Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;11.50%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;11.16%, 06/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218359 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | GITSIT Mortgage Loan Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1 |  |
| $428567 | &nbsp;&nbsp;&nbsp;&nbsp;7.47%, 06/25/2054 | &nbsp;&nbsp;&nbsp;$429767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL1 Class A1 |  |
| &nbsp;&nbsp; 2362250 | &nbsp;&nbsp;&nbsp;&nbsp;6.28%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2361592 |
|  | GLS Auto Receivables Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228989 | &nbsp;&nbsp;&nbsp;&nbsp;1.68%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;7.18%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;6.19%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379127 |
|  | GLS Auto Select Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;6.43%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158720 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251996 | GoodLeap Home Improvement Solutions Trust<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.35%, 10/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255199 |
|  | Hardee's Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288750 | &nbsp;&nbsp;&nbsp;&nbsp;2.87%, 06/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261680 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316800 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325521 |
|  | Hertz Vehicle Financing III LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 06/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Hertz Vehicle Financing LLC<sup>(b)</sup><br> Series 2022-4A Class D<br> 6.56%, 09/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70141 | Hilton Grand Vacations Trust<sup>(b)</sup><br> Series 2024-1B Class C<br> 6.62%, 09/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122020 | HIN Timeshare Trust<sup>(b)</sup><br> Series 2024-A Class A<br> 5.49%, 03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124098 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Home Partners of America Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class E |  |
| $83396 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 09/17/2041 | &nbsp;&nbsp;&nbsp;$71580 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class E1 |  |
| &nbsp;&nbsp; 1267311 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1203564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class E2 |  |
| &nbsp;&nbsp; 609653 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 578085 |
|  | HPEFS Equipment Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326453 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 11/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;6.97%, 07/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550000 | HPS Loan Management Ltd<sup>(b)(c)</sup><br> Series 15A-19 Class A1R<br> 5.61%, 01/22/2035<br> 3-mo. SOFR + 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | Island Finance Trust<sup>(b)</sup><br> Series 2025-1A Class A<br> 6.54%, 03/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Jack in the Box Funding LLC<sup>(b)</sup><br> Series 2019-1A Class A2II<br> 4.48%, 08/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221569 | JOL Air Ltd<sup>(b)</sup><br> Series 2019-1 Class A<br> 3.97%, 04/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829 | JPMorgan Chase Bank NA<sup>(b)</sup><br> Series 2021-3 Class D<br> 1.01%, 02/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 |
|  | Kapitus Asset Securitization IV LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 09/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 09/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90493 | Kestrel Aircraft Funding Ltd<sup>(b)</sup><br> Series 2018-1A Class A<br> 4.25%, 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | KKR Ltd<sup>(b)(c)</sup><br> Series 31A Class B<br> 6.05%, 04/20/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240554 | Labrador Aviation Finance Ltd<sup>(b)</sup><br> Series 2016-1A Class A1<br> 4.30%, 01/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233933 |
|  | LAD Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.76%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267973 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;7.37%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151213 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.33%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99124 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class D |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%, 02/17/2032 | &nbsp;&nbsp;&nbsp;$98978 |
| &nbsp;&nbsp; 191433 | Laurel Road Prime Student Loan Trust<sup>(b)</sup><br> Series 2020-A Class A2FX<br> 1.40%, 11/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 176993 |
| &nbsp;&nbsp; 806071 | Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup><br> Series 2021-1 Class A<br> 2.64%, 10/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 743795 |
| &nbsp;&nbsp; 504328 | MAPS Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 2.52%, 06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 470107 |
| &nbsp;&nbsp; 2250000 | Marathon Ltd<sup>(b)(c)</sup><br> Series 2021-16A Class A2<br> 6.26%, 04/15/2034<br> 3-mo. SOFR + 1.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2202858 |
| &nbsp;&nbsp; 130000 | Mariner Finance Issuance Trust<sup>(b)</sup><br> Series 2024-AA Class D<br> 6.77%, 09/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 133404 |
|  | Marlette Funding Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;8.15%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;6.93%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Merchants Fleet Funding LLC<sup>(b)</sup><br> Series 2023-1A Class D<br> 8.20%, 05/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | Mercury Financial Credit Card Master Trust<sup>(b)</sup><br> Series 2024-2A Class A<br> 6.56%, 07/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | MetroNet Infrastructure Issuer LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 6.23%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163684 |
|  | Mission Lane Credit Card Master Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;7.69%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194682 | Mosaic Solar Loan Trust<sup>(b)</sup><br> Series 2024-1 Class B<br> 6.25%, 09/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187828 |
|  | MVW Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 | &nbsp;&nbsp;&nbsp;&nbsp;3.33%, 11/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1WA Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255152 | &nbsp;&nbsp;&nbsp;&nbsp;1.94%, 01/22/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240679 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501083 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 05/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472954 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Navient Private Education Refi Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A |  |
| $27679 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 01/15/2069 | &nbsp;&nbsp;&nbsp;$26008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A |  |
| &nbsp;&nbsp; 216122 | &nbsp;&nbsp;&nbsp;&nbsp;0.84%, 05/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 196420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class B |  |
| &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 566396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;2.03%, 12/16/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FA Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 02/18/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | Navient Student Loan Trust<sup>(b)</sup><br> Series 2023-BA Class B<br> 7.23%, 03/15/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255828 | Navigator Aircraft Ltd<sup>(b)(e)</sup><br> Series 2021-1 Class A<br> 2.77%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167855 |
|  | Nelnet Student Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BA Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;2.68%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323611 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167065 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85850 |
|  | OneMain Financial Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 06/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978733 | OWN Equipment Fund I LLC<sup>(b)</sup><br> Series 2024-2M Class A<br> 5.70%, 12/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985965 |
|  | Palmer Square BDC Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 07/15/2037<br> 3-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796818 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;6.45%, 07/15/2037<br> 3-mo. SOFR + 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273433 | PK Alift Loan Funding 3 LP<sup>(b)</sup><br> Series 2024-1 Class A1<br> 5.84%, 09/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276048 |
|  | Planet Fitness Master Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559025 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 12/05/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A2I |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 12/05/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 12/05/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2I |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691500 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708752 |
|  | Prestige Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;8.08%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264787 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.71%, 08/15/2029 | &nbsp;&nbsp;&nbsp;$208921 |
|  | Progress Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E1 |  |
| &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 462634 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E1 |  |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR4 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.41%, 05/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR4 Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.56%, 05/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96869 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221322 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.43%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;2.53%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;2.59%, 08/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329671 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 08/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.81%, 11/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151627 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.01%, 11/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Reach Financial LLC<sup>(b)</sup><br> Series 2025-1A Class C<br> 5.99%, 08/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176933 |
|  | Republic Finance Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.53%, 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96770 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 08/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493275 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34675 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34337 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class D |  |
| $1211276 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%, 10/15/2027 | &nbsp;&nbsp;&nbsp;$1195676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B |  |
| &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.61%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1561007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B |  |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1419246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952805 |
|  | SBNA Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102426 |
|  | SCF Equipment Leasing LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83272 | &nbsp;&nbsp;&nbsp;&nbsp;1.93%, 09/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79%, 11/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628388 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.82%, 09/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117477 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;6.58%, 06/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113159 |
|  | SEB Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 01/30/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194771 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;7.39%, 04/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210577 | Shenton Aircraft Investment I Ltd<sup>(b)</sup><br> Series 2015-1A Class A<br> 4.75%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204786 |
|  | Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18120 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95524 | &nbsp;&nbsp;&nbsp;&nbsp;7.30%, 04/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293686 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 09/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803616 | Slam Ltd<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.34%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796470 |
|  | SMB Private Education Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357571 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344289 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319602 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/15/2053<sup>(c)</sup><br> 1-mo. SOFR + 0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 07/17/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;2.31%, 03/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285939 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class B |  |
| $700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.49%, 02/15/2051 | &nbsp;&nbsp;&nbsp;$609493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 346723 |
|  | Stream Innovations Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp; 75490 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 07/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 78763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378713 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496250 | Subway Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2I<br> 6.03%, 07/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116419 | Sunnova Helios II Issuer LLC<sup>(b)</sup><br> Series 2019-AA Class A<br> 3.75%, 06/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329269 | Sunnova Helios V Issuer LLC<sup>(b)</sup><br> Series 2021-A Class B<br> 3.15%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160194 | Sunnova Helios X Issuer LLC<sup>(b)</sup><br> Series 2022-C Class C<br> 6.00%, 11/22/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138361 | Sunnova Helios XIII Issuer LLC<sup>(b)</sup><br> Series 2024-A Class A<br> 5.30%, 02/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107980 | Sunrun Demeter Issuer LLC<sup>(b)</sup><br> Series 2021-2A Class A<br> 2.27%, 01/30/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276067 | Textainer Marine Containers VII Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 1.68%, 02/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431834 | Thrust Engine Leasing Designated Activity Co<sup>(b)</sup><br> Series 2021-1A Class A<br> 4.16%, 07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417668 |
|  | Trafigura Securitisation Finance PLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 11/15/2027<sup>(c)</sup><br> 1-day SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;7.29%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283226 |
|  | Tricon American Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SFR1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 11/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93861 |
|  | Tricon Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.79%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192233 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E2 |  |
| $535000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 07/17/2038 | &nbsp;&nbsp;&nbsp;$513591 |
| &nbsp;&nbsp; 100000 | Uniti Fiber Abs Issuer Llc<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.88%, 04/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 101660 |
| &nbsp;&nbsp; 2250000 | Venture Ltd<sup>(b)(c)</sup><br> Series 2021-42A Class B<br> 6.11%, 04/15/2034<br> 3-mo. SOFR + 1.81% | &nbsp;&nbsp;&nbsp;&nbsp; 2250068 |
| &nbsp;&nbsp; 409847 | Vivint Solar Financing V LLC<sup>(b)</sup><br> Series 2018-1A Class A<br> 4.73%, 04/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 385617 |
| &nbsp;&nbsp; 746617 | Volofin Finance Designated Activity Co<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.94%, 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 749945 |
|  | VStrong Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101497 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.29%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124130 | WAVE Trust<sup>(b)</sup><br> Series 2017-1A Class A<br> 3.84%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051096 |
|  | Westlake Automobile Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.49%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.79%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559066 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;7.19%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163296 | Willis Engine Structured Trust IV<sup>(b)(e)</sup><br> Series 2018-A Class B<br> 5.44%, 09/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771261 | Willis Engine Structured Trust VI<sup>(b)</sup><br> Series 2021-A Class A<br> 3.10%, 05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226720 | Willis Engine Structured Trust VII<sup>(b)</sup><br> Series 2023-A Class A<br> 8.00%, 10/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | Wingstop Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 5.86%, 12/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451195 |
|  | Ziply Fiber Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.64%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235659 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| $280000 | &nbsp;&nbsp;&nbsp;&nbsp;7.81%, 04/20/2054 | &nbsp;&nbsp;&nbsp;$290294 |
| **TOTAL ASSET-BACKED SECURITIES — 12.10%<br> (Cost $155,634,761)** | **TOTAL ASSET-BACKED SECURITIES — 12.10%<br> (Cost $155,634,761)** | &nbsp;&nbsp;&nbsp;**$155537428** |
| **BANK LOANS** | **BANK LOANS** | **BANK LOANS** |
|  | Aramark Services Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,04/06/2028<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 159920 |
| &nbsp;&nbsp; 1461500 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,06/22/2030<br> 1-mo. SOFR + 2.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1466063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700423 | Asplundh Tree Expert LLC<sup>(c)</sup><br> 6.07%, 05/23/2031<br> 1-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695260 |
|  | Carnival Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383122 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,08/08/2027<br> 1-mo. SOFR + 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562833 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,10/18/2028<br> 1-mo. SOFR + 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486325 | Cedar Fair LP<sup>(c)</sup><br> 6.32%, 05/01/2031<br> 1-mo. SOFR + 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309410 | Ciena Corp<sup>(c)</sup><br> 6.07%, 10/24/2030<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345761 | CSC Holdings LLC<sup>(c)</sup><br> 8.82%, 01/18/2028<br> 1-mo. SOFR + 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | DK Crown Holdings Inc<sup>(c)</sup><br> 6.07%, 02/25/2032<br> 1-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210681 | Flutter Entertainment PLC<sup>(c)</sup><br> 6.05%, 11/30/2030<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202542 |
|  | Hilton Grand Vacations<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43821 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,08/02/2028<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787951 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,01/17/2031<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157005 | Hilton Worldwide Finance LLC<sup>(c)</sup><br> 6.07%, 11/08/2030<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393690 | HUB International Ltd<sup>(c)</sup><br> 6.79%, 06/20/2030<br> 3-mo. SOFR + 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688275 | IQVIA Inc<sup>(c)</sup><br> 6.07%, 01/02/2031<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230925 | Novelis Holdings Inc<sup>(c)</sup><br> 6.29%, 02/20/2032<br> 3-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358191 | NRG Energy Inc<sup>(c)</sup><br> 6.32%, 04/16/2031<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504953 | OpenText Corp<sup>(c)</sup><br> 6.07%, 01/30/2030<br> 1-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506121 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
|  | Resideo Funding Inc<sup>(c)</sup> |  |
| $282775 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%,02/11/2028<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;$282068 |
| &nbsp;&nbsp; 1277103 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%,06/13/2031<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp; 1273918 |
| &nbsp;&nbsp; 219450 | Ryan Specialty Group LLC<sup>(c)</sup><br> 6.57%, 09/15/2031<br> 1-mo. SOFR + 2.25% | &nbsp;&nbsp;&nbsp;&nbsp; 218627 |
| &nbsp;&nbsp; 732859 | SBA Senior Finance II LLC<sup>(c)</sup><br> 6.08%, 01/25/2031<br> 1-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp; 733946 |
| &nbsp;&nbsp; 99251 | Scientific Games International Inc<sup>(c)</sup><br> 6.57%, 04/14/2029<br> 1-mo. SOFR + 2.25% | &nbsp;&nbsp;&nbsp;&nbsp; 98879 |
|  | TransDigm Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193528 | &nbsp;&nbsp;&nbsp;&nbsp;7.05%,08/24/2028<br> 3-mo. SOFR + 2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193054 | &nbsp;&nbsp;&nbsp;&nbsp;6.80%,02/28/2031<br> 3-mo. SOFR + 2.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185393 | TransUnion Intermediate Holdings Inc<sup>(c)</sup><br> 6.07%, 06/24/2031<br> 1-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430167 | Truist Insurance Holdings LLC<sup>(c)</sup><br> 7.05%, 05/06/2031<br> 3-mo. SOFR + 2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712062 | Wyndham Hotels & Resorts Inc<sup>(c)</sup><br> 6.07%, 05/24/2030<br> 1-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714497 |
| **TOTAL BANK LOANS — 2.02%<br> (Cost $26,005,030)** | **TOTAL BANK LOANS — 2.02%<br> (Cost $26,005,030)** | &nbsp;&nbsp;&nbsp;&nbsp;**$25916404** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 1.42% | Basic Materials — 1.42% | Basic Materials — 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | ArcelorMittal SA<br> 6.80%, 11/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Ashland Inc<sup>(b)</sup><br> 3.38%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | First Quantum Minerals Ltd<sup>(b)</sup><br> 9.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903479 |
|  | Glencore Funding LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943442 |
|  | Steel Dynamics Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18251247 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — 5.17% | Communications — 5.17% | Communications — 5.17% |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| $445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/01/2049 | &nbsp;&nbsp;&nbsp;$353194 |
| &nbsp;&nbsp; 2540000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1914991 |
| &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 722062 |
| &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 271584 |
| &nbsp;&nbsp; 2995000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2420263 |
| &nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;6.83%, 10/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1211327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 12/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/30/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373156 |
|  | CSC Holdings LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | Directv Financing LLC / Directv Financing Co-Obligor Inc<sup>(b)</sup><br> 10.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921792 |
|  | DISH DBS Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557212 | EchoStar Corp<br> 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10042364 |
|  | Expedia Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | Go Daddy Operating Co LLC / GD Finance Co Inc<sup>(b)</sup><br> 3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671604 |
|  | iHeartCommunications Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730000 | Motorola Solutions Inc<br> 5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750226 |
|  | Netflix Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205149 |
|  | Paramount Global |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | SoftBank Group Corp<br> 4.63%, 07/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410000 | Sprint Capital Corp<br> 8.75%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695798 |
|  | Time Warner Cable LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414759 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163592 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
|  | Uber Technologies Inc |  |
| $8270000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$8123982 |
| &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 286507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66411285 |
| Consumer, Cyclical — 2.46% | Consumer, Cyclical — 2.46% | Consumer, Cyclical — 2.46% |
|  | 1011778 BC Unlimited Liability Co / New Red Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 217785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | Allison Transmission Inc<sup>(b)</sup><br> 3.75%, 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626818 |
|  | American Airlines Pass Through Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11439 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13069 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12416 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118323 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110494 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | BorgWarner Inc<sup>(f)</sup><br> 5.40%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | British Airways Pass Through Trust<sup>(b)</sup><br> Series 2019-1 Class A<br> 3.35%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266 |
|  | Carnival Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Choice Hotels International Inc<br> 5.85%, 08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | DR Horton Inc<br> 5.50%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Global Auto Holdings Ltd / AAG FH UK Ltd<sup>(b)</sup><br> 11.50%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469056 |
|  | Hilton Domestic Operating Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc<sup>(b)</sup><br> 4.88%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131692 |
|  | Light & Wonder International Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250973 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | Marriott International Inc |  |
| $1025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2034 | &nbsp;&nbsp;&nbsp;$1022818 |
| &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1374498 |
| &nbsp;&nbsp; 445000 | Marriott Ownership Resorts Inc<sup>(b)(f)</sup><br> 4.50%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 408209 |
| &nbsp;&nbsp; 2380000 | Meritage Homes Corp<br> 5.65%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2341658 |
|  | NCL Corp Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | NCL Finance Ltd<sup>(b)</sup><br> 6.13%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194376 |
|  | Royal Caribbean Cruises Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/2026<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898816 |
|  | Travel + Leisure Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173340 | United Airlines Pass Through Trust<br> Series 2023-1 Class A<br> 5.80%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202911 |
|  | Yum! Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373118 |
|  | ZF North America Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31617243 |
| Consumer, Non-Cyclical — 2.99% | Consumer, Non-Cyclical — 2.99% | Consumer, Non-Cyclical — 2.99% |
|  | Ashtead Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Bausch & Lomb Corp<sup>(b)</sup><br> 8.38%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920000 | Bausch Health Cos Inc<sup>(b)</sup><br> 4.88%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | Block Inc<br> 3.50%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465979 |
|  | Centene Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973763 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | CVS Pass Through Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013 |  |
| $674748 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/10/2036 | &nbsp;&nbsp;&nbsp;$652135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014 |  |
| &nbsp;&nbsp; 236427 | &nbsp;&nbsp;&nbsp;&nbsp;4.16%, 08/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 216109 |
| &nbsp;&nbsp; 695000 | Elevance Health Inc<sup>(f)</sup><br> 5.20%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 697246 |
|  | Global Payments Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097801 |
|  | HCA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | Hologic Inc<sup>(b)</sup><br> 3.25%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075000 | JBS USA Holding Lux SARL / JBS USA Food Co / JBS Lux Co SARL<br> 3.75%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | JBS USA Lux SARL / JBS USA Food Co / JBS USA Foods Group<sup>(b)</sup><br> 5.95%, 04/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | Mars Inc<sup>(b)</sup><br> 5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | Medline Borrower LP / Medline Co-Issuer Inc<sup>(b)</sup><br> 6.25%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896265 |
|  | Molina Healthcare Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166849 |
|  | Pilgrim's Pride Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | Post Holdings Inc<sup>(b)</sup><br> 4.50%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | Smithfield Foods Inc<sup>(b)</sup><br> 3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Teva Pharmaceutical Finance Co LLC<br> 6.15%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124581 |
|  | Teva Pharmaceutical Finance Netherlands II BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.38%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333446 |
|  | Teva Pharmaceutical Finance Netherlands III BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/09/2029<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | TriNet Group Inc<sup>(b)</sup><br> 3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276578 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $1405000 | United Rentals North America Inc<sup>(b)</sup><br> 6.13%, 03/15/2034 | &nbsp;&nbsp;&nbsp;$1405879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38391842 |
| Energy — 3.32% | Energy — 3.32% | Energy — 3.32% |
|  | Aker BP ASA<sup>(b)</sup> |  |
| &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1753110 |
| &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 749132 |
| &nbsp;&nbsp; 2515000 | Canadian Natural Resources Ltd<sup>(b)</sup><br> 5.40%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2484812 |
|  | Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | Civitas Resources Inc<sup>(b)</sup><br> 8.63%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402352 |
|  | Continental Resources Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6920000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | Ecopetrol SA<br> 8.38%, 01/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794080 |
|  | Energean Israel Finance Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573437 |
|  | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478514 |
|  | EQT Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465000 | Helmerich & Payne Inc<sup>(b)(f)</sup><br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | Hess Midstream Operations LP<sup>(b)</sup><br> 4.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249308 |
|  | Leviathan Bond Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Matador Resources Co<sup>(b)</sup><br> 6.88%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354424 |
|  | ONEOK Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Ovintiv Inc<br> 6.50%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | Permian Resources Operating LLC<sup>(b)</sup><br> 6.25%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | Plains All American Pipeline LP / PAA Finance Corp<br> 4.30%, 01/31/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92305 |
|  | Targa Resources Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786116 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| $1595000 | Var Energi ASA<sup>(b)</sup><br> 8.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;$1791990 |
|  | Venture Global Calcasieu Pass LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 411056 |
| &nbsp;&nbsp; 2430000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2207897 |
| &nbsp;&nbsp; 445000 | Viper Energy Inc<sup>(b)</sup><br> 7.38%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 465104 |
|  | Western Midstream Operating LP |  |
| &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1027330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285554 |
|  | Whistler Pipeline LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Williams Cos Inc<br> 5.15%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42749028 |
| Financial — 5.91% | Financial — 5.91% | Financial — 5.91% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | Agile Group Holdings Ltd<sup>(g)</sup><br> 6.05%, 10/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Air Lease Corp<sup>(h)</sup><br> 4.65%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622560 |
|  | Aircastle Ltd / Aircastle Ireland Designated Activity Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/18/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275000 | American Tower Corp REIT<br> 5.90%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383885 |
|  | Antares Holdings LP<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;7.95%, 08/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838968 |
|  | Arthur J Gallagher & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Athene Global Funding<sup>(b)</sup><br> 2.55%, 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201076 |
|  | Aviation Capital Group LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991544 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $485000 | Avolon Holdings Funding Ltd<sup>(b)</sup><br> 5.38%, 05/30/2030 | &nbsp;&nbsp;&nbsp;$485659 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp; 3055000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3188048 |
| &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 605546 |
| &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2844555 |
| &nbsp;&nbsp; 495000 | BGC Group Inc<sup>(b)</sup><br> 6.15%, 04/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 492883 |
| &nbsp;&nbsp; 2055000 | Blue Owl Finance LLC<br> 6.25%, 04/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2104634 |
|  | Central China Real Estate Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/16/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | CIFI Holdings Group Co Ltd<sup>(g)</sup><br> 6.00%, 07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45980 |
|  | Citadel LP<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | CNO Financial Group Inc<br> 5.25%, 05/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | COPT Defense Properties LP REIT<br> 2.75%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Country Garden Holdings Co Ltd<sup>(g)</sup><br> 3.30%, 01/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240000 | Credit Agricole SA<sup>(b)</sup><br> 6.25%, 01/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | EPR Properties REIT<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | Global Atlantic Fin Co<sup>(b)</sup><br> 3.13%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | GLP Capital LP / GLP Financing II Inc REIT<br> 3.25%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975000 | Host Hotels & Resorts LP REIT<br> 5.50%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | ING Groep NV<br> 6.11%, 09/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Invitation Homes Operating Partnership LP REIT<br> 4.88%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | Iron Mountain Inc REIT<sup>(b)</sup><br> 5.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289630 |
|  | Jefferies Financial Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 | JPMorgan Chase & Co<sup>(h)</sup><br> 6.50%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507435 |
|  | Kaisa Group Holdings Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 06/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;10.50%, 01/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310000 | &nbsp;&nbsp;&nbsp;&nbsp;11.25%, 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;9.95%, 07/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;11.70%, 11/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;11.65%, 06/01/2026 | &nbsp;&nbsp;&nbsp;$8000 |
|  | Logan Group Co Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42350 |
| &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 28350 |
|  | Macquarie Airfinance Holdings Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 775518 |
| &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 134371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845000 | Marsh & McLennan Cos Inc<br> 5.00%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825810 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 07/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;5.83%, 04/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | Navient Corp<br> 5.00%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | Realty Income Corp REIT<br> 3.40%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146 |
|  | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/15/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672040 |
|  | Shimao Group Holdings Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 01/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Sino-Ocean Land Treasure IV Ltd<sup>(g)</sup><br> 4.75%, 01/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | Standard Chartered PLC<sup>(b)</sup><br> 3.27%, 02/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | Stewart Information Services Corp<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568319 |
|  | Sunac China Holdings Ltd<sup>(b)(i)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185240 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/30/2025<br> PIK rate, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185689 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/30/2026<br> PIK rate, 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372281 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/30/2027<br> PIK rate, 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559774 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2028<br> PIK rate, 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561129 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/30/2029<br> PIK rate, 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264233 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 09/30/2030<br> PIK rate, 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29396 |
|  | Synchrony Financial |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 08/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416990 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
|  | Times China Holdings Ltd<sup>(g)</sup> |  |
| $810000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 03/22/2026 | &nbsp;&nbsp;&nbsp;$28350 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 |
|  | UBS Group AG<sup>(b)</sup> |  |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 01/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 244192 |
| &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.54%, 08/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1350028 |
| &nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1606922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/08/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804767 |
|  | UniCredit SpA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 06/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 06/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 06/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589546 |
|  | Yuzhou Group Holdings Co Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;7.70%, 02/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;8.30%, 05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;7.85%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 01/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75915860 |
| Industrial — 3.35% | Industrial — 3.35% | Industrial — 3.35% |
|  | Amphenol Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953468 |
|  | Axon Enterprise Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680000 | BAE Systems PLC<sup>(b)</sup><br> 5.30%, 03/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701029 |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;7.01%, 05/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742260 |
|  | Cemex SAB de CV<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, Perpetual<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/11/2031<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668716 |
|  | L3Harris Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | Martin Marietta Materials Inc<br> 5.15%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Nordson Corp<br> 5.80%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765000 | Owens Corning<br> 5.70%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120000 | Quikrete Holdings Inc<sup>(b)</sup><br> 6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | RTX Corp<br> 5.15%, 02/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421349 |
|  | Sensata Technologies Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23094 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $1045000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;$912433 |
|  | SMBC Aviation Capital Finance Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 05/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 692245 |
| &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/03/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 882562 |
| &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 832022 |
| &nbsp;&nbsp; 1325000 | TD SYNNEX Corp<br> 6.10%, 04/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1362790 |
| &nbsp;&nbsp; 390000 | TopBuild Corp<sup>(b)</sup><br> 4.13%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 346936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655000 | Trimble Inc<br> 6.10%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115000 | Vulcan Materials Co<br> 5.35%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | Waste Management Inc<br> 4.95%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43037582 |
| Technology — 2.36% | Technology — 2.36% | Technology — 2.36% |
|  | AppLovin Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074537 |
|  | Broadcom Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878251 |
|  | CDW LLC / CDW Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660000 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780000 | Entegris Inc<sup>(b)</sup><br> 4.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715972 |
|  | Leidos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413680 |
|  | Micron Technology Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/09/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211059 |
|  | NetApp Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539094 |
|  | Seagate HDD Cayman |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91800 | &nbsp;&nbsp;&nbsp;&nbsp;9.63%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103248 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005000 | Western Digital Corp<br> 4.75%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30324906 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — 0.38% | Utilities — 0.38% | Utilities — 0.38% |
| $1120000 | Duke Energy Corp<sup>(f)</sup><br> 5.45%, 06/15/2034 | &nbsp;&nbsp;&nbsp;$1135208 |
| &nbsp;&nbsp; 395000 | NRG Energy Inc<sup>(b)</sup><br> 4.45%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 383568 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 88977 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 618250 |
| &nbsp;&nbsp; 1825000 | Southern Co<br> 5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1884848 |
| &nbsp;&nbsp; 550000 | Southern Co Gas Capital Corp<br> 5.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 567554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Vistra Operations Co LLC<sup>(b)</sup><br> 5.70%, 12/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956944 |
| **TOTAL CORPORATE BONDS AND NOTES — 27.36%<br> (Cost $369,931,748)** | **TOTAL CORPORATE BONDS AND NOTES — 27.36%<br> (Cost $369,931,748)** | &nbsp;&nbsp;&nbsp;**$351655937** |
| **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** |
| Communications — 0.21% | Communications — 0.21% | Communications — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | Booking Holdings Inc<br> 0.75%, 05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626291 | EchoStar Corp<sup>(i)</sup><br> 3.88%, 11/30/2030<br>PIK rate, 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | InterDigital Inc<br> 3.50%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | Palo Alto Networks Inc<br> 0.38%, 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | Sea Ltd<br> 2.38%, 12/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Spotify USA Inc<sup>(j)</sup><br> (16.82%), 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227000 | Uber Technologies Inc<br> 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683870 |
| Consumer, Cyclical — 0.03% | Consumer, Cyclical — 0.03% | Consumer, Cyclical — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Carnival Corp<br> 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | Freshpet Inc<br> 3.00%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181000 | NCL Corp Ltd<br> 1.13%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436523 |
| Consumer, Non-Cyclical — 0.04% | Consumer, Non-Cyclical — 0.04% | Consumer, Non-Cyclical — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | Global Payments Inc<br> 1.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | Jazz Investments I Ltd<sup>(b)</sup><br> 3.13%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | Merit Medical Systems Inc<sup>(b)</sup><br> 3.00%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 | Post Holdings Inc<br> 2.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548260 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — 0.03% | Energy — 0.03% | Energy — 0.03% |
| $200000 | Northern Oil & Gas Inc<br> 3.63%, 04/15/2029 | &nbsp;&nbsp;&nbsp;$210760 |
| &nbsp;&nbsp; 58000 | Permian Resources Operating LLC<br> 3.25%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351374 |
| Financial — 0.02% | Financial — 0.02% | Financial — 0.02% |
| &nbsp;&nbsp; 218000 | Coinbase Global Inc<br> 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 205574 |
| Industrial — 0.02% | Industrial — 0.02% | Industrial — 0.02% |
| &nbsp;&nbsp; 96000 | Fluor Corp<br> 1.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 102000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | Itron Inc<sup>(b)</sup><br> 1.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240736 |
| Technology — 0.15% | Technology — 0.15% | Technology — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | BlackLine Inc<sup>(b)</sup><br> 1.00%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403000 | Datadog Inc<sup>(b)(j)</sup><br> 3.24%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219000 | Guidewire Software Inc<sup>(b)</sup><br> 1.25%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118000 | Nutanix Inc<br> 0.25%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132000 | ON Semiconductor Corp<br> 0.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | Parsons Corp<br> 2.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147000 | Seagate HDD Cayman<br> 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | Snowflake Inc<sup>(b)(j)</sup><br> (3.22%), 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Tyler Technologies Inc<br> 0.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Vertex Inc<sup>(b)</sup><br> 0.75%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166000 | Workiva Inc<br> 1.25%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954718 |
| Utilities — 0.04% | Utilities — 0.04% | Utilities — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | Evergy Inc<br> 4.50%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | NRG Energy Inc<br> 2.75%, 06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | Pinnacle West Capital Group<sup>(b)</sup><br> 4.75%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454948 |
| **TOTAL CONVERTIBLE BONDS — 0.54%<br> (Cost $6,893,863)** | **TOTAL CONVERTIBLE BONDS — 0.54%<br> (Cost $6,893,863)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6876003** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
|  | Brazilian Government International Bond |  |
| $1010000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2035 | &nbsp;&nbsp;&nbsp;$1004138 |
| &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/27/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 922686 |
| &nbsp;&nbsp; 1730000 | Colombia Government International Bond<br> 7.75%, 11/07/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1679519 |
| &nbsp;&nbsp; 1180000 | Costa Rica Government International Bond<br> 7.16%, 03/12/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1210951 |
| &nbsp;&nbsp;65290998784 | Indonesia Treasury Bond<br> IDR, 6.88%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3958434 |
| &nbsp;&nbsp; 940000 | Ivory Coast Government International Bond<sup>(b)</sup><br> 8.08%, 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1092725 |
|  | Mexico Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.13%, 05/04/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | Morocco Government International Bond<sup>(b)</sup><br> EUR, 4.75%, 04/02/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405000 | Nigeria Government International Bond<sup>(b)</sup><br> 10.38%, 12/09/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413581 |
|  | Panama Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Republic of Armenia International Bond<sup>(b)</sup><br> 6.75%, 03/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437724 |
|  | Republic of South Africa Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52065000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR, 8.88%, 02/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51635000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325329 |
|  | Republic of Uzbekistan International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.38%, 05/29/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;7.85%, 10/12/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 02/28/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 05/25/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688296 |
|  | Romanian Government International Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.88%, 07/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 6.25%, 09/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594212 |
|  | Turkiye Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81925000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 37.00%, 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/03/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735000 | United Kingdom Gilt<br> GBP, 4.13%, 01/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818639 |
|  | Uruguay Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44045000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 8.50%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023302 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
| $42375000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 9.75%, 07/20/2033 | &nbsp;&nbsp;&nbsp;$1017323 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.22%<br> (Cost $41,975,784)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.22%<br> (Cost $41,975,784)** | &nbsp;&nbsp;&nbsp;&nbsp;**$41431236** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 3.74% | Non-Agency — 3.74% | Non-Agency — 3.74% |
| &nbsp;&nbsp; 1126198 | Angel Oak Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-10 Class A1<br> 5.35%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 1122399 |
| &nbsp;&nbsp; 401146 | ATLX Trust<sup>(b)(e)</sup><br> Series 2024-RPL2 Class A1<br> 3.85%, 04/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 384919 |
| &nbsp;&nbsp; 1645000 | BBSG Mortgage Trust<sup>(b)</sup><br> Series 2016-MRP Class A<br> 3.28%, 06/05/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1436181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105347 | BB-UBS Trust<sup>(b)</sup><br> Series 2012-TFT Class A<br> 2.89%, 06/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | Benchmark Mortgage Trust<sup>(d)</sup><br> Series 2018-B2 Class A5<br> 3.88%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 | BINOM Securitization Trust<sup>(b)(d)</sup><br> Series 2022-RPL1 Class M1<br> 3.00%, 02/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881263 |
|  | BPR Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;9.94%, 12/15/2038<br> 1-mo. SOFR + 5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class F |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;11.19%, 12/15/2038<br> 1-mo. SOFR + 6.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-STAR Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;7.55%, 08/15/2039<br> 1-mo. SOFR + 3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144682 |
|  | BX Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-AHP Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 01/17/2039<sup>(c)</sup><br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT4 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 07/15/2029<sup>(c)</sup><br> 1-mo. SOFR + 1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT5 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 11/13/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104145 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT6 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 03/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | CAFL Issuer LLC<sup>(b)(e)</sup><br> Series 2023-RTL1 Class A1<br> 7.55%, 12/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996923 |
|  | COMM Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LTRT Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69827 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67026 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CBM Class A2 |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 12/10/2041<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$203419 |
|  | Credit Suisse Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class B |  |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 522670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class C |  |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 82845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.37%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150584 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239750 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 09/27/2060<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756203 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 12/27/2060<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210000 | DC Commercial Mortgage Trust<sup>(b)(d)</sup><br> Series 2023-DC Class C<br> 7.14%, 09/12/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246281 |
|  | Extended Stay America Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ESH Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355122 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2038<br> 1-mo. SOFR + 1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ESH Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022057 | &nbsp;&nbsp;&nbsp;&nbsp;6.68%, 07/15/2038<br> 1-mo. SOFR + 2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224317 | GCAT Trust<sup>(b)(d)</sup><br> Series 2019-RPL1 Class A1<br> 2.65%, 10/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216510 |
|  | GS Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-G1 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203258 | &nbsp;&nbsp;&nbsp;&nbsp;3.72%, 04/10/2031<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186568 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/05/2033<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/05/2033<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC22 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.39%, 06/10/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC47 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 05/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343477 |
|  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LC9 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287536 | &nbsp;&nbsp;&nbsp;&nbsp;3.58%, 12/15/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.92%, 01/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 01/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299162 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Legacy Mortgage Asset Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL1 Class A2 |  |
| $875000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/25/2059<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$787129 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2 Class A1 |  |
| &nbsp;&nbsp; 333234 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 332860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS4 Class A1 |  |
| &nbsp;&nbsp; 147055 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/25/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 146791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | LEX Mortgage Trust<sup>(b)(d)</sup><br> Series 2024-BBG Class A<br> 4.87%, 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662387 | MFA Trust<sup>(e)</sup><br> Series 2024-NPL1 Class A1<br> 6.33%, 09/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Mill City Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2021-NMR1 Class M2<br> 2.50%, 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | Morgan Stanley BAML Trust<sup>(d)</sup><br> Series 2016-C30 Class C<br> 4.03%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685313 |
|  | Morgan Stanley Bank of America Merrill Lynch Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-CKSV Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164896 | &nbsp;&nbsp;&nbsp;&nbsp;3.28%, 10/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C11 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 08/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17255 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205000 | New Residential Mortgage Loan Trust<sup>(b)(e)</sup><br> Series 2024-RTL1 Class A1<br> 6.66%, 03/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217221 |
|  | New York Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;6.51%, 05/25/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970704 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 09/25/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CP1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538705 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/25/2068<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332661 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/25/2030<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332649 |
|  | Pretium Mortgage Credit Partners<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346131 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346246 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755117 | &nbsp;&nbsp;&nbsp;&nbsp;5.96%, 11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755028 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | PRP Advisors LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A1 |  |
| $825022 | &nbsp;&nbsp;&nbsp;&nbsp;7.03%, 03/25/2029 | &nbsp;&nbsp;&nbsp;$826963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5 Class A1 |  |
| &nbsp;&nbsp; 155746 | &nbsp;&nbsp;&nbsp;&nbsp;5.69%, 09/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155543 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-7 Class A1 |  |
| &nbsp;&nbsp; 393705 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 11/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 393383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423226 | RCO VII Mortgage LLC<sup>(b)(e)</sup><br> Series 2024-1 Class A1<br> 7.02%, 01/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553700 | RCO X Mortgage LLC<sup>(b)(e)</sup><br> Series 2025-1 Class A1<br> 5.88%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553685 |
|  | Redwood Funding Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477282 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503122 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502735 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970567 | &nbsp;&nbsp;&nbsp;&nbsp;7.58%, 05/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055000 | ROC Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-RTL1 Class A1<br> 5.59%, 10/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | TCO Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2024-DPM Class A<br> 5.56%, 12/15/2039<br> 1-mo. SOFR + 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Toorak Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-RRTL1 Class A1<br> 6.60%, 02/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251783 |
|  | Towd Point Mortgage Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | TVC Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-RRTL1 Class A1<br> 5.55%, 07/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242312 |
|  | UBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C10 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417156 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C14 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 12/15/2051<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88662 |
|  | VCAT LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519429 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523337 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345208 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67075 | VOLT XCIII LLC<sup>(b)(e)</sup><br> Series 2021-NPL2 Class A1<br> 5.89%, 02/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67051 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $84086 | VOLT XCIV LLC<sup>(b)(e)</sup><br> Series 2021-NPL3 Class A1<br> 6.24%, 02/27/2051 | &nbsp;&nbsp;&nbsp;$84124 |
| &nbsp;&nbsp; 55475 | VOLT XCVI LLC<sup>(b)(e)</sup><br> Series 2021-NPL5 Class A1<br> 6.12%, 03/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 55481 |
| &nbsp;&nbsp; 199744 | VOLT XCVII LLC<sup>(b)(e)</sup><br> Series 2021-NPL6 Class A1<br> 6.24%, 04/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 199896 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC12 Class B |  |
| &nbsp;&nbsp; 72371 | &nbsp;&nbsp;&nbsp;&nbsp;3.82%, 07/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 69477 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C36 Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 11/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C36 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 11/15/2059<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143392 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C3 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300194 |
|  | WFRBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;4.21%, 08/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170192 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48114791 |
| U.S. Government Agency — 25.09% | U.S. Government Agency — 25.09% | U.S. Government Agency — 25.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476000 | Connecticut Avenue Securities Trust<sup>(b)(c)</sup><br> Series 2023-R01 Class 1M2<br> 8.09%, 12/25/2042<br> 1-mo. SOFR + 3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500766 |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40342 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13312 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123048 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90788 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228153 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31420 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6131528 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888648 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112348 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972717 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37010 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21006 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16884 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24560 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447169 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11211 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661057 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221064 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $1960436 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;$1602881 |
| &nbsp;&nbsp; 4288398 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3431605 |
| &nbsp;&nbsp; 3537300 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3100461 |
| &nbsp;&nbsp; 3283399 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2756045 |
| &nbsp;&nbsp; 3459078 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3022368 |
| &nbsp;&nbsp; 3627296 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3296910 |
| &nbsp;&nbsp; 5823443 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5598539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927141 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714678 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9324979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655479 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025293 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172686 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176644 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819883 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562919 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281169 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4321739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146632 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598472 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551914 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529129 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K064 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589615 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581827 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K095 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21822 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 11/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K522 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K532 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K533 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.23%, 12/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082695 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K535 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080660 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K537 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 02/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864788 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K753 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159096 |
|  | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4769 Class QL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135360 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5238 Class BC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511580 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404023 |
|  | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3 Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296864 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 04/25/2042<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299065 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4 Class M1B |  |
| $1120000 | &nbsp;&nbsp;&nbsp;&nbsp;7.69%, 05/25/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;$1163024 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1522459 |
| &nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1570394 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1637317 |
| &nbsp;&nbsp; 163964 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 158335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14162 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13381 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229279 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224892 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767373 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619520 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511091 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396087 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157956 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436951 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835696 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353868 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20938 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5379 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656714 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5091 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24157 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131319 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3925449 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711057 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237254 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058001 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475569 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5428705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337233 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10552284 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800431 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266509 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12372396 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841265 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303270 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158483 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684952 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462084 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517376 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040877 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161089 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471199 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484153 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130317 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150038 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623841 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641999 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864547 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854732 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | Federal National Mortgage Association Alternative Credit Enhancement Security |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M5 Class A2 |  |
| $2010349 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 04/25/2026 | &nbsp;&nbsp;&nbsp;$1970657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-M1 Class A2 |  |
| &nbsp;&nbsp; 1735300 | &nbsp;&nbsp;&nbsp;&nbsp;2.42%, 10/25/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1685698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M2 Class A2 |  |
| &nbsp;&nbsp; 1985765 | &nbsp;&nbsp;&nbsp;&nbsp;2.91%, 01/25/2028<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1921559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M3 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804562 | &nbsp;&nbsp;&nbsp;&nbsp;3.06%, 02/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M5 Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207867 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/25/2028<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219381 |
|  | Government National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16546 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16359 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063230 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990781 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308221 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6236521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625457 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6947496 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047780 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560036 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586675 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11024573 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10591356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395951 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350452 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320113 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896176 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7777080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352431 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322410371 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 28.83%<br> (Cost $387,414,382)** | **TOTAL MORTGAGE-BACKED SECURITIES — 28.83%<br> (Cost $387,414,382)** | &nbsp;&nbsp;&nbsp;**$370525162** |
| **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | Federal Farm Credit Bank Funding Corp<br> 4.50%, 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | Federal Home Loan Bank<br> 1.75%, 01/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Tennessee Valley Authority<br> 0.75%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977910 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 1.30%<br> (Cost $16,589,498)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 1.30%<br> (Cost $16,589,498)** | &nbsp;&nbsp;&nbsp;&nbsp;**$16683230** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | United States Treasury Note/Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13185000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/28/2026<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13243302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10155000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10124059 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **U.S. Treasury Bonds and Notes — (continued)** | **U.S. Treasury Bonds and Notes — (continued)** | **U.S. Treasury Bonds and Notes — (continued)** |
| $19985000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2026 | &nbsp;&nbsp;&nbsp;$19852287 |
| &nbsp;&nbsp; 9970000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10017903 |
| &nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1673585 |
| &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 18061172 |
| &nbsp;&nbsp; 8390000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8421790 |
| &nbsp;&nbsp; 6210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6207817 |
| &nbsp;&nbsp; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 32300001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9997453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20661376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18642141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17426992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12720703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22728376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22268062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811649 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 21.36%<br> (Cost $271,653,605)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 21.36%<br> (Cost $271,653,605)** | &nbsp;&nbsp;&nbsp;**$274556934** |
| **Shares** |  |  |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Communications — 0.22% | Communications — 0.22% | Communications — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285795 | Altice USA Inc Class A<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176696 | Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873499 |
| Consumer, Non-Cyclical — 0.13% | Consumer, Non-Cyclical — 0.13% | Consumer, Non-Cyclical — 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23453 | BioMarin Pharmaceutical Inc<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658102 |
| Financial — 0.00%<sup>(m)</sup> | Financial — 0.00%<sup>(m)</sup> | Financial — 0.00%<sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85020 | Sunac China Holdings Ltd<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17018 |
| Industrial — 0.10% | Industrial — 0.10% | Industrial — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219089 | Cemex SAB de CV Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229089 |
| **TOTAL COMMON STOCK — 0.45%<br> (Cost $9,680,090)** | **TOTAL COMMON STOCK — 0.45%<br> (Cost $9,680,090)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$5777708** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Financial — 0.01% | Financial — 0.01% | Financial — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;$88092 |
| Industrial — 0.16% | Industrial — 0.16% | Industrial — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34728 | Boeing Co | &nbsp;&nbsp;&nbsp;&nbsp; 2049994 |
| Utilities — 0.02% | Utilities — 0.02% | Utilities — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp; 272272 |
| **TOTAL PREFERRED STOCK — 0.19%<br> (Cost $2,120,144)** | **TOTAL PREFERRED STOCK — 0.19%<br> (Cost $2,120,144)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2410358** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;4404701 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(n)</sup>, 4.29%<sup>(o)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404701 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.34%<br> (Cost $4,404,701)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.34%<br> (Cost $4,404,701)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$4404701** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Government Agency Bonds and Notes — 0.71% | U.S. Government Agency Bonds and Notes — 0.71% | U.S. Government Agency Bonds and Notes — 0.71% |
| $9100000 | Federal Home Loan Mortgage Corp<sup>(j)</sup><br> 4.10%, 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100000 |
| **TOTAL SHORT TERM INVESTMENTS — 0.71%<br> (Cost $9,100,000)** | **TOTAL SHORT TERM INVESTMENTS — 0.71%<br> (Cost $9,100,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9100000** |
| **TOTAL INVESTMENTS — 98.42%<br> (Cost $1,301,403,606)** | **TOTAL INVESTMENTS — 98.42%<br> (Cost $1,301,403,606)** | &nbsp;&nbsp;&nbsp;**$1264875101** |
| **OTHER ASSETS & LIABILITIES, NET — 1.58%** | **OTHER ASSETS & LIABILITIES, NET — 1.58%** | &nbsp;&nbsp;&nbsp;&nbsp;**$20317508** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1285192609** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

<sup>(a)</sup> Amount is stated in U.S. dollars unless otherwise noted.

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $344,861,060, representing 26.83% of net assets.

<sup>(c)</sup> Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2025.

<sup>(d)</sup> Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

<sup>(e)</sup> Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield as of March 31, 2025. Maturity date disclosed represents final maturity date.

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

<sup>(g)</sup> Security in default.

<sup>(h)</sup> Security has no contractual maturity date and pays an indefinite stream of interest.

<sup>(i)</sup> Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer.

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

<sup>(k)</sup> All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

<sup>LP</sup> Limited Partnership

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

<sup>SOFR</sup> Secured Overnight Financing Rate

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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/<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 830 | USD | &nbsp;&nbsp;92312 | Jun 2025 | &nbsp;&nbsp;&nbsp;$718127 |
| U.S. 10 Year Ultra Treasury Note Futures | 109 | USD | &nbsp;&nbsp;12440 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;154009 |
| U.S. 2 Year Treasury Note Futures | 547 | USD | 113323 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;321787 |
| U.S. 5 Year Treasury Note Futures | 1829 | USD | 197818 | Jun 2025 | &nbsp;&nbsp;1325585 |
| U.S. Treasury Bond Futures | 66 | USD | &nbsp;&nbsp;&nbsp;&nbsp;7740 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;160359 |
| U.S. Ultra Long Term Treasury Bond Futures | 70 | USD | &nbsp;&nbsp;&nbsp;&nbsp;8558 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64952 |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Ultra Treasury Note Futures | 401 | USD | &nbsp;&nbsp;45764 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;(188825) |
| U.S. Treasury Bond Futures | 303 | USD | &nbsp;&nbsp;35536 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;127426 |
|  |  |  |  | **Net Appreciation** | **$2683420** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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** |
| BA | USD | 2338081 | EUR | 2135000 | 06/18/2025 | $19350 |
|  |  |  |  |  | **Net Appreciation** | **$19350** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| EUR | &nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;British Pound |
| IDR | &nbsp;&nbsp;Indonesian Rupiah |
| TRY | &nbsp;&nbsp;Turkish Lira |
| USD | &nbsp;&nbsp;U.S. Dollar |
| UYU | &nbsp;&nbsp;Uruguayan Peso |
| ZAR | &nbsp;&nbsp;South African Rand |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 3.87% | Non-Agency — 3.87% | Non-Agency — 3.87% |
|  | 1988 Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class C |  |
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 04/15/2037<br> 3-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;$1205192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;8.55%, 04/15/2037<br> 3-mo. SOFR + 4.25% | &nbsp;&nbsp;&nbsp;&nbsp; 985800 |
| &nbsp;&nbsp; 975000 | Balboa Bay Loan Funding Ltd<sup>(a)(b)</sup><br> Series 2020-1A Class A1RR<br> 5.58%, 10/20/2035<br> 3-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 972915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | Brookhaven Park Ltd<sup>(a)(b)</sup><br> Series 2024-1A Class A<br> 5.79%, 04/19/2037<br> 3-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | CIFC Falcon Ltd<sup>(a)(b)</sup><br> Series 2019-FAL Class A<br> 5.55%, 01/20/2033<br> 3-mo. SOFR + 1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447061 | Citizens Auto Receivables Trust<sup>(a)</sup><br> Series 2024-1 Class A2A<br> 5.43%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | Elmwood Ltd<sup>(a)(b)</sup><br> Series 2024-8A Class A1<br> 6.15%, 10/18/2037<br> 3-mo. SOFR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875754 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513098 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Ford Credit Auto Owner Trust<sup>(a)(c)</sup><br> Series 2024-1 Class A<br> 4.87%, 08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Generate Ltd<sup>(a)(b)</sup><br> Series 2024-20A Class A<br> 5.59%, 01/25/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462046 | GM Financial Consumer Automobile Receivables Trust<br> Series 2024-1 Class A2A<br> 5.12%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211230 | JPMorgan Mortgage Trust<sup>(a)(b)</sup><br> Series 2023-HE3 Class A1<br> 5.94%, 05/25/2054<br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | Neuberger Berman Loan Advisers Ltd<sup>(a)(b)</sup><br> Series 2024-54A Class D<br> 7.79%, 04/23/2038<br> 3-mo. SOFR + 3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | Oaktree Ltd<sup>(a)(b)</sup><br> Series 2024-25A Class A<br> 5.84%, 04/20/2037<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250901 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1250000 | OCP Ltd<sup>(a)(b)</sup><br> Series 2016-11A Class A1R2<br> 5.72%, 04/26/2036<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;$1250185 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A2 |  |
| &nbsp;&nbsp; 79931 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 79964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2 |  |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 01/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | Toyota Auto Receivables Owner Trust<br> Series 2023-B Class A3<br> 4.71%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401479 |
| **TOTAL ASSET-BACKED SECURITIES — 3.87%<br> (Cost $17,259,716)** | **TOTAL ASSET-BACKED SECURITIES — 3.87%<br> (Cost $17,259,716)** | &nbsp;&nbsp;&nbsp;**$17300726** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Communications — 0.15% | Communications — 0.15% | Communications — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | Expedia Group Inc<br> 3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Uber Technologies Inc<sup>(a)</sup><br> 4.50%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693439 |
| Consumer, Cyclical — 0.36% | Consumer, Cyclical — 0.36% | Consumer, Cyclical — 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432000 | Dollar General Corp<br> 3.88%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517000 | Ford Motor Credit Co LLC<br> 5.85%, 05/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519711 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628794 |
| Consumer, Non-Cyclical — 1.34% | Consumer, Non-Cyclical — 1.34% | Consumer, Non-Cyclical — 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | Bristol-Myers Squibb Co<br> 4.90%, 02/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Cigna Group<br> 5.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | HCA Inc<br> 5.45%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431692 |
|  | Mars Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331634 |
|  | Solventum Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975134 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 0.21% | Financial — 0.21% | Financial — 0.21% |
| $150000 | Blackstone Private Credit Fund<sup>(d)</sup><br> 6.00%, 01/29/2032 | &nbsp;&nbsp;&nbsp;$148715 |
| &nbsp;&nbsp; 300000 | Blackstone Secured Lending Fund<br> 5.88%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 304949 |
| &nbsp;&nbsp; 490000 | Citigroup Inc<br> 6.02%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 494680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948344 |
| Industrial — 0.84% | Industrial — 0.84% | Industrial — 0.84% |
|  | Boeing Co |  |
| &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 860993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Carrier Global Corp<br> 2.70%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | IDEX Corp<br> 2.63%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | Penske Truck Leasing Co LP / PTL Finance Corp<sup>(a)</sup><br> 5.25%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352000 | Waste Management Inc<br> 4.95%, 07/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745638 |
| Technology — 0.43% | Technology — 0.43% | Technology — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | AppLovin Corp<br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241000 | Constellation Software Inc<sup>(a)</sup><br> 5.16%, 02/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614000 | Oracle Corp<br> 5.25%, 02/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621918 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901814 |
| **TOTAL CORPORATE BONDS AND NOTES — 3.33%<br> (Cost $14,735,807)** | **TOTAL CORPORATE BONDS AND NOTES — 3.33%<br> (Cost $14,735,807)** | &nbsp;&nbsp;&nbsp;**$14893163** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 5.02% | Non-Agency — 5.02% | Non-Agency — 5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | BANK<br> Series 2024-BNK47 Class A5<br> 5.72%, 06/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732253 |
|  | BANK5 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10 Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302906 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR7 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671858 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | BMO Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C2 Class A5 |  |
| $525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 07/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$526482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C9 Class A5 |  |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 07/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 993548 |
|  | BX Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BIO Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2041<br> 1-mo. SOFR + 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BRVE Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 04/15/2026<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-XL5 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540440 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 03/15/2041<br> 1-mo. SOFR + 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541253 |
|  | Chase Home Lending Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A5A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720573 | CIM Trust<sup>(a)(c)</sup><br> Series 2025-I1 Class A2<br> 5.91%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | COMM Mortgage Trust<sup>(a)(b)</sup><br> Series 2024-WCL1 Class A<br> 6.16%, 06/15/2041<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Houston Galleria Mall Trust<sup>(a)(e)</sup><br> Series 2025-HGLR Class A<br> 5.46%, 02/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Hudson Yards Mortgage Trust<sup>(a)(e)</sup><br> Series 2025-SPRL Class D<br> 6.34%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456232 |
|  | IRV Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.29%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444644 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566648 |
|  | JPMorgan Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-DSC1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495154 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/25/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552129 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303598 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5 Class A6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345752 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/25/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VIS2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984745 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/25/2064<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | KSL Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2024-HT2 Class B<br> 6.36%, 12/15/2039<br> 1-mo. SOFR + 2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800001 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $975000 | Ladder Capital Commercial Mortgage<sup>(a)</sup><br> Series 2017-LC26 Class A4<br> 3.55%, 07/12/2050 | &nbsp;&nbsp;&nbsp;$944250 |
|  | MSWF Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A2 |  |
| &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;6.89%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 656921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A5 |  |
| &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;6.01%, 12/15/2056<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 612277 |
| &nbsp;&nbsp; 300000 | NYC Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2025-3BP Class B<br> 6.01%, 02/15/2042<br> 1-mo. SOFR + 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 297275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77857 | Onslow Bay Financial LLC<br> Series 2024-NQM1 Class A1A<br> , 6.30%, 11/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78018 |
|  | ROCC Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;7.11%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557356 | Verus Securitization Trust<sup>(a)(e)</sup><br> Series 2022-1 Class A3<br> 3.29%, 01/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496650 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CHI Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/15/2035<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878601 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CHI Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.36%, 07/15/2035<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550427 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C63 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 08/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22438353 |
| U.S. Government Agency — 2.00% | U.S. Government Agency — 2.00% | U.S. Government Agency — 2.00% |
|  | Connecticut Avenue Securities Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01 Class 1B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;7.04%, 01/25/2044<br> 1-mo. SOFR + 2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381830 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.14%, 01/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250539 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;6.14%, 02/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R03 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.29%, 03/25/2044<br> 1-mo. SOFR + 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300538 |
|  | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HQA1 Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 03/25/2044<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75136 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HQA2 Class A1 |  |
| $941667 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/25/2044<br> 1-mo. SOFR + 1.25% | &nbsp;&nbsp;&nbsp;$942552 |
| &nbsp;&nbsp; 6443336 | Government National Mortgage Association<br> 4.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6212805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939521 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 7.02%<br> (Cost $31,266,203)** | **TOTAL MORTGAGE-BACKED SECURITIES — 7.02%<br> (Cost $31,266,203)** | &nbsp;&nbsp;&nbsp;**$31377874** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | U.S. Treasury Inflation Indexed Bonds TIPS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;19572738<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19217795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244394<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9140238 |
| &nbsp;&nbsp;&nbsp;&nbsp;48294605<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48316360 |
| &nbsp;&nbsp;&nbsp;132983458<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;136946047 |
| &nbsp;&nbsp;&nbsp;&nbsp;21015393<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20135676 |
| &nbsp;&nbsp;&nbsp;&nbsp;14055014<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13711930 |
| &nbsp;&nbsp;&nbsp;&nbsp;52299341<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52796410 |
| &nbsp;&nbsp;&nbsp;&nbsp;42449530<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43580960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647801<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6478286<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216727 |
|  | United States Treasury Note/Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221841 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 81.03%<br> (Cost $357,943,139)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 81.03%<br> (Cost $357,943,139)** | &nbsp;&nbsp;&nbsp;**$362329242** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361612 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(g)</sup>, 4.29%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361612 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.97%<br> (Cost $4,361,612)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.97%<br> (Cost $4,361,612)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4361612** |
| **TOTAL INVESTMENTS — 96.22%<br> (Cost $425,566,477)** | **TOTAL INVESTMENTS — 96.22%<br> (Cost $425,566,477)** | &nbsp;&nbsp;&nbsp;**$430262617** |
| **OTHER ASSETS & LIABILITIES, NET — 3.78%** | **OTHER ASSETS & LIABILITIES, NET — 3.78%** | &nbsp;&nbsp;&nbsp;**$16914899** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$447177516** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND

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

<sup>(a)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $36,495,556, representing 8.16% of net assets.

<sup>(b)</sup> Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2025.

<sup>(c)</sup> Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date. Rate disclosed represents effective yield as of March 31, 2025. Maturity date disclosed represents final maturity date.

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

<sup>(e)</sup> Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

<sup>(f)</sup> Principal amount of the security is adjusted for inflation.

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

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

<sup>LP</sup> Limited Partnership

<sup>SOFR</sup> Secured Overnight Financing Rate

<sup>TIPS</sup> Treasury Inflation Protected Securities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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/<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 483 | USD | &nbsp;&nbsp;53719 | Jun 2025 | $429557 |
| U.S. 5 Year Treasury Note Futures | 1131 | USD | 122325 | Jun 2025 | &nbsp;&nbsp;367187 |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Ultra Treasury Note Futures | 31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3538 | Jun 2025 | &nbsp;&nbsp;&nbsp;(32937) |
| U.S. 2 Year Treasury Note Futures | 414 | USD | &nbsp;&nbsp;85769 | Jun 2025 | &nbsp;&nbsp;&nbsp;(47774) |
| U.S. Treasury Bond Futures | 9 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1056 | Jun 2025 | &nbsp;&nbsp;&nbsp;(11050) |
| U.S. Ultra Long Term Treasury Bond Futures | 120 | USD | &nbsp;&nbsp;14670 | Jun 2025 | &nbsp;&nbsp;106125 |
|  |  |  |  | **Net Appreciation** | **$811108** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of March 31, 2025, the Fund held the following centrally cleared interest rate swaps: |
| **Rate Received<br> by<br> the Fund** | **Receive<br> Frequency** | **Rate Paid<br> by<br> the Fund** | **Pay<br> Frequency** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Maturity<br> Date** | **Value** | **Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| 3.85% | Annual | 1-day SOFR | Annual | USD | 139660 | 03/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$429259 | &nbsp;&nbsp;$280604 | &nbsp;&nbsp;&nbsp;&nbsp;$148655 |
| 1-day SOFR | Annual | 3.80% | Annual | USD | 124850 | 08/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(808745) | &nbsp;&nbsp;&nbsp;&nbsp;240581 | &nbsp;&nbsp;&nbsp;&nbsp;(568164) |
| 1-day SOFR | Annual | 3.82% | Annual | USD | &nbsp;&nbsp;20090 | 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148203) | &nbsp;&nbsp;&nbsp;&nbsp;(55953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92249) |
| 1-day SOFR | Annual | 3.86% | Annual | USD | &nbsp;&nbsp;&nbsp;&nbsp;7340 | 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76756) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$(584067)** | **$485610** | **$(588514)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of March 31, 2025, the Fund held the following centrally cleared inflation swaps: |
| **Rate Received<br> by<br> the Fund** | **Receive<br> Frequency** | **Rate Paid<br> by<br> the Fund** | **Pay<br> Frequency** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Maturity<br> Date** | **Value** | **Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| CPI-U | At Maturity | 2.59% | At Maturity | USD | 17730 | 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250552 | &nbsp;&nbsp;$179909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70643 |
| CPI-U | At Maturity | 2.57% | At Maturity | USD | 15740 | 11/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191066 | &nbsp;&nbsp;&nbsp;&nbsp;181985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9081 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$441618** | **$361894** | **$79724** |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CPI-U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America Consumer Price Index |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.23% | Basic Materials — 4.23% | Basic Materials — 4.23% |
| &nbsp;&nbsp;16347 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$3105044 |
| &nbsp;&nbsp;&nbsp;&nbsp;4987 | Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp; 307129 |
| &nbsp;&nbsp;37100 | Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1039615 |
| &nbsp;&nbsp;10375 | Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp; 225813 |
| &nbsp;&nbsp;14104 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp; 407417 |
| &nbsp;&nbsp;&nbsp;&nbsp;1463 | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp; 112024 |
| &nbsp;&nbsp;36200 | Asahi Kasei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253786 |
| &nbsp;&nbsp;25538 | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280194 |
| 145311 | BHP Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525710 |
| &nbsp;&nbsp;11632 | BlueScope Steel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155799 |
| &nbsp;&nbsp;&nbsp;&nbsp;8491 | Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278612 |
| &nbsp;&nbsp;&nbsp;&nbsp;3305 | Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214223 |
| &nbsp;&nbsp;&nbsp;&nbsp;5211 | Covestro AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334699 |
| &nbsp;&nbsp;&nbsp;&nbsp;3836 | Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145687 |
| &nbsp;&nbsp;&nbsp;&nbsp;5356 | DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | EMS-Chemie Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127408 |
| &nbsp;&nbsp;&nbsp;&nbsp;6758 | Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146507 |
| &nbsp;&nbsp;46167 | Fortescue Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146226 |
| 293187 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072917 |
| &nbsp;&nbsp;&nbsp;&nbsp;1732 | Holmen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68589 |
| &nbsp;&nbsp;66538 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377875 |
| &nbsp;&nbsp;15800 | JFE Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193969 |
| &nbsp;&nbsp;41100 | Kaneka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049489 |
| &nbsp;&nbsp;57900 | Kemira OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259406 |
| 480500 | Kingboard Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373669 |
| &nbsp;&nbsp;92600 | Kuraray Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141061 |
| 220300 | Mitsubishi Chemical Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088609 |
| &nbsp;&nbsp;55400 | Mitsubishi Gas Chemical Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865551 |
| &nbsp;&nbsp;21200 | Mitsui Chemicals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476166 |
| &nbsp;&nbsp;11314 | Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168701 |
| &nbsp;&nbsp;29900 | Nippon Paint Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224536 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | Nippon Sanso Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127405 |
| &nbsp;&nbsp;56400 | Nippon Soda Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095919 |
| &nbsp;&nbsp;28200 | Nippon Steel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603510 |
| &nbsp;&nbsp;19100 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353284 |
| &nbsp;&nbsp;41763 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241432 |
| &nbsp;&nbsp;33669 | Northern Star Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388716 |
| &nbsp;&nbsp;10058 | Novonesis / Novozymes Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585642 |
| 816300 | Perseus Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717110 |
| &nbsp;&nbsp;61625 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471512 |
| &nbsp;&nbsp;32576 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954689 |
| &nbsp;&nbsp;50400 | Shin-Etsu Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438172 |
| &nbsp;&nbsp;27900 | Solvay SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992455 |
| 124932 | South32 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251681 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Sumitomo Metal Mining Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142082 |
| &nbsp;&nbsp;&nbsp;&nbsp;7097 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484319 |
| &nbsp;&nbsp;&nbsp;&nbsp;3973 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411898 |
| &nbsp;&nbsp;54400 | Tokuyama Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020157 |
| &nbsp;&nbsp;94800 | Tokyo Steel Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005842 |
| &nbsp;&nbsp;40100 | Toray Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274040 |
| &nbsp;&nbsp;15600 | UBE Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227766 |
| &nbsp;&nbsp;15711 | UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421501 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300 | Yamato Kogyo Co Ltd | &nbsp;&nbsp;&nbsp;$493083 |
| &nbsp;&nbsp;&nbsp;&nbsp;17479 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp; 527263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42372998 |
| Communications — 5.50% | Communications — 5.50% | Communications — 5.50% |
| &nbsp;&nbsp;&nbsp;613900 | Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1321001 |
| &nbsp;&nbsp;&nbsp;&nbsp;27501 | Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 265854 |
| &nbsp;&nbsp;&nbsp;&nbsp;23789 | Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp; 139366 |
| 1119467 | BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400499 |
| &nbsp;&nbsp;&nbsp;&nbsp;10587 | CAR Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827 | Delivery Hero SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | Dentsu Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114840 |
| &nbsp;&nbsp;&nbsp;&nbsp;98678 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 | Elisa OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200001 |
| &nbsp;&nbsp;&nbsp;&nbsp;65817 | Grab Holdings Ltd Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | Hikari Tsushin Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129047 |
| &nbsp;&nbsp;&nbsp;129000 | HKT Trust & HKT Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172334 |
| &nbsp;&nbsp;&nbsp;&nbsp;37980 | Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380725 |
| &nbsp;&nbsp;&nbsp;&nbsp;27600 | IPSOS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251062 |
| &nbsp;&nbsp;&nbsp;&nbsp;86000 | KDDI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358427 |
| &nbsp;&nbsp;&nbsp;112632 | Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477072 |
| &nbsp;&nbsp;&nbsp;&nbsp;77200 | LY Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261411 |
| &nbsp;&nbsp;&nbsp;&nbsp;12000 | M3 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | MercadoLibre Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462436 |
| &nbsp;&nbsp;&nbsp;&nbsp;37700 | Metropole Television SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | MonotaRO Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155050 |
| 2493800 | Nippon Telegraph & Telephone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410187 |
| &nbsp;&nbsp;&nbsp;428571 | Nokia OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257203 |
| &nbsp;&nbsp;&nbsp;289000 | NOS SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376548 |
| &nbsp;&nbsp;&nbsp;137005 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774788 |
| &nbsp;&nbsp;&nbsp;&nbsp;17083 | Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270134 |
| &nbsp;&nbsp;&nbsp;&nbsp;84809 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940166 |
| &nbsp;&nbsp;&nbsp;&nbsp;16973 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601385 |
| &nbsp;&nbsp;&nbsp;&nbsp;43700 | Rakuten Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250705 |
| &nbsp;&nbsp;&nbsp;&nbsp;19800 | Reach PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18185 |
| &nbsp;&nbsp;&nbsp;&nbsp;38067 | Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986483 |
| &nbsp;&nbsp;&nbsp;&nbsp;10508 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371189 |
| &nbsp;&nbsp;&nbsp;&nbsp;50500 | Shopify Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4821740 |
| &nbsp;&nbsp;&nbsp;218100 | Singapore Telecommunications Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553179 |
| &nbsp;&nbsp;&nbsp;826200 | SoftBank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152529 |
| &nbsp;&nbsp;&nbsp;&nbsp;27000 | SoftBank Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419511 |
| &nbsp;&nbsp;&nbsp;&nbsp;16232 | Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218891 |
| &nbsp;&nbsp;&nbsp;209032 | Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70611 |
| &nbsp;&nbsp;&nbsp;274489 | Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135733 |
| &nbsp;&nbsp;&nbsp;115896 | Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546264 |
| &nbsp;&nbsp;&nbsp;&nbsp;17953 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256530 |
| &nbsp;&nbsp;&nbsp;&nbsp;32700 | Television Francaise 1 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318163 |
| &nbsp;&nbsp;&nbsp;&nbsp;65475 | Telia Co AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236384 |
| &nbsp;&nbsp;&nbsp;113533 | Telstra Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | Trend Micro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229527 |
| &nbsp;&nbsp;&nbsp;&nbsp;29500 | United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609208 |
| &nbsp;&nbsp;&nbsp;586637 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | Wix.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230202 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;33139 | WPP PLC | &nbsp;&nbsp;&nbsp;$251739 |
| &nbsp;&nbsp;11100 | ZOZO Inc | &nbsp;&nbsp;&nbsp;&nbsp; 106314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55133010 |
| Consumer, Cyclical — 14.47% | Consumer, Cyclical — 14.47% | Consumer, Cyclical — 14.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;6062 | Accor SA | &nbsp;&nbsp;&nbsp;&nbsp; 276460 |
| &nbsp;&nbsp;&nbsp;&nbsp;6944 | AddTech AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 203373 |
| &nbsp;&nbsp;&nbsp;&nbsp;4884 | adidas AG | &nbsp;&nbsp;&nbsp;&nbsp; 1151946 |
| &nbsp;&nbsp;14100 | Aisin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154013 |
| &nbsp;&nbsp;68612 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254528 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500 | ANA Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101523 |
| &nbsp;&nbsp;15889 | Aristocrat Leisure Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642602 |
| &nbsp;&nbsp;17400 | Asics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369012 |
| &nbsp;&nbsp;58335 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445834 |
| &nbsp;&nbsp;43306 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897000 |
| &nbsp;&nbsp;16400 | Bandai Namco Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550179 |
| &nbsp;&nbsp;36681 | Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201730 |
| &nbsp;&nbsp;35196 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838121 |
| &nbsp;&nbsp;92000 | Betsson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425447 |
| &nbsp;&nbsp;&nbsp;&nbsp;9800 | Bilia AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125623 |
| &nbsp;&nbsp;15900 | Bridgestone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638748 |
| &nbsp;&nbsp;&nbsp;&nbsp;9312 | Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357959 |
| &nbsp;&nbsp;15442 | Cie Financiere Richemont SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695647 |
| &nbsp;&nbsp;46283 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626693 |
| 159100 | Citizen Watch Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952045 |
| &nbsp;&nbsp;47972 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586122 |
| &nbsp;&nbsp;&nbsp;&nbsp;2907 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205002 |
| &nbsp;&nbsp;43615 | CTS Eventim AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375571 |
| &nbsp;&nbsp;79578 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223681 |
| &nbsp;&nbsp;15700 | Daiwa House Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519270 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | Daiwabo Holdings Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137441 |
| &nbsp;&nbsp;17400 | DCM Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161797 |
| &nbsp;&nbsp;53200 | Denso Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660030 |
| &nbsp;&nbsp;19234 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120928 |
| &nbsp;&nbsp;19371 | Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146306 |
| &nbsp;&nbsp;52300 | Europris ASA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418102 |
| &nbsp;&nbsp;&nbsp;&nbsp;4819 | Evolution AB<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359060 |
| &nbsp;&nbsp;14000 | Fast Retailing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4167680 |
| &nbsp;&nbsp;&nbsp;&nbsp;2680 | FDJ United<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84329 |
| &nbsp;&nbsp;&nbsp;&nbsp;3594 | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534860 |
| &nbsp;&nbsp;93100 | Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750777 |
| &nbsp;&nbsp;64000 | Galaxy Entertainment Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250111 |
| 191627 | Genting Singapore Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106332 |
| &nbsp;&nbsp;15734 | H & M Hennes & Mauritz AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207533 |
| 177800 | Harvey Norman Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399588 |
| 384400 | Honda Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478657 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600 | Hornbach Holding AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252244 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | Hoshizaki Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116126 |
| &nbsp;&nbsp;37700 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433287 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| 148200 | IDOM Inc | &nbsp;&nbsp;&nbsp;$1192347 |
| &nbsp;&nbsp;&nbsp;&nbsp;1740 | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp; 231563 |
| &nbsp;&nbsp;30683 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp; 1527769 |
| &nbsp;&nbsp;&nbsp;&nbsp;4553 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 490106 |
| 428700 | International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp; 1213820 |
| 121300 | Isuzu Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1649389 |
| &nbsp;&nbsp;33400 | ITOCHU Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1550527 |
| 130800 | Iveco Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150075 |
| &nbsp;&nbsp;&nbsp;&nbsp;4600 | Japan Airlines Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78795 |
| &nbsp;&nbsp;71800 | Jardine Cycle & Carriage Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409242 |
| &nbsp;&nbsp;79091 | JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69915 |
| 112900 | JVCKenwood Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951933 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400 | Kaufman & Broad SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118496 |
| &nbsp;&nbsp;&nbsp;&nbsp;2069 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430437 |
| 540899 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781031 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400 | Kohnan Shoji Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85157 |
| &nbsp;&nbsp;23400 | Komeri Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463067 |
| &nbsp;&nbsp;65018 | Lottery Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194535 |
| &nbsp;&nbsp;&nbsp;&nbsp;7851 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861971 |
| 172200 | Marubeni Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762401 |
| &nbsp;&nbsp;&nbsp;&nbsp;8800 | MatsukiyoCocokara & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137667 |
| &nbsp;&nbsp;63746 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765598 |
| &nbsp;&nbsp;98000 | Mitsubishi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730166 |
| 109600 | Mitsui & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066313 |
| &nbsp;&nbsp;&nbsp;&nbsp;9300 | Mitsui-Soko Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495209 |
| &nbsp;&nbsp;&nbsp;&nbsp;6564 | Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404324 |
| &nbsp;&nbsp;&nbsp;&nbsp;3280 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472356 |
| &nbsp;&nbsp;78300 | NGK Insulators Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964733 |
| &nbsp;&nbsp;80900 | NHK Spring Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875643 |
| &nbsp;&nbsp;31500 | Nintendo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141298 |
| &nbsp;&nbsp;59600 | Nissan Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152855 |
| &nbsp;&nbsp;34800 | Niterra Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061588 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300 | Nitori Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225031 |
| &nbsp;&nbsp;75400 | Okamura Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994200 |
| &nbsp;&nbsp;31200 | Oriental Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615287 |
| &nbsp;&nbsp;10900 | Pan Pacific International Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299405 |
| &nbsp;&nbsp;66200 | Panasonic Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789733 |
| &nbsp;&nbsp;&nbsp;&nbsp;2470 | Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378555 |
| 173500 | Pets at Home Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484547 |
| 305100 | Piaggio & C SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632907 |
| 185500 | Pirelli & C SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104183 |
| &nbsp;&nbsp;87199 | Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126987 |
| 347054 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119975 |
| &nbsp;&nbsp;&nbsp;&nbsp;5861 | Reece Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58154 |
| &nbsp;&nbsp;&nbsp;&nbsp;5209 | Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263871 |
| &nbsp;&nbsp;62461 | Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683388 |
| 500000 | RS Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3637084 |
| &nbsp;&nbsp;36600 | Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739610 |
| &nbsp;&nbsp;71600 | Sands China Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143636 |
| 122800 | Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794483 |
| &nbsp;&nbsp;99600 | Schaeffler AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414135 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Sekisui Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168853 |
| &nbsp;&nbsp;16300 | Sekisui House Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364829 |
| &nbsp;&nbsp;&nbsp;&nbsp;6098 | SGH Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191422 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;2300 | Shimano Inc | &nbsp;&nbsp;&nbsp;$322950 |
| &nbsp;&nbsp;37800 | Singapore Airlines Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 190417 |
| &nbsp;&nbsp;&nbsp;&nbsp;2309 | Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp; 148306 |
| &nbsp;&nbsp;59300 | Sojitz Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1306987 |
| 174600 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4417905 |
| 121292 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp; 1363496 |
| &nbsp;&nbsp;98400 | Subaru Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1762262 |
| &nbsp;&nbsp;75200 | Sumitomo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715902 |
| &nbsp;&nbsp;20400 | Sumitomo Electric Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340474 |
| &nbsp;&nbsp;31400 | Sumitomo Forestry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946665 |
| 122600 | Super Retail Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997343 |
| &nbsp;&nbsp;45300 | Suzuki Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146752 |
| &nbsp;&nbsp;&nbsp;&nbsp;3700 | Toho Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183852 |
| &nbsp;&nbsp;55500 | Tokmanni Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761468 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Tokyo Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314925 |
| &nbsp;&nbsp;69100 | Toyota Boshoku Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921463 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400 | Toyota Industries Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376320 |
| 401900 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104508 |
| &nbsp;&nbsp;19400 | Toyota Tsusho Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326848 |
| &nbsp;&nbsp;47300 | Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601952 |
| &nbsp;&nbsp;22801 | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629606 |
| &nbsp;&nbsp;13900 | Valor Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221886 |
| 166665 | Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4889678 |
| 176300 | VTech Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292961 |
| &nbsp;&nbsp;31863 | Wesfarmers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444479 |
| &nbsp;&nbsp;&nbsp;&nbsp;5763 | Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183512 |
| 135400 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084056 |
| &nbsp;&nbsp;46400 | Yokohama Rubber Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069912 |
| 621000 | Yue Yuen Industrial Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997724 |
| &nbsp;&nbsp;&nbsp;&nbsp;6348 | Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220183 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400 | Zensho Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144962164 |
| Consumer, Non-Cyclical — 21.21% | Consumer, Non-Cyclical — 21.21% | Consumer, Non-Cyclical — 21.21% |
| &nbsp;&nbsp;12800 | Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982525 |
| &nbsp;&nbsp;17800 | Aeon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446423 |
| &nbsp;&nbsp;26600 | Ajinomoto Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526619 |
| &nbsp;&nbsp;74328 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7052613 |
| &nbsp;&nbsp;&nbsp;&nbsp;3007 | Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61045 |
| &nbsp;&nbsp;25907 | Anheuser-Busch InBev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592804 |
| &nbsp;&nbsp;17700 | Arcs Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343330 |
| &nbsp;&nbsp;&nbsp;&nbsp;1756 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036212 |
| &nbsp;&nbsp;42100 | Asahi Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537894 |
| &nbsp;&nbsp;12197 | Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659296 |
| &nbsp;&nbsp;51400 | Astellas Pharma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500354 |
| &nbsp;&nbsp;67187 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864357 |
| &nbsp;&nbsp;18100 | Austevoll Seafood ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121846 |
| &nbsp;&nbsp;42485 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018451 |
| &nbsp;&nbsp;&nbsp;&nbsp;2708 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349831 |
| &nbsp;&nbsp;&nbsp;&nbsp;1395 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172434 |
| &nbsp;&nbsp;38290 | Brambles Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483727 |
| &nbsp;&nbsp;98102 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023327 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;8775 | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;$266235 |
| &nbsp;&nbsp;&nbsp;&nbsp;9244 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1170085 |
| &nbsp;&nbsp;84603 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp; 1209988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp; 762672 |
| &nbsp;&nbsp;19000 | Chugai Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 870420 |
| 432417 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2437508 |
| &nbsp;&nbsp;92300 | Cloetta AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 260414 |
| &nbsp;&nbsp;&nbsp;&nbsp;6108 | Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531579 |
| &nbsp;&nbsp;53056 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401535 |
| &nbsp;&nbsp;29941 | Cochlear Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934560 |
| &nbsp;&nbsp;38526 | Coles Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471589 |
| &nbsp;&nbsp;&nbsp;&nbsp;3704 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388489 |
| &nbsp;&nbsp;13680 | CSL Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153090 |
| &nbsp;&nbsp;10400 | Dai Nippon Printing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148069 |
| &nbsp;&nbsp;51000 | Daiichi Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214508 |
| &nbsp;&nbsp;17927 | Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371156 |
| &nbsp;&nbsp;16010 | Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94106 |
| &nbsp;&nbsp;&nbsp;&nbsp;2993 | Demant A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100583 |
| &nbsp;&nbsp;64156 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52635 |
| &nbsp;&nbsp;&nbsp;&nbsp;6553 | Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212950 |
| &nbsp;&nbsp;&nbsp;&nbsp;6700 | Eisai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186510 |
| 101200 | Elders Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426456 |
| &nbsp;&nbsp;&nbsp;&nbsp;8404 | EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421776 |
| &nbsp;&nbsp;17104 | Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485946 |
| &nbsp;&nbsp;&nbsp;&nbsp;3384 | Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180512 |
| 126062 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839515 |
| 548400 | First Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711625 |
| &nbsp;&nbsp;16312 | Fisher & Paykel Healthcare Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311305 |
| &nbsp;&nbsp;&nbsp;&nbsp;5370 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267212 |
| &nbsp;&nbsp;33571 | Fresenius SE & Co KGaA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433273 |
| &nbsp;&nbsp;32900 | FUJIFILM Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630330 |
| &nbsp;&nbsp;&nbsp;&nbsp;2779 | Galderma Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293920 |
| &nbsp;&nbsp;&nbsp;&nbsp;1762 | Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343274 |
| &nbsp;&nbsp;&nbsp;&nbsp;8949 | Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79673 |
| 369711 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062870 |
| 258383 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304560 |
| &nbsp;&nbsp;&nbsp;&nbsp;3649 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264092 |
| &nbsp;&nbsp;&nbsp;&nbsp;8491 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692362 |
| &nbsp;&nbsp;&nbsp;&nbsp;2931 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211167 |
| &nbsp;&nbsp;43049 | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086955 |
| 143145 | Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294809 |
| 511000 | Inghams Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004455 |
| &nbsp;&nbsp;&nbsp;&nbsp;4484 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291279 |
| &nbsp;&nbsp;&nbsp;&nbsp;4217 | Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485718 |
| &nbsp;&nbsp;17320 | Itoham Yonekyu Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484052 |
| 374720 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141212 |
| &nbsp;&nbsp;34700 | Japan Tobacco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953769 |
| &nbsp;&nbsp;&nbsp;&nbsp;4137 | JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90450 |
| &nbsp;&nbsp;&nbsp;&nbsp;9267 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196401 |
| &nbsp;&nbsp;59200 | Kanamoto Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285427 |
| &nbsp;&nbsp;13000 | Kao Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562727 |
| &nbsp;&nbsp;&nbsp;&nbsp;4252 | Kerry Group PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445249 |
| &nbsp;&nbsp;&nbsp;&nbsp;7836 | Kesko OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160172 |
| &nbsp;&nbsp;20200 | Kikkoman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194863 |
| &nbsp;&nbsp;23900 | Kirin Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331162 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | Kobe Bussan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97786 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY 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) |
| 126321 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;$4718743 |
| &nbsp;&nbsp;22381 | Koninklijke Philips NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 569780 |
| &nbsp;&nbsp;&nbsp;&nbsp;5900 | Kyowa Kirin Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 86120 |
| &nbsp;&nbsp;&nbsp;&nbsp;6460 | Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 229161 |
| &nbsp;&nbsp;&nbsp;&nbsp;6560 | Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 4052571 |
| &nbsp;&nbsp;41100 | Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp; 1664679 |
| &nbsp;&nbsp;&nbsp;&nbsp;6925 | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp; 2573981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115571 |
| 348760 | Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609728 |
| &nbsp;&nbsp;54900 | Megmilk Snow Brand Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939379 |
| &nbsp;&nbsp;&nbsp;&nbsp;6100 | MEIJI Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132176 |
| &nbsp;&nbsp;&nbsp;&nbsp;3748 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515764 |
| 160000 | Metcash Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317881 |
| 711500 | Mitie Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060895 |
| &nbsp;&nbsp;39617 | Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734396 |
| &nbsp;&nbsp;74650 | Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543877 |
| &nbsp;&nbsp;14948 | Nexi SpA<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79725 |
| &nbsp;&nbsp;47500 | Nippon Shinyaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211826 |
| &nbsp;&nbsp;&nbsp;&nbsp;6300 | Nissin Foods Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | NMC Health PLC<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| 146016 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16217965 |
| &nbsp;&nbsp;91839 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6279798 |
| &nbsp;&nbsp;33100 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433303 |
| 107900 | Ono Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160858 |
| &nbsp;&nbsp;&nbsp;&nbsp;2655 | Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157699 |
| &nbsp;&nbsp;96146 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054384 |
| &nbsp;&nbsp;12900 | Otsuka Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672219 |
| &nbsp;&nbsp;&nbsp;&nbsp;5811 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574086 |
| &nbsp;&nbsp;&nbsp;&nbsp;6071 | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241187 |
| &nbsp;&nbsp;&nbsp;&nbsp;3697 | Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153671 |
| &nbsp;&nbsp;35016 | Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366906 |
| &nbsp;&nbsp;&nbsp;&nbsp;3660 | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207405 |
| &nbsp;&nbsp;39600 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051726 |
| &nbsp;&nbsp;52674 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645181 |
| &nbsp;&nbsp;74981 | Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340178 |
| &nbsp;&nbsp;47266 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573757 |
| &nbsp;&nbsp;&nbsp;&nbsp;1736 | Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83461 |
| &nbsp;&nbsp;20590 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863422 |
| &nbsp;&nbsp;74885 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8291433 |
| &nbsp;&nbsp;97200 | Santen Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143041 |
| &nbsp;&nbsp;49900 | Scandinavian Tobacco Group A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727564 |
| &nbsp;&nbsp;11900 | Secom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405303 |
| 115053 | Securitas AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628111 |
| &nbsp;&nbsp;63300 | Seven & i Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916642 |
| &nbsp;&nbsp;&nbsp;&nbsp;4488 | SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447179 |
| 151400 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285340 |
| &nbsp;&nbsp;10500 | Shiseido Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199132 |
| &nbsp;&nbsp;&nbsp;&nbsp;7731 | Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417091 |
| &nbsp;&nbsp;22356 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314239 |
| &nbsp;&nbsp;&nbsp;&nbsp;2800 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189531 |
| 174000 | Sonae SGPS SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199812 |
| &nbsp;&nbsp;14088 | Sonic Healthcare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228746 |
| &nbsp;&nbsp;&nbsp;&nbsp;1512 | Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441474 |
| &nbsp;&nbsp;&nbsp;&nbsp;3333 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403506 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | Suedzucker AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$327998 |
| 20000000 | Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp; 2475509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | Suntory Beverage & Food Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 151762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883 | Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 139928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | Sysmex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 272987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45600 | Takeda Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1351528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | Terumo Corp | &nbsp;&nbsp;&nbsp;&nbsp; 709365 |
| &nbsp;&nbsp;&nbsp;&nbsp;882638 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85700 | Teva Pharmaceutical Industries Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33278 | Teva Pharmaceutical Industries Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | TOPPAN Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88874 | Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24553 | Treasury Wine Estates Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716 | UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31800 | Unicharm Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71067 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239460 |
| &nbsp;&nbsp;1072000 | United Laboratories International Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017401 |
| &nbsp;&nbsp;2805943 | WH Group Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500 | Wilmar International Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20039 | Wise PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35373 | Woolworths Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | Yakult Honsha Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128186 |
| &nbsp;&nbsp;&nbsp;&nbsp;107600 | Zigup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212466876 |
| Diversified — 0.02% | Diversified — 0.02% | Diversified — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | Jardine Matheson Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195412 |
| Energy — 4.26% | Energy — 4.26% | Energy — 4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529 | Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35556 | APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176137 |
| &nbsp;&nbsp;&nbsp;&nbsp;786948 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202104 |
| &nbsp;&nbsp;&nbsp;&nbsp;303800 | ENEOS Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602244 |
| &nbsp;&nbsp;&nbsp;&nbsp;132376 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047404 |
| &nbsp;&nbsp;&nbsp;&nbsp;115032 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11486 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 | Idemitsu Kosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161978 |
| &nbsp;&nbsp;&nbsp;&nbsp;128000 | Inpex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13378 | Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123737 |
| &nbsp;&nbsp;&nbsp;&nbsp;344200 | New Hope Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29167 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502000 |
| &nbsp;&nbsp;&nbsp;&nbsp;219075 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54200 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86721 | Santos Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363400 |
| &nbsp;&nbsp;&nbsp;&nbsp;340218 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12381913 |
| &nbsp;&nbsp;&nbsp;&nbsp;125405 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8080242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28517 | Vestas Wind Systems A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394518 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;55052 | Woodside Energy Group Ltd | &nbsp;&nbsp;&nbsp;$799794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42708704 |
| Financial — 23.38% | Financial — 23.38% | Financial — 23.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;73301 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3445722 |
| &nbsp;&nbsp;&nbsp;111170 | ABN AMRO Bank NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2342513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6879 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 253886 |
| &nbsp;&nbsp;&nbsp;165318 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1085784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645 | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576750 |
| &nbsp;&nbsp;&nbsp;&nbsp;26055 | Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561828 |
| &nbsp;&nbsp;&nbsp;308600 | AIA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336063 |
| &nbsp;&nbsp;&nbsp;&nbsp;63349 | AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409186 |
| &nbsp;&nbsp;&nbsp;&nbsp;17674 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | Amundi SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133579 |
| &nbsp;&nbsp;&nbsp;166574 | ANZ Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049824 |
| &nbsp;&nbsp;&nbsp;&nbsp;17494 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | ASX Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203280 |
| &nbsp;&nbsp;&nbsp;247515 | Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783231 |
| &nbsp;&nbsp;&nbsp;113766 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | Azrieli Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254789 |
| &nbsp;&nbsp;&nbsp;303129 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136991 |
| &nbsp;&nbsp;&nbsp;&nbsp;37849 | Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385154 |
| 2058400 | Banco Comercial Portugues SA Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244571 |
| &nbsp;&nbsp;&nbsp;147479 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414072 |
| &nbsp;&nbsp;&nbsp;901528 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073534 |
| &nbsp;&nbsp;&nbsp;&nbsp;37040 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502300 |
| &nbsp;&nbsp;&nbsp;&nbsp;42859 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577165 |
| &nbsp;&nbsp;&nbsp;169516 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102170 |
| &nbsp;&nbsp;&nbsp;409797 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540590 |
| &nbsp;&nbsp;&nbsp;&nbsp;16500 | BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702212 |
| &nbsp;&nbsp;&nbsp;&nbsp;65571 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480398 |
| &nbsp;&nbsp;&nbsp;&nbsp;98000 | BOC Hong Kong Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396794 |
| &nbsp;&nbsp;&nbsp;&nbsp;27216 | BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213638 |
| &nbsp;&nbsp;&nbsp;110642 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861875 |
| &nbsp;&nbsp;&nbsp;112600 | CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222480 |
| &nbsp;&nbsp;&nbsp;149922 | CapitaLand Integrated Commercial Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232972 |
| &nbsp;&nbsp;&nbsp;&nbsp;66500 | Capitaland Investment Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134496 |
| &nbsp;&nbsp;&nbsp;&nbsp;17800 | Chiba Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168488 |
| &nbsp;&nbsp;&nbsp;&nbsp;60500 | CK Asset Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244780 |
| &nbsp;&nbsp;&nbsp;154459 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534802 |
| &nbsp;&nbsp;&nbsp;&nbsp;47821 | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547496 |
| &nbsp;&nbsp;&nbsp;&nbsp;15724 | Computershare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387582 |
| &nbsp;&nbsp;&nbsp;&nbsp;30900 | Concordia Financial Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102438 |
| &nbsp;&nbsp;&nbsp;&nbsp;99655 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814429 |
| &nbsp;&nbsp;&nbsp;&nbsp;55300 | Credit Saison Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869 | CVC Capital Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116431 |
| &nbsp;&nbsp;&nbsp;103200 | Dai-ichi Life Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | Daito Trust Construction Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163719 |
| &nbsp;&nbsp;&nbsp;&nbsp;36600 | Daiwa Securities Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246437 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 112852 | Danske Bank A/S | &nbsp;&nbsp;&nbsp;$3693806 |
| &nbsp;&nbsp;96530 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3314969 |
| 230061 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5484019 |
| &nbsp;&nbsp;&nbsp;&nbsp;5323 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 1570608 |
| &nbsp;&nbsp;80277 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp; 2112303 |
| &nbsp;&nbsp;66700 | EFG International AG | &nbsp;&nbsp;&nbsp;&nbsp; 994949 |
| &nbsp;&nbsp;10819 | EQT AB | &nbsp;&nbsp;&nbsp;&nbsp; 329904 |
| &nbsp;&nbsp;28692 | Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984663 |
| &nbsp;&nbsp;12600 | Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933120 |
| &nbsp;&nbsp;&nbsp;&nbsp;2391 | Euronext NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347012 |
| &nbsp;&nbsp;&nbsp;&nbsp;2602 | EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236297 |
| &nbsp;&nbsp;19721 | Fastighets AB Balder Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123406 |
| &nbsp;&nbsp;17034 | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337386 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500 | Futu Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153525 |
| &nbsp;&nbsp;&nbsp;&nbsp;1177 | Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110442 |
| &nbsp;&nbsp;27273 | Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958079 |
| &nbsp;&nbsp;&nbsp;&nbsp;5538 | Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127281 |
| &nbsp;&nbsp;54380 | Goodman Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975941 |
| &nbsp;&nbsp;55262 | GPT Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151573 |
| &nbsp;&nbsp;&nbsp;&nbsp;2181 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162744 |
| 159300 | Gunma Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328773 |
| &nbsp;&nbsp;22100 | Hang Seng Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300976 |
| &nbsp;&nbsp;&nbsp;&nbsp;1746 | Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520410 |
| 338000 | Helia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850316 |
| &nbsp;&nbsp;&nbsp;&nbsp;1042 | Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216123 |
| &nbsp;&nbsp;36000 | Henderson Land Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103546 |
| &nbsp;&nbsp;34300 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525808 |
| &nbsp;&nbsp;28600 | Hongkong Land Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110396 |
| 761681 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8633840 |
| &nbsp;&nbsp;11300 | Hulic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108471 |
| &nbsp;&nbsp;&nbsp;&nbsp;3160 | Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116105 |
| &nbsp;&nbsp;&nbsp;&nbsp;4672 | Industrivarden AB Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171636 |
| &nbsp;&nbsp;24801 | Infratil Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146158 |
| 192666 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774589 |
| &nbsp;&nbsp;68202 | Insurance Australia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331772 |
| 230000 | Intermediate Capital Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854965 |
| 433333 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233262 |
| 163800 | Investec PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013514 |
| &nbsp;&nbsp;&nbsp;&nbsp;4030 | Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109696 |
| &nbsp;&nbsp;48909 | Investor AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458667 |
| &nbsp;&nbsp;37270 | Israel Discount Bank Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259627 |
| &nbsp;&nbsp;16500 | Jaccs Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433288 |
| &nbsp;&nbsp;28400 | Japan Exchange Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292262 |
| &nbsp;&nbsp;51600 | Japan Post Bank Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523925 |
| 180600 | Japan Post Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810952 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Japan Post Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105976 |
| &nbsp;&nbsp;14481 | Julius Baer Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003765 |
| &nbsp;&nbsp;14800 | Jyske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185983 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592435 |
| &nbsp;&nbsp;&nbsp;&nbsp;6504 | Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217701 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921 | L E Lundbergforetagen AB Class B | &nbsp;&nbsp;&nbsp;$96256 |
| &nbsp;&nbsp;&nbsp;&nbsp;18729 | Land Securities Group PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp; 133369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp; 141725 |
| &nbsp;&nbsp;&nbsp;168715 | Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 531850 |
| &nbsp;&nbsp;&nbsp;&nbsp;70567 | Link REIT | &nbsp;&nbsp;&nbsp;&nbsp; 330689 |
| 3996791 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3747636 |
| &nbsp;&nbsp;&nbsp;&nbsp;13800 | London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2048792 |
| &nbsp;&nbsp;&nbsp;&nbsp;56506 | M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145521 |
| &nbsp;&nbsp;&nbsp;&nbsp;45236 | Macquarie Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629483 |
| &nbsp;&nbsp;&nbsp;230800 | Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711090 |
| &nbsp;&nbsp;&nbsp;&nbsp;83658 | Medibank Pvt Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233812 |
| &nbsp;&nbsp;&nbsp;&nbsp;85299 | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600016 |
| &nbsp;&nbsp;&nbsp;&nbsp;81600 | Mercialys SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023459 |
| &nbsp;&nbsp;&nbsp;&nbsp;31900 | Mitsubishi Estate Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521435 |
| &nbsp;&nbsp;&nbsp;165700 | Mitsubishi HC Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122851 |
| &nbsp;&nbsp;&nbsp;424900 | Mitsubishi UFJ Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793009 |
| &nbsp;&nbsp;&nbsp;&nbsp;77100 | Mitsui Fudosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 | Mizrahi Tefahot Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185515 |
| &nbsp;&nbsp;&nbsp;142300 | Mizuho Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905243 |
| &nbsp;&nbsp;&nbsp;&nbsp;37400 | MS&AD Insurance Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382859 |
| &nbsp;&nbsp;&nbsp;&nbsp;86749 | National Australia Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865863 |
| &nbsp;&nbsp;&nbsp;547617 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | Nippon Building Fund Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191113 |
| &nbsp;&nbsp;&nbsp;&nbsp;58858 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275208 |
| &nbsp;&nbsp;&nbsp;&nbsp;84000 | Nomura Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517602 |
| &nbsp;&nbsp;&nbsp;180098 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303541 |
| &nbsp;&nbsp;&nbsp;&nbsp;85500 | ORIX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785146 |
| &nbsp;&nbsp;&nbsp;&nbsp;95400 | Oversea-Chinese Banking Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900887 |
| &nbsp;&nbsp;&nbsp;&nbsp;21772 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161478 |
| &nbsp;&nbsp;&nbsp;&nbsp;11200 | Plus500 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396703 |
| &nbsp;&nbsp;&nbsp;&nbsp;75127 | Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810505 |
| &nbsp;&nbsp;&nbsp;267636 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | REA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219633 |
| &nbsp;&nbsp;&nbsp;&nbsp;59100 | Resona Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516050 |
| &nbsp;&nbsp;&nbsp;&nbsp;22900 | Ricoh Leasing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 | Sagax AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135999 |
| &nbsp;&nbsp;&nbsp;&nbsp;72880 | Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | SBI Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210623 |
| &nbsp;&nbsp;&nbsp;141905 | Scentre Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300243 |
| &nbsp;&nbsp;&nbsp;&nbsp;18580 | Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84073 |
| &nbsp;&nbsp;&nbsp;&nbsp;35600 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028124 |
| &nbsp;&nbsp;&nbsp;&nbsp;35998 | Segro PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321868 |
| &nbsp;&nbsp;&nbsp;&nbsp;22400 | Singapore Exchange Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221761 |
| &nbsp;&nbsp;&nbsp;131735 | Sino Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131871 |
| &nbsp;&nbsp;&nbsp;&nbsp;45228 | Skandinaviska Enskilda Banken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744058 |
| &nbsp;&nbsp;&nbsp;&nbsp;60361 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103976 |
| &nbsp;&nbsp;&nbsp;&nbsp;25600 | Sompo Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779551 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;198504 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp;$2944396 |
| &nbsp;&nbsp;&nbsp;&nbsp;71065 | Stockland REIT | &nbsp;&nbsp;&nbsp;&nbsp; 219276 |
| &nbsp;&nbsp;&nbsp;170600 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 4386912 |
| &nbsp;&nbsp;&nbsp;&nbsp;17800 | Sumitomo Mitsui Trust Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 448049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | Sumitomo Realty & Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 315617 |
| &nbsp;&nbsp;&nbsp;&nbsp;43000 | Sun Hung Kai Properties Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 409689 |
| &nbsp;&nbsp;&nbsp;&nbsp;32587 | Suncorp Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 394683 |
| 1105900 | Supermarket Income PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092843 |
| &nbsp;&nbsp;&nbsp;159033 | Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797314 |
| &nbsp;&nbsp;&nbsp;&nbsp;96152 | Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189813 |
| &nbsp;&nbsp;&nbsp;&nbsp;12000 | Swire Pacific Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249732 |
| &nbsp;&nbsp;&nbsp;&nbsp;34069 | Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797824 |
| &nbsp;&nbsp;&nbsp;&nbsp;13600 | Sydbank AS<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853174 |
| &nbsp;&nbsp;&nbsp;&nbsp;14500 | T&D Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208565 |
| &nbsp;&nbsp;&nbsp;&nbsp;50800 | Tokio Marine Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236814 |
| &nbsp;&nbsp;&nbsp;121339 | UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769 | Unibail-Rodamco-Westfield REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317767 |
| &nbsp;&nbsp;&nbsp;104477 | UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864536 |
| &nbsp;&nbsp;&nbsp;&nbsp;10616 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169941 |
| &nbsp;&nbsp;&nbsp;&nbsp;95100 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | Valiant Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189286 |
| &nbsp;&nbsp;&nbsp;114667 | Vicinity Ltd REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158779 |
| &nbsp;&nbsp;&nbsp;&nbsp;21517 | Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 | Washington H Soul Pattinson & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142692 |
| &nbsp;&nbsp;&nbsp;&nbsp;96815 | Westpac Banking Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929281 |
| &nbsp;&nbsp;&nbsp;&nbsp;31000 | Wharf Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73621 |
| &nbsp;&nbsp;&nbsp;&nbsp;44000 | Wharf Real Estate Investment Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234184039 |
| Industrial — 14.26% | Industrial — 14.26% | Industrial — 14.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;44710 | ABB Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444 | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162 | Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | AGC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246586 |
| &nbsp;&nbsp;&nbsp;&nbsp;16799 | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216 | Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | Alstom SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212647 |
| &nbsp;&nbsp;&nbsp;&nbsp;92500 | Amada Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | AP Moller - Maersk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198409 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;27844 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;$835912 |
| &nbsp;&nbsp;76327 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1219204 |
| &nbsp;&nbsp;46294 | Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 650992 |
| &nbsp;&nbsp;49382 | Auckland International Airport Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 229059 |
| &nbsp;&nbsp;85104 | BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1717919 |
| 224900 | Balfour Beatty PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1260258 |
| &nbsp;&nbsp;11415 | Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp; 160579 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600 | Bekaert SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129357 |
| &nbsp;&nbsp;27500 | Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982397 |
| &nbsp;&nbsp;44910 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770374 |
| &nbsp;&nbsp;27434 | bpost SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43085 |
| &nbsp;&nbsp;94400 | Brother Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709243 |
| &nbsp;&nbsp;12380 | Cargotec OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564132 |
| &nbsp;&nbsp;15789 | Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561281 |
| &nbsp;&nbsp;22700 | Central Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432983 |
| &nbsp;&nbsp;26576 | Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647425 |
| &nbsp;&nbsp;21500 | CK Infrastructure Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128730 |
| &nbsp;&nbsp;31500 | D/S Norden A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794662 |
| &nbsp;&nbsp;10100 | Daifuku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248273 |
| &nbsp;&nbsp;&nbsp;&nbsp;7700 | Daikin Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184317 |
| &nbsp;&nbsp;57547 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470690 |
| &nbsp;&nbsp;10000 | Dfds A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130941 |
| &nbsp;&nbsp;29398 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685021 |
| &nbsp;&nbsp;26500 | East Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522330 |
| &nbsp;&nbsp;&nbsp;&nbsp;2073 | Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | Elbit Systems Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276502 |
| &nbsp;&nbsp;19251 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387606 |
| &nbsp;&nbsp;12395 | Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218317 |
| &nbsp;&nbsp;27200 | FANUC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741085 |
| &nbsp;&nbsp;14003 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626324 |
| 480200 | Firstgroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | Forbo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364858 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600 | Fuji Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153899 |
| &nbsp;&nbsp;&nbsp;&nbsp;7700 | Fujikura Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285169 |
| &nbsp;&nbsp;&nbsp;&nbsp;4557 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569477 |
| &nbsp;&nbsp;27000 | Georg Fischer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976101 |
| &nbsp;&nbsp;&nbsp;&nbsp;8984 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155162 |
| &nbsp;&nbsp;10522 | Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352895 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Hankyu Hanshin Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174897 |
| &nbsp;&nbsp;28800 | Hanwa Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943852 |
| &nbsp;&nbsp;20291 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497725 |
| &nbsp;&nbsp;58336 | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623598 |
| 132900 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120413 |
| &nbsp;&nbsp;14735 | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585681 |
| &nbsp;&nbsp;64800 | Hosiden Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864331 |
| &nbsp;&nbsp;10100 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139871 |
| &nbsp;&nbsp;&nbsp;&nbsp;7119 | Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197281 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100 | Inficon Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154214 |
| &nbsp;&nbsp;&nbsp;&nbsp;8509 | Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90076 |
| &nbsp;&nbsp;&nbsp;&nbsp;5357 | InPost SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78621 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000 | Interroll Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739215 |
| &nbsp;&nbsp;12349 | James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294701 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;21500 | Jungheinrich AG | &nbsp;&nbsp;&nbsp;$750338 |
| &nbsp;&nbsp;26600 | Kaga Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 479552 |
| &nbsp;&nbsp;11700 | Kajima Corp | &nbsp;&nbsp;&nbsp;&nbsp; 239328 |
| &nbsp;&nbsp;15100 | Kalmar OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp; 499041 |
| &nbsp;&nbsp;23500 | Kamigumi Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 549983 |
| &nbsp;&nbsp;12300 | Kawasaki Kisen Kaisha Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 167187 |
| &nbsp;&nbsp;38000 | Keppel Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 193835 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162656 |
| &nbsp;&nbsp;&nbsp;&nbsp;4328 | Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349609 |
| &nbsp;&nbsp;&nbsp;&nbsp;2117 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192658 |
| &nbsp;&nbsp;76900 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251873 |
| &nbsp;&nbsp;10070 | Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555621 |
| &nbsp;&nbsp;17900 | Konecranes OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145565 |
| &nbsp;&nbsp;&nbsp;&nbsp;2517 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369030 |
| 243300 | Koninklijke BAM Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362352 |
| &nbsp;&nbsp;&nbsp;&nbsp;2040 | Koninklijke Heijmans N.V<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86277 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063807 |
| &nbsp;&nbsp;28300 | Kubota Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349714 |
| &nbsp;&nbsp;&nbsp;&nbsp;1398 | Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322841 |
| &nbsp;&nbsp;35100 | Kyocera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396456 |
| &nbsp;&nbsp;&nbsp;&nbsp;7507 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795021 |
| &nbsp;&nbsp;39843 | Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940314 |
| &nbsp;&nbsp;15600 | Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495795 |
| &nbsp;&nbsp;63900 | Macnica Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827137 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Makita Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225308 |
| &nbsp;&nbsp;38951 | Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240388 |
| &nbsp;&nbsp;19430 | Metso OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201455 |
| &nbsp;&nbsp;11600 | MINEBEA MITSUMI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169551 |
| &nbsp;&nbsp;55600 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025391 |
| &nbsp;&nbsp;91600 | Mitsubishi Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573101 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Mitsui OSK Lines Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344690 |
| &nbsp;&nbsp;40000 | MTR Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131046 |
| &nbsp;&nbsp;17485 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075576 |
| &nbsp;&nbsp;48400 | Murata Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746568 |
| &nbsp;&nbsp;46091 | Nibe Industrier AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175307 |
| &nbsp;&nbsp;23200 | Nidec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389349 |
| &nbsp;&nbsp;68100 | Nippon Express Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240430 |
| &nbsp;&nbsp;49000 | Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619357 |
| &nbsp;&nbsp;18500 | Obayashi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246796 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500 | Omron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127065 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | Per Aarsleff Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212626 |
| &nbsp;&nbsp;12968 | Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231354 |
| &nbsp;&nbsp;&nbsp;&nbsp;8013 | Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441093 |
| &nbsp;&nbsp;90500 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453526 |
| &nbsp;&nbsp;&nbsp;&nbsp;1256 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797245 |
| &nbsp;&nbsp;&nbsp;&nbsp;2698 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118343 |
| 239430 | Rolls-Royce Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326498 |
| &nbsp;&nbsp;&nbsp;&nbsp;8736 | Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343495 |
| &nbsp;&nbsp;10267 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703139 |
| &nbsp;&nbsp;30476 | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640956 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Sankyu Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213702 |
| &nbsp;&nbsp;&nbsp;&nbsp;1779 | Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550930 |
| &nbsp;&nbsp;15642 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610894 |
| &nbsp;&nbsp;18000 | SCREEN Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174346 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | SG Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80781 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179846 |
| &nbsp;&nbsp;21698 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011088 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;18292 | Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1084390 |
| 258472 | SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 4778988 |
| &nbsp;&nbsp;58100 | Signify NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1261475 |
| &nbsp;&nbsp;21406 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp; 5214165 |
| &nbsp;&nbsp;47200 | Singapore Technologies Engineering Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 237046 |
| &nbsp;&nbsp;30000 | SITC International Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 81540 |
| &nbsp;&nbsp;10018 | Skanska AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 221108 |
| &nbsp;&nbsp;81191 | SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644814 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 | SMC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572550 |
| &nbsp;&nbsp;&nbsp;&nbsp;9907 | Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248469 |
| &nbsp;&nbsp;&nbsp;&nbsp;1875 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151029 |
| &nbsp;&nbsp;15240 | Stora Enso OYJ Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144419 |
| &nbsp;&nbsp;35100 | Sumitomo Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719009 |
| &nbsp;&nbsp;17954 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236889 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | Taisei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186949 |
| &nbsp;&nbsp;54900 | TDK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575302 |
| &nbsp;&nbsp;37500 | Techtronic Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449410 |
| &nbsp;&nbsp;11704 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229033 |
| &nbsp;&nbsp;&nbsp;&nbsp;2777 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738188 |
| &nbsp;&nbsp;&nbsp;&nbsp;8100 | Tokyo Metro Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98432 |
| &nbsp;&nbsp;13800 | Tokyu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155361 |
| &nbsp;&nbsp;&nbsp;&nbsp;5590 | Trelleborg AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207901 |
| &nbsp;&nbsp;89100 | Tsubakimoto Chain Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104395 |
| &nbsp;&nbsp;&nbsp;&nbsp;7741 | VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790337 |
| &nbsp;&nbsp;42600 | Verallia SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322982 |
| &nbsp;&nbsp;14210 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791320 |
| &nbsp;&nbsp;13198 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235499 |
| &nbsp;&nbsp;13800 | West Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269203 |
| &nbsp;&nbsp;33500 | Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116728 |
| &nbsp;&nbsp;73800 | Yangzijiang Shipbuilding Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129521 |
| &nbsp;&nbsp;&nbsp;&nbsp;5900 | Yaskawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147843 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500 | Yokogawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142799739 |
| Technology — 7.68% | Technology — 7.68% | Technology — 7.68% |
| &nbsp;&nbsp;21600 | Advantest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962852 |
| &nbsp;&nbsp;&nbsp;&nbsp;1309 | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596504 |
| &nbsp;&nbsp;17230 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11402396 |
| &nbsp;&nbsp;&nbsp;&nbsp;2527 | BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264089 |
| &nbsp;&nbsp;29800 | Bell System24 Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251395 |
| &nbsp;&nbsp;82700 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578848 |
| &nbsp;&nbsp;10800 | Capcom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266561 |
| &nbsp;&nbsp;&nbsp;&nbsp;4322 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649417 |
| &nbsp;&nbsp;&nbsp;&nbsp;2421 | Check Point Software Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551794 |
| &nbsp;&nbsp;21000 | Computacenter PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666367 |
| &nbsp;&nbsp;20319 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867822 |
| &nbsp;&nbsp;19478 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741583 |
| &nbsp;&nbsp;19600 | Disco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002745 |
| &nbsp;&nbsp;63900 | Ferrotec Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151556 |
| &nbsp;&nbsp;50200 | Fujitsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999025 |
| &nbsp;&nbsp;&nbsp;&nbsp;3160 | Global-e Online Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112654 |
| &nbsp;&nbsp;52100 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510299 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;61319 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;$2044069 |
| &nbsp;&nbsp;30000 | Kinaxis Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3307599 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | Konami Group Corp | &nbsp;&nbsp;&nbsp;&nbsp; 354247 |
| &nbsp;&nbsp;&nbsp;&nbsp;2300 | Lasertec Corp | &nbsp;&nbsp;&nbsp;&nbsp; 197686 |
| &nbsp;&nbsp;&nbsp;&nbsp;4375 | Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp; 370717 |
| &nbsp;&nbsp;21096 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5129703 |
| &nbsp;&nbsp;34500 | NEC Corp | &nbsp;&nbsp;&nbsp;&nbsp; 734875 |
| &nbsp;&nbsp;&nbsp;&nbsp;1762 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205408 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Nexon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135594 |
| &nbsp;&nbsp;&nbsp;&nbsp;1829 | Nice Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282324 |
| &nbsp;&nbsp;23000 | Nice Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545910 |
| &nbsp;&nbsp;10800 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351565 |
| &nbsp;&nbsp;16835 | Nova Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104304 |
| &nbsp;&nbsp;16900 | NTT Data Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306144 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Obic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | Oracle Corp Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94710 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Otsuka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147230 |
| 341000 | PAX Global Technology Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212099 |
| &nbsp;&nbsp;&nbsp;&nbsp;1772 | Pro Medicus Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224292 |
| &nbsp;&nbsp;48500 | Renesas Electronics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650513 |
| &nbsp;&nbsp;16500 | Ricoh Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174540 |
| &nbsp;&nbsp;28890 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453397 |
| &nbsp;&nbsp;44749 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11990516 |
| &nbsp;&nbsp;&nbsp;&nbsp;5300 | SCSK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131057 |
| 107800 | Seiko Epson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727015 |
| 731300 | Serco Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494632 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500 | Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022313 |
| &nbsp;&nbsp;47945 | STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051319 |
| &nbsp;&nbsp;49500 | TeamViewer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646186 |
| &nbsp;&nbsp;&nbsp;&nbsp;1554 | Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156257 |
| &nbsp;&nbsp;&nbsp;&nbsp;1427 | Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110795 |
| &nbsp;&nbsp;&nbsp;&nbsp;3800 | TietoEVRY OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65840 |
| &nbsp;&nbsp;&nbsp;&nbsp;6400 | TIS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177107 |
| &nbsp;&nbsp;12900 | Tokyo Electron Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769011 |
| &nbsp;&nbsp;&nbsp;&nbsp;5436 | WiseTech Global Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280324 |
| &nbsp;&nbsp;&nbsp;&nbsp;4115 | Xero Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76886918 |
| Utilities — 2.38% | Utilities — 2.38% | Utilities — 2.38% |
| 659100 | A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588472 |
| 257800 | AGL Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115087 |
| 137289 | Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265738 |
| &nbsp;&nbsp;19500 | Chubu Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211423 |
| &nbsp;&nbsp;44500 | CLP Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362265 |
| &nbsp;&nbsp;22412 | Contact Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116698 |
| 194000 | Drax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466014 |
| &nbsp;&nbsp;63355 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956331 |
| &nbsp;&nbsp;&nbsp;&nbsp;8308 | EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69219 |
| &nbsp;&nbsp;85542 | EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287850 |
| &nbsp;&nbsp;14753 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390835 |
| 235505 | Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909128 |
| 149600 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915088 |
| &nbsp;&nbsp;11470 | Fortum OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187828 |
| 351000 | Hong Kong & China Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302062 |
| 166396 | Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686985 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| 513500 | Iren SpA | &nbsp;&nbsp;&nbsp;$1309509 |
| &nbsp;&nbsp;25200 | Kansai Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp; 299074 |
| &nbsp;&nbsp;42496 | Meridian Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 135112 |
| 141213 | National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1841111 |
| &nbsp;&nbsp;51198 | Origin Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 338797 |
| &nbsp;&nbsp;&nbsp;&nbsp;4586 | Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200276 |
| &nbsp;&nbsp;10300 | Osaka Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 233061 |
| &nbsp;&nbsp;38000 | Power Assets Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227565 |
| &nbsp;&nbsp;11832 | Redeia Corp SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237484 |
| &nbsp;&nbsp;17792 | RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635257 |
| &nbsp;&nbsp;30600 | Sembcorp Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143205 |
| &nbsp;&nbsp;&nbsp;&nbsp;7374 | Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241314 |
| &nbsp;&nbsp;57559 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298435 |
| &nbsp;&nbsp;32515 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669549 |
| &nbsp;&nbsp;40127 | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362640 |
| &nbsp;&nbsp;18716 | United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244086 |
| &nbsp;&nbsp;20826 | Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716246 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700 | Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23785701 |
| **TOTAL COMMON STOCK — 97.39%<br> (Cost $879,191,763)** | **TOTAL COMMON STOCK — 97.39%<br> (Cost $879,191,763)** | &nbsp;&nbsp;&nbsp;**$975495561** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.20% | Consumer, Cyclical — 0.20% | Consumer, Cyclical — 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;1521 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114742 |
| &nbsp;&nbsp;&nbsp;&nbsp;2962 | Dr Ing hc F Porsche AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148346 |
| &nbsp;&nbsp;&nbsp;&nbsp;5054 | Porsche Automobil Holding SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190327 |
| &nbsp;&nbsp;15058 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989911 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — 0.03% | Consumer, Non-Cyclical — 0.03% | Consumer, Non-Cyclical — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;$362748 |
| Industrial — 0.02% | Industrial — 0.02% | Industrial — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp; 169945 |
| **TOTAL PREFERRED STOCK — 0.25%<br> (Cost $3,316,840)** | **TOTAL PREFERRED STOCK — 0.25%<br> (Cost $3,316,840)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2522604** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.48% | U.S. Treasury Bonds and Notes — 0.48% | U.S. Treasury Bonds and Notes — 0.48% |
| $4814100 | U.S. Treasury Bills<sup>(d)</sup><br> 4.23%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789314 |
| **TOTAL SHORT TERM INVESTMENTS — 0.48%<br> (Cost $4,789,314)** | **TOTAL SHORT TERM INVESTMENTS — 0.48%<br> (Cost $4,789,314)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$4789314** |
| **TOTAL INVESTMENTS — 98.12%<br> (Cost $887,297,917)** | **TOTAL INVESTMENTS — 98.12%<br> (Cost $887,297,917)** | &nbsp;&nbsp;&nbsp;**$982807479** |
| **OTHER ASSETS & LIABILITIES, NET — 1.88%** | **OTHER ASSETS & LIABILITIES, NET — 1.88%** | &nbsp;&nbsp;&nbsp;&nbsp;**$18815175** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1001622654** |

---

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

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $24,148,584, representing 2.41% of net assets.

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

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

<sup>ADR</sup> American Depositary Receipt

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| MSCI EAFE Index Futures | 87 | USD | 10511 | Jun 2025 | $(233240) |
|  |  |  |  | **Net Depreciation** | **$(233240)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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)** |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2596 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(12) |
| CGM | USD | &nbsp;&nbsp;14136 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22723 | 04/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2611 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;7295 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11726 | 04/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
| CGM | USD | &nbsp;&nbsp;89185 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;616698 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |
| CGM | USD | &nbsp;&nbsp;44306 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40964 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2460 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| CGM | USD | &nbsp;&nbsp;28523 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22538 | 04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) |
| CGM | USD | &nbsp;&nbsp;43696 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33746 | 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| CGM | USD | &nbsp;&nbsp;43526 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33754 | 05/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;3594 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 | 05/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| CGM | USD | &nbsp;&nbsp;15522 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12021 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;9376 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271 | 05/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2545 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760 | 04/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2038 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;302600 | 05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;6835 | JPY | &nbsp;&nbsp;1013625 | 05/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;7269 | JPY | &nbsp;&nbsp;1076100 | 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;9432 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94309 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| MEL | USD | &nbsp;&nbsp;16351 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25729 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;6184 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;4425 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010 | 04/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| MEL | USD | &nbsp;&nbsp;11791 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| MEL | USD | &nbsp;&nbsp;29689 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26155 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| MEL | USD | 273569 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;247000 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(5962) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5492 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| MEL | USD | &nbsp;&nbsp;10810 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 | 04/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| MEL | USD | 598333 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;578000 | 04/10/2025 | &nbsp;&nbsp;(26977) |
| MEL | USD | &nbsp;&nbsp;25343 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23428 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| MEL | USD | &nbsp;&nbsp;24099 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19153 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642) |
| MEL | USD | &nbsp;&nbsp;29388 | JPY | &nbsp;&nbsp;4590977 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1220) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5866 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;900575 | 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;9641 | JPY | &nbsp;&nbsp;1447040 | 05/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| MEL | USD | &nbsp;&nbsp;80314 | JPY | 12049600 | 05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) |
| MEL | USD | &nbsp;&nbsp;35272 | JPY | &nbsp;&nbsp;5290740 | 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) |
| MEL | USD | &nbsp;&nbsp;24796 | JPY | &nbsp;&nbsp;3718920 | 05/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) |
| MEL | USD | &nbsp;&nbsp;43422 | JPY | &nbsp;&nbsp;6509555 | 06/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) |
| MEL | USD | &nbsp;&nbsp;61978 | JPY | &nbsp;&nbsp;9290307 | 06/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;8529 | JPY | &nbsp;&nbsp;1278400 | 06/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
| MEL | USD | &nbsp;&nbsp;49568 | JPY | &nbsp;&nbsp;7428371 | 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) |
| MEL | USD | &nbsp;&nbsp;13000 | JPY | &nbsp;&nbsp;1947605 | 06/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |
| MEL | USD | &nbsp;&nbsp;15131 | JPY | &nbsp;&nbsp;2266525 | 06/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;3857 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;577702 | 06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5567 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;818125 | 06/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| MEL | USD | &nbsp;&nbsp;10225 | JPY | &nbsp;&nbsp;1530340 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) |
| MEL | USD | 100331 | JPY | 15012912 | 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685) |
| MEL | USD | &nbsp;&nbsp;41041 | JPY | &nbsp;&nbsp;6139125 | 06/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) |
| MEL | USD | 101066 | JPY | 15116400 | 06/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(691) |
| MEL | USD | &nbsp;&nbsp;66006 | JPY | &nbsp;&nbsp;9871475 | 06/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |
| MEL | USD | &nbsp;&nbsp;38333 | JPY | &nbsp;&nbsp;5732315 | 06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |
| MEL | USD | &nbsp;&nbsp;63246 | JPY | &nbsp;&nbsp;9456760 | 06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) |
| MEL | USD | 208910 | JPY | 31226704 | 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1431) |
| MEL | USD | 100301 | SEK | &nbsp;&nbsp;1005059 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| MEL | USD | &nbsp;&nbsp;11959 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;119941 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  |  |  |  | **Net Depreciation** | **$(41508)** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;Australian Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| DKK | &nbsp;&nbsp;Danish Krone |
| EUR | &nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;British Pound |
| HKD | &nbsp;&nbsp;Hong Kong Dollar |
| JPY | &nbsp;&nbsp;Japanese Yen |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

SEK Swedish Krona <br> USD U.S. Dollar

---

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

---

Summary of Investments by Country as of March 31, 2025.

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$189760304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.31% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139368350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.18 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109672587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101541121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.33 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92469071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59085945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44409291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32372966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29381206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28372315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24959209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24325368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20349158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13396957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11942551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10859616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9333710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$982807479** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 2.02% | Basic Materials — 2.02% | Basic Materials — 2.02% |
| &nbsp;&nbsp;1404 | Air Products & Chemicals Inc | &nbsp;&nbsp;&nbsp;$414068 |
| &nbsp;&nbsp;&nbsp;&nbsp;617 | Albemarle Corp | &nbsp;&nbsp;&nbsp;&nbsp; 44436 |
| 12723 | Cabot Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057790 |
| &nbsp;&nbsp;1060 | CF Industries Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 82839 |
| &nbsp;&nbsp;4855 | Dow Inc | &nbsp;&nbsp;&nbsp;&nbsp; 169537 |
| 16916 | DuPont de Nemours Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263287 |
| &nbsp;&nbsp;8771 | Eastman Chemical Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772813 |
| &nbsp;&nbsp;1593 | Ecolab Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403857 |
| 83943 | Ecovyst Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520447 |
| 52751 | Freeport-McMoRan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997153 |
| &nbsp;&nbsp;6946 | Hawkins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735720 |
| &nbsp;&nbsp;1655 | International Flavors & Fragrances Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128445 |
| &nbsp;&nbsp;3406 | International Paper Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181710 |
| &nbsp;&nbsp;3011 | Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402042 |
| &nbsp;&nbsp;1580 | LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111232 |
| 51617 | Magnera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937365 |
| &nbsp;&nbsp;1611 | Mosaic Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43513 |
| &nbsp;&nbsp;6931 | Newmont Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334629 |
| &nbsp;&nbsp;1430 | Nucor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172086 |
| &nbsp;&nbsp;9191 | PPG Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005036 |
| &nbsp;&nbsp;1445 | Sherwin-Williams Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504579 |
| &nbsp;&nbsp;&nbsp;&nbsp;877 | Steel Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12392279 |
| Communications — 11.59% | Communications — 11.59% | Communications — 11.59% |
| &nbsp;&nbsp;2938 | Airbnb Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350973 |
| &nbsp;&nbsp;4776 | Alibaba Group Holding Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631530 |
| 37015 | Alphabet Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724000 |
| 47763 | Alphabet Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462014 |
| 79713 | Amazon.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15166195 |
| 11595 | Arista Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898381 |
| 45172 | AT&T Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277464 |
| &nbsp;&nbsp;&nbsp;&nbsp;317 | Booking Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460390 |
| &nbsp;&nbsp;&nbsp;&nbsp;878 | CDW Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140708 |
| &nbsp;&nbsp;3631 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338132 |
| 45759 | Cisco Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823788 |
| 10132 | Cogent Communications Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621193 |
| 43655 | Comcast Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610870 |
| &nbsp;&nbsp;5194 | Corning Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237781 |
| &nbsp;&nbsp;6592 | DoorDash Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204820 |
| &nbsp;&nbsp;2857 | eBay Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193505 |
| &nbsp;&nbsp;&nbsp;&nbsp;707 | Expedia Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118847 |
| &nbsp;&nbsp;&nbsp;&nbsp;336 | F5 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89467 |
| &nbsp;&nbsp;&nbsp;&nbsp;215 | FactSet Research Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97748 |
| &nbsp;&nbsp;1639 | Fox Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92767 |
| &nbsp;&nbsp;1027 | Fox Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54133 |
| &nbsp;&nbsp;3076 | Gen Digital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81637 |
| &nbsp;&nbsp;&nbsp;&nbsp;883 | GoDaddy Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159064 |
| &nbsp;&nbsp;2040 | Interpublic Group of Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55406 |
| &nbsp;&nbsp;2430 | Juniper Networks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87942 |
| &nbsp;&nbsp;2069 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64553 |
| &nbsp;&nbsp;&nbsp;&nbsp;252 | MercadoLibre Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491619 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;20275 | Meta Platforms Inc Class A | &nbsp;&nbsp;&nbsp;$11685699 |
| &nbsp;&nbsp;&nbsp;&nbsp;1069 | Motorola Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 468019 |
| &nbsp;&nbsp;&nbsp;&nbsp;4934 | Netflix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4601103 |
| &nbsp;&nbsp;&nbsp;&nbsp;2912 | News Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 79265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | News Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp; 24569 |
| &nbsp;&nbsp;&nbsp;&nbsp;1198 | Omnicom Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 99326 |
| &nbsp;&nbsp;&nbsp;&nbsp;6057 | Palo Alto Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033566 |
| &nbsp;&nbsp;&nbsp;&nbsp;3832 | Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45831 |
| &nbsp;&nbsp;&nbsp;&nbsp;5504 | Shopify Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525522 |
| &nbsp;&nbsp;&nbsp;&nbsp;1349 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741990 |
| &nbsp;&nbsp;12652 | T-Mobile US Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374415 |
| &nbsp;&nbsp;&nbsp;&nbsp;2207 | Trade Desk Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120767 |
| &nbsp;&nbsp;15658 | Uber Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140842 |
| &nbsp;&nbsp;30767 | United States Cellular Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | VeriSign Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127443 |
| &nbsp;&nbsp;26441 | Verizon Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199364 |
| &nbsp;&nbsp;11419 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127055 |
| &nbsp;&nbsp;13210 | Warner Bros Discovery Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71198984 |
| Consumer, Cyclical — 9.95% | Consumer, Cyclical — 9.95% | Consumer, Cyclical — 9.95% |
| &nbsp;&nbsp;18099 | Academy Sports & Outdoors Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825495 |
| &nbsp;&nbsp;11733 | Allison Transmission Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122496 |
| &nbsp;&nbsp;&nbsp;&nbsp;1602 | Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95319 |
| &nbsp;&nbsp;22634 | Atlanta Braves Holdings Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | AutoZone Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018012 |
| &nbsp;&nbsp;27854 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844533 |
| &nbsp;&nbsp;&nbsp;&nbsp;6977 | Beacon Roofing Supply Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863055 |
| &nbsp;&nbsp;&nbsp;&nbsp;1071 | Best Buy Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78836 |
| &nbsp;&nbsp;&nbsp;&nbsp;9085 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036599 |
| &nbsp;&nbsp;23707 | Blue Bird Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767396 |
| &nbsp;&nbsp;&nbsp;&nbsp;7118 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764687 |
| &nbsp;&nbsp;10973 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590896 |
| &nbsp;&nbsp;&nbsp;&nbsp;1684 | Caesars Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | CarMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67712 |
| &nbsp;&nbsp;&nbsp;&nbsp;6127 | Carnival Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119660 |
| &nbsp;&nbsp;&nbsp;&nbsp;6934 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657066 |
| &nbsp;&nbsp;10522 | Chipotle Mexican Grill Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528310 |
| &nbsp;&nbsp;&nbsp;&nbsp;9615 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067938 |
| &nbsp;&nbsp;&nbsp;&nbsp;5538 | Copart Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313395 |
| &nbsp;&nbsp;&nbsp;&nbsp;2807 | Costco Wholesale Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654804 |
| &nbsp;&nbsp;10002 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | Darden Restaurants Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | Deckers Outdoor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110692 |
| &nbsp;&nbsp;&nbsp;&nbsp;3795 | Delta Air Lines Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165462 |
| &nbsp;&nbsp;&nbsp;&nbsp;1430 | Dollar General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125740 |
| &nbsp;&nbsp;&nbsp;&nbsp;1338 | Dollar Tree Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99241 |
| &nbsp;&nbsp;&nbsp;&nbsp;6762 | DR Horton Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859653 |
| &nbsp;&nbsp;&nbsp;&nbsp;3485 | Fastenal Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270262 |
| &nbsp;&nbsp;24400 | Ford Motor Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244732 |
| 133469 | Garrett Motion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117136 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY 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;55048 | General Motors Co | &nbsp;&nbsp;&nbsp;$2588907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | Genuine Parts Co | &nbsp;&nbsp;&nbsp;&nbsp; 101150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | Hasbro Inc | &nbsp;&nbsp;&nbsp;&nbsp; 57124 |
| &nbsp;&nbsp;&nbsp;&nbsp;8015 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1823813 |
| &nbsp;&nbsp;&nbsp;&nbsp;6790 | Home Depot Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2488467 |
| &nbsp;&nbsp;15175 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp; 881971 |
| &nbsp;&nbsp;&nbsp;&nbsp;2030 | Las Vegas Sands Corp | &nbsp;&nbsp;&nbsp;&nbsp; 78419 |
| &nbsp;&nbsp;&nbsp;&nbsp;1546 | Lennar Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177450 |
| &nbsp;&nbsp;&nbsp;&nbsp;1106 | Live Nation Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144421 |
| &nbsp;&nbsp;&nbsp;&nbsp;1432 | LKQ Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60917 |
| &nbsp;&nbsp;&nbsp;&nbsp;3539 | Lowe's Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825401 |
| &nbsp;&nbsp;&nbsp;&nbsp;2641 | Lululemon Athletica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747561 |
| &nbsp;&nbsp;&nbsp;&nbsp;1456 | Marriott International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346819 |
| &nbsp;&nbsp;&nbsp;&nbsp;7018 | McDonald's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192213 |
| &nbsp;&nbsp;&nbsp;&nbsp;1048 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31063 |
| &nbsp;&nbsp;70897 | MRC Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813898 |
| &nbsp;&nbsp;&nbsp;&nbsp;7759 | NIKE Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492541 |
| &nbsp;&nbsp;&nbsp;&nbsp;3035 | Norwegian Cruise Line Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | NVR Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | O'Reilly Automotive Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534352 |
| &nbsp;&nbsp;&nbsp;&nbsp;3399 | PACCAR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | Pool Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91048 |
| &nbsp;&nbsp;24883 | PulteGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557972 |
| &nbsp;&nbsp;13622 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | Ralph Lauren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52757 |
| &nbsp;&nbsp;&nbsp;&nbsp;2156 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275515 |
| &nbsp;&nbsp;&nbsp;&nbsp;1592 | Royal Caribbean Cruises Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327060 |
| &nbsp;&nbsp;17834 | Six Flags Entertainment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636139 |
| &nbsp;&nbsp;66192 | Southwest Airlines Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222727 |
| &nbsp;&nbsp;13306 | Starbucks Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305186 |
| &nbsp;&nbsp;&nbsp;&nbsp;1313 | Tapestry Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92448 |
| &nbsp;&nbsp;11595 | Target Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210054 |
| &nbsp;&nbsp;23942 | Tesla Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204809 |
| &nbsp;&nbsp;&nbsp;&nbsp;7031 | TJX Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | TKO Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65403 |
| &nbsp;&nbsp;&nbsp;&nbsp;3475 | Tractor Supply Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | Ulta Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106297 |
| &nbsp;&nbsp;&nbsp;&nbsp;1932 | United Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133405 |
| &nbsp;&nbsp;11842 | VSE Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420922 |
| &nbsp;&nbsp;&nbsp;&nbsp;5111 | Walgreens Boots Alliance Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57090 |
| &nbsp;&nbsp;82016 | Walmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | Williams-Sonoma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | WW Grainger Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | Wynn Resorts Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58951 |
| &nbsp;&nbsp;24159 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799663 |
| &nbsp;&nbsp;&nbsp;&nbsp;1709 | Yum! Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100021 |
| Consumer, Non-Cyclical — 18.43% | Consumer, Non-Cyclical — 18.43% | Consumer, Non-Cyclical — 18.43% |
| &nbsp;&nbsp;17585 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332650 |
| &nbsp;&nbsp;29806 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244953 |
| &nbsp;&nbsp;&nbsp;&nbsp;7111 | Addus HomeCare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703207 |
| &nbsp;&nbsp;&nbsp;&nbsp;1818 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212670 |
| 160123 | Alight Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949529 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;395 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$62750 |
| 20102 | Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 663768 |
| 10845 | Altria Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 650917 |
| &nbsp;&nbsp;3365 | Amgen Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048366 |
| 15930 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1066514 |
| &nbsp;&nbsp;3299 | Archer-Daniels-Midland Co | &nbsp;&nbsp;&nbsp;&nbsp; 158385 |
| 23657 | AstraZeneca PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1738790 |
| &nbsp;&nbsp;2590 | Automatic Data Processing Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791323 |
| &nbsp;&nbsp;&nbsp;&nbsp;490 | Avery Dennison Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87205 |
| &nbsp;&nbsp;3099 | Baxter International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106079 |
| &nbsp;&nbsp;1851 | Becton Dickinson & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423990 |
| &nbsp;&nbsp;8946 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666119 |
| &nbsp;&nbsp;&nbsp;&nbsp;973 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133145 |
| &nbsp;&nbsp;&nbsp;&nbsp;842 | Bio-Techne Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49366 |
| &nbsp;&nbsp;&nbsp;&nbsp;339 | Block Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18418 |
| &nbsp;&nbsp;9399 | Boston Scientific Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948171 |
| 13000 | Bristol-Myers Squibb Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792870 |
| &nbsp;&nbsp;1319 | Brown-Forman Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44767 |
| &nbsp;&nbsp;&nbsp;&nbsp;784 | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59913 |
| &nbsp;&nbsp;1583 | Cardinal Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218090 |
| &nbsp;&nbsp;1145 | Cencora Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318413 |
| &nbsp;&nbsp;3332 | Centene Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202286 |
| &nbsp;&nbsp;&nbsp;&nbsp;343 | Charles River Laboratories International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51628 |
| &nbsp;&nbsp;1583 | Church & Dwight Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174272 |
| &nbsp;&nbsp;7201 | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369129 |
| &nbsp;&nbsp;2140 | Cintas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439834 |
| &nbsp;&nbsp;&nbsp;&nbsp;754 | Clorox Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111027 |
| 89762 | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6428754 |
| &nbsp;&nbsp;5072 | Colgate-Palmolive Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475246 |
| 15792 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471391 |
| &nbsp;&nbsp;9455 | Colliers International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146892 |
| &nbsp;&nbsp;3505 | Conagra Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93478 |
| 63780 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384026 |
| &nbsp;&nbsp;&nbsp;&nbsp;992 | Constellation Brands Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182052 |
| &nbsp;&nbsp;1198 | Cooper Cos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101051 |
| &nbsp;&nbsp;&nbsp;&nbsp;434 | Corpay Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151345 |
| 36297 | Corteva Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284170 |
| &nbsp;&nbsp;8111 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549520 |
| &nbsp;&nbsp;3997 | Danaher Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819385 |
| &nbsp;&nbsp;&nbsp;&nbsp;395 | DaVita Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60423 |
| &nbsp;&nbsp;2314 | Dexcom Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158023 |
| &nbsp;&nbsp;5861 | Edwards Lifesciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424805 |
| &nbsp;&nbsp;1442 | Elevance Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627212 |
| &nbsp;&nbsp;6405 | Eli Lilly & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289954 |
| 37802 | Embecta Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481976 |
| &nbsp;&nbsp;&nbsp;&nbsp;832 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202642 |
| &nbsp;&nbsp;1518 | Estee Lauder Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100188 |
| &nbsp;&nbsp;2911 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234947 |
| &nbsp;&nbsp;3457 | General Mills Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206694 |
| &nbsp;&nbsp;9714 | Gilead Sciences Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088454 |
| &nbsp;&nbsp;1673 | Global Payments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163820 |
| 16470 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046669 |
| &nbsp;&nbsp;1137 | HCA Healthcare Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392890 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY 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;&nbsp;&nbsp;995 | Henry Schein Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$68148 |
| &nbsp;&nbsp;6024 | Herc Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 808843 |
| &nbsp;&nbsp;&nbsp;&nbsp;972 | Hershey Co | &nbsp;&nbsp;&nbsp;&nbsp; 166241 |
| &nbsp;&nbsp;1678 | Hologic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 103650 |
| &nbsp;&nbsp;2133 | Hormel Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp; 65995 |
| &nbsp;&nbsp;&nbsp;&nbsp;757 | Humana Inc | &nbsp;&nbsp;&nbsp;&nbsp; 200302 |
| &nbsp;&nbsp;&nbsp;&nbsp;511 | IDEXX Laboratories Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 214594 |
| &nbsp;&nbsp;1237 | Incyte Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74900 |
| &nbsp;&nbsp;&nbsp;&nbsp;391 | Insulet Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102681 |
| &nbsp;&nbsp;3707 | Intuitive Surgical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835966 |
| &nbsp;&nbsp;1156 | IQVIA Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203803 |
| &nbsp;&nbsp;4044 | J & J Snack Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532676 |
| &nbsp;&nbsp;&nbsp;&nbsp;523 | J M Smucker Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61928 |
| 20039 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892938 |
| 20610 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417963 |
| &nbsp;&nbsp;1552 | Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128024 |
| 12580 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301668 |
| &nbsp;&nbsp;7050 | Keurig Dr Pepper Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241251 |
| &nbsp;&nbsp;2143 | Kimberly-Clark Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304777 |
| 14880 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009310 |
| &nbsp;&nbsp;5962 | Kraft Heinz Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181424 |
| &nbsp;&nbsp;4049 | Kroger Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274077 |
| &nbsp;&nbsp;&nbsp;&nbsp;528 | Labcorp Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122887 |
| &nbsp;&nbsp;&nbsp;&nbsp;726 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38696 |
| &nbsp;&nbsp;9734 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950038 |
| &nbsp;&nbsp;&nbsp;&nbsp;299 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64689 |
| &nbsp;&nbsp;1510 | McCormick & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124288 |
| &nbsp;&nbsp;6116 | McKesson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116007 |
| &nbsp;&nbsp;8069 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725080 |
| 23671 | Merck & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124709 |
| &nbsp;&nbsp;2196 | Moderna Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62257 |
| &nbsp;&nbsp;&nbsp;&nbsp;317 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104417 |
| &nbsp;&nbsp;&nbsp;&nbsp;934 | Molson Coors Beverage Co Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56853 |
| &nbsp;&nbsp;8488 | Mondelez International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575911 |
| &nbsp;&nbsp;5652 | Monster Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330755 |
| &nbsp;&nbsp;1018 | Moody's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474072 |
| &nbsp;&nbsp;1197 | Natera Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169268 |
| 64716 | Nomad Foods Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271669 |
| 32883 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149261 |
| &nbsp;&nbsp;6494 | PayPal Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423734 |
| &nbsp;&nbsp;8650 | PepsiCo Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296981 |
| 35377 | Pfizer Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896453 |
| 38717 | Philip Morris International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145549 |
| 10114 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176865 |
| 30998 | Procter & Gamble Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282679 |
| 36059 | Quanex Building Products Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670337 |
| &nbsp;&nbsp;1867 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474554 |
| &nbsp;&nbsp;&nbsp;&nbsp;632 | Quest Diagnostics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106934 |
| &nbsp;&nbsp;4458 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827397 |
| &nbsp;&nbsp;&nbsp;&nbsp;947 | ResMed Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211986 |
| &nbsp;&nbsp;&nbsp;&nbsp;921 | Revvity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97442 |
| &nbsp;&nbsp;1596 | Rollins Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86232 |
| &nbsp;&nbsp;2011 | S&P Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021789 |
| 19263 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132842 |
| 42437 | Select Medical Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708698 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | Solventum Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$53000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp; 133270 |
| &nbsp;&nbsp;&nbsp;&nbsp;2134 | Stryker Corp | &nbsp;&nbsp;&nbsp;&nbsp; 794382 |
| &nbsp;&nbsp;28820 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 943855 |
| &nbsp;&nbsp;&nbsp;&nbsp;3039 | Sysco Corp | &nbsp;&nbsp;&nbsp;&nbsp; 228047 |
| &nbsp;&nbsp;&nbsp;&nbsp;1444 | The Campbell's Company | &nbsp;&nbsp;&nbsp;&nbsp; 57644 |
| &nbsp;&nbsp;&nbsp;&nbsp;8238 | Thermo Fisher Scientific Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4099229 |
| &nbsp;&nbsp;&nbsp;&nbsp;1667 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106371 |
| &nbsp;&nbsp;&nbsp;&nbsp;1770 | UFP Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357027 |
| &nbsp;&nbsp;&nbsp;&nbsp;2330 | United Rentals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460211 |
| &nbsp;&nbsp;12159 | UnitedHealth Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | Universal Health Services Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | Verisk Analytics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261608 |
| &nbsp;&nbsp;&nbsp;&nbsp;1668 | Vertex Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808680 |
| &nbsp;&nbsp;&nbsp;&nbsp;6968 | Viatris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | Waters Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100970 |
| &nbsp;&nbsp;&nbsp;&nbsp;5973 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937881 |
| &nbsp;&nbsp;&nbsp;&nbsp;1289 | Zimmer Biomet Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145889 |
| &nbsp;&nbsp;&nbsp;&nbsp;2816 | Zoetis Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;113194244 |
| Energy — 4.30% | Energy — 4.30% | Energy — 4.30% |
| &nbsp;&nbsp;38989 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576715 |
| &nbsp;&nbsp;&nbsp;&nbsp;2576 | APA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54148 |
| &nbsp;&nbsp;&nbsp;&nbsp;6075 | Baker Hughes Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266996 |
| &nbsp;&nbsp;21745 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116857 |
| &nbsp;&nbsp;10587 | Chevron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771099 |
| &nbsp;&nbsp;24698 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593784 |
| &nbsp;&nbsp;&nbsp;&nbsp;4351 | Coterra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125744 |
| &nbsp;&nbsp;&nbsp;&nbsp;4074 | Devon Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152368 |
| &nbsp;&nbsp;&nbsp;&nbsp;1241 | Diamondback Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | Enphase Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49330 |
| &nbsp;&nbsp;&nbsp;&nbsp;3448 | EOG Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442171 |
| &nbsp;&nbsp;&nbsp;&nbsp;3805 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203301 |
| &nbsp;&nbsp;&nbsp;&nbsp;1340 | Expand Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149169 |
| &nbsp;&nbsp;59380 | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | First Solar Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87742 |
| &nbsp;&nbsp;&nbsp;&nbsp;5860 | Halliburton Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148668 |
| &nbsp;&nbsp;&nbsp;&nbsp;1686 | Hess Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269305 |
| &nbsp;&nbsp;11766 | Kinder Morgan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335684 |
| &nbsp;&nbsp;&nbsp;&nbsp;1987 | Marathon Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289486 |
| &nbsp;&nbsp;32988 | Noble Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781816 |
| &nbsp;&nbsp;23045 | Northern Oil & Gas Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696650 |
| 105240 | NPK International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611444 |
| &nbsp;&nbsp;&nbsp;&nbsp;4614 | Occidental Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227747 |
| &nbsp;&nbsp;26523 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578467 |
| &nbsp;&nbsp;&nbsp;&nbsp;3792 | ONEOK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376242 |
| &nbsp;&nbsp;&nbsp;&nbsp;2721 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335989 |
| &nbsp;&nbsp;&nbsp;&nbsp;8985 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375573 |
| &nbsp;&nbsp;47316 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722021 |
| &nbsp;&nbsp;&nbsp;&nbsp;1438 | Targa Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | Texas Pacific Land Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164299 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;18528 | Tidewater Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$783179 |
| &nbsp;&nbsp;11247 | Valero Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485391 |
| &nbsp;&nbsp;12552 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp; 672160 |
| &nbsp;&nbsp;&nbsp;&nbsp;7653 | Williams Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 457343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26405766 |
| Financial — 17.85% | Financial — 17.85% | Financial — 17.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;3028 | Aflac Inc | &nbsp;&nbsp;&nbsp;&nbsp; 336683 |
| &nbsp;&nbsp;13483 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040753 |
| &nbsp;&nbsp;23179 | Air Lease Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | Alexandria Real Estate Equities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87237 |
| &nbsp;&nbsp;12055 | Allstate Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496229 |
| &nbsp;&nbsp;&nbsp;&nbsp;3496 | American Express Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940599 |
| &nbsp;&nbsp;24120 | American International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096993 |
| &nbsp;&nbsp;&nbsp;&nbsp;5797 | American Tower Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | Ameriprise Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301601 |
| &nbsp;&nbsp;23463 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350765 |
| &nbsp;&nbsp;&nbsp;&nbsp;1393 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555932 |
| &nbsp;&nbsp;15425 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112300 |
| &nbsp;&nbsp;&nbsp;&nbsp;2349 | Arch Capital Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225927 |
| &nbsp;&nbsp;&nbsp;&nbsp;1569 | Arthur J Gallagher & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | Assurant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | AvalonBay Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195948 |
| 119362 | Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980976 |
| &nbsp;&nbsp;&nbsp;&nbsp;4436 | Bank of New York Mellon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372047 |
| &nbsp;&nbsp;13390 | Berkshire Hathaway Inc Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | Blackrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857511 |
| &nbsp;&nbsp;&nbsp;&nbsp;7867 | Blackstone Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099649 |
| &nbsp;&nbsp;&nbsp;&nbsp;1490 | Brown & Brown Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185356 |
| &nbsp;&nbsp;&nbsp;&nbsp;1116 | BXP Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74984 |
| &nbsp;&nbsp;33223 | Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88790 |
| &nbsp;&nbsp;17889 | Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | Cboe Global Markets Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149125 |
| &nbsp;&nbsp;&nbsp;&nbsp;1817 | CBRE Group Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237627 |
| &nbsp;&nbsp;37898 | Charles Schwab Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966655 |
| &nbsp;&nbsp;&nbsp;&nbsp;2380 | Chubb Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | Cincinnati Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142993 |
| &nbsp;&nbsp;66463 | Citigroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718208 |
| &nbsp;&nbsp;&nbsp;&nbsp;2781 | Citizens Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113938 |
| &nbsp;&nbsp;10195 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704632 |
| &nbsp;&nbsp;&nbsp;&nbsp;2396 | CoStar Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189835 |
| &nbsp;&nbsp;&nbsp;&nbsp;2806 | Crown Castle Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292469 |
| &nbsp;&nbsp;&nbsp;&nbsp;1891 | Digital Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270961 |
| &nbsp;&nbsp;&nbsp;&nbsp;1609 | Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274656 |
| &nbsp;&nbsp;19714 | Employers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | Equinix Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506332 |
| &nbsp;&nbsp;&nbsp;&nbsp;2233 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | Erie Indemnity Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | Essex Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | Everest Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99552 |
| &nbsp;&nbsp;&nbsp;&nbsp;1332 | Extra Space Storage Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197789 |
| &nbsp;&nbsp;&nbsp;&nbsp;9255 | Federal Agricultural Mortgage Corp Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735405 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;391 | Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;$38248 |
| 41751 | Fidelis Insurance Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 676366 |
| &nbsp;&nbsp;4381 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 171735 |
| &nbsp;&nbsp;2164 | Franklin Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp; 41657 |
| 21611 | Gaming & Leisure Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;644 | Globe Life Inc | &nbsp;&nbsp;&nbsp;&nbsp; 84828 |
| &nbsp;&nbsp;5587 | Goldman Sachs Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3052122 |
| 16440 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372530 |
| &nbsp;&nbsp;1717 | Hartford Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212444 |
| &nbsp;&nbsp;3792 | Healthpeak Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76674 |
| 56469 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596379 |
| 61291 | Hope Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641717 |
| &nbsp;&nbsp;3768 | Host Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53543 |
| &nbsp;&nbsp;9324 | Huntington Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139953 |
| &nbsp;&nbsp;4753 | Intercontinental Exchange Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819893 |
| &nbsp;&nbsp;3111 | Invesco Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47194 |
| &nbsp;&nbsp;3565 | Invitation Homes Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124240 |
| &nbsp;&nbsp;1875 | Iron Mountain Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161325 |
| 23407 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5741737 |
| 15141 | Kemper Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012176 |
| &nbsp;&nbsp;5720 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91463 |
| &nbsp;&nbsp;5052 | Kimco Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107304 |
| &nbsp;&nbsp;8691 | KKR & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004767 |
| &nbsp;&nbsp;1017 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93472 |
| &nbsp;&nbsp;1035 | M&T Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185006 |
| 35379 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249586 |
| &nbsp;&nbsp;3130 | Marsh & McLennan Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763814 |
| &nbsp;&nbsp;8992 | Mastercard Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928695 |
| &nbsp;&nbsp;7250 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807650 |
| &nbsp;&nbsp;3873 | MetLife Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310963 |
| &nbsp;&nbsp;&nbsp;&nbsp;655 | Mid-America Apartment Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109765 |
| &nbsp;&nbsp;7793 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909209 |
| &nbsp;&nbsp;2534 | Nasdaq Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192229 |
| &nbsp;&nbsp;1230 | Northern Trust Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121340 |
| 29082 | Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535109 |
| 14417 | Pinnacle Financial Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528779 |
| 13159 | PNC Financial Services Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312957 |
| 17022 | Popular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572322 |
| 19972 | PotlatchDeltic Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901137 |
| &nbsp;&nbsp;1158 | Principal Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97700 |
| &nbsp;&nbsp;3666 | Progressive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037515 |
| &nbsp;&nbsp;5998 | Prologis Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670516 |
| 20015 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428471 |
| &nbsp;&nbsp;2251 | Prudential Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251392 |
| &nbsp;&nbsp;1026 | Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307072 |
| &nbsp;&nbsp;1128 | Raymond James Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156690 |
| &nbsp;&nbsp;5723 | Realty Income Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331991 |
| &nbsp;&nbsp;1103 | Regency Centers Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81357 |
| &nbsp;&nbsp;5957 | Regions Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129446 |
| &nbsp;&nbsp;&nbsp;&nbsp;690 | SBA Communications Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151807 |
| &nbsp;&nbsp;1939 | Simon Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322029 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 29956 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1585271 |
| 15791 | SouthState Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465721 |
| 28960 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046035 |
| &nbsp;&nbsp;8524 | State Street Corp | &nbsp;&nbsp;&nbsp;&nbsp; 763154 |
| 13614 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283256 |
| &nbsp;&nbsp;2354 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 124621 |
| &nbsp;&nbsp;1392 | T Rowe Price Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 127883 |
| &nbsp;&nbsp;1482 | Travelers Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391930 |
| &nbsp;&nbsp;8268 | Truist Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340228 |
| &nbsp;&nbsp;2109 | UDR Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95264 |
| &nbsp;&nbsp;9890 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417556 |
| &nbsp;&nbsp;2611 | Ventas Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179532 |
| &nbsp;&nbsp;7101 | VICI Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231635 |
| 16112 | Visa Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646612 |
| 27340 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011307 |
| &nbsp;&nbsp;1784 | W R Berkley Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126949 |
| 21092 | Wells Fargo & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514195 |
| &nbsp;&nbsp;3855 | Welltower Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590625 |
| 17013 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307109 |
| &nbsp;&nbsp;4407 | Weyerhaeuser Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129037 |
| &nbsp;&nbsp;&nbsp;&nbsp;660 | Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223047 |
| 15422 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109606310 |
| Industrial — 9.96% | Industrial — 9.96% | Industrial — 9.96% |
| &nbsp;&nbsp;9599 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409709 |
| &nbsp;&nbsp;&nbsp;&nbsp;930 | A O Smith Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60785 |
| &nbsp;&nbsp;&nbsp;&nbsp;438 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57141 |
| &nbsp;&nbsp;8243 | Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79957 |
| &nbsp;&nbsp;1409 | AMETEK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242545 |
| 11865 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778225 |
| 15931 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228599 |
| 30171 | Atmus Filtration Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108181 |
| &nbsp;&nbsp;&nbsp;&nbsp;465 | Axon Enterprise Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244567 |
| 13026 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678264 |
| 16155 | Bel Fuse Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209363 |
| &nbsp;&nbsp;4808 | Boeing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820004 |
| &nbsp;&nbsp;&nbsp;&nbsp;751 | Builders FirstSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93830 |
| &nbsp;&nbsp;5028 | Carrier Global Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318775 |
| &nbsp;&nbsp;3031 | Caterpillar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999624 |
| 38534 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878575 |
| &nbsp;&nbsp;&nbsp;&nbsp;669 | CH Robinson Worldwide Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68506 |
| &nbsp;&nbsp;4003 | Clean Harbors Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788991 |
| 19329 | CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700372 |
| 12417 | CSX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365432 |
| &nbsp;&nbsp;1581 | Deere & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742042 |
| &nbsp;&nbsp;&nbsp;&nbsp;887 | Dover Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155828 |
| &nbsp;&nbsp;3133 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851643 |
| &nbsp;&nbsp;3610 | Emerson Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395800 |
| &nbsp;&nbsp;&nbsp;&nbsp;838 | Expeditors International of Washington Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100770 |
| &nbsp;&nbsp;9665 | FedEx Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356134 |
| &nbsp;&nbsp;2211 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161801 |
| &nbsp;&nbsp;1007 | Garmin Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218650 |
| &nbsp;&nbsp;1781 | GE Vernova Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543704 |
| &nbsp;&nbsp;&nbsp;&nbsp;448 | Generac Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56739 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;1635 | General Dynamics Corp | &nbsp;&nbsp;&nbsp;$445668 |
| &nbsp;&nbsp;6848 | General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370627 |
| 17266 | Griffon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234519 |
| 12309 | Honeywell International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606431 |
| &nbsp;&nbsp;2671 | Howmet Aerospace Inc | &nbsp;&nbsp;&nbsp;&nbsp; 346509 |
| &nbsp;&nbsp;&nbsp;&nbsp;333 | Hubbell Inc | &nbsp;&nbsp;&nbsp;&nbsp; 110193 |
| &nbsp;&nbsp;&nbsp;&nbsp;201 | Huntington Ingalls Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 41012 |
| &nbsp;&nbsp;&nbsp;&nbsp;430 | IDEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77817 |
| &nbsp;&nbsp;1725 | Illinois Tool Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427817 |
| 20969 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678149 |
| 10145 | International Seaways Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336814 |
| &nbsp;&nbsp;&nbsp;&nbsp;698 | Jabil Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94977 |
| &nbsp;&nbsp;&nbsp;&nbsp;874 | Jacobs Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105658 |
| &nbsp;&nbsp;&nbsp;&nbsp;457 | JB Hunt Transport Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67613 |
| 24982 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001308 |
| &nbsp;&nbsp;3211 | Kadant Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081818 |
| &nbsp;&nbsp;1090 | Keysight Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163249 |
| 19097 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722740 |
| &nbsp;&nbsp;1192 | L3Harris Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249498 |
| &nbsp;&nbsp;&nbsp;&nbsp;203 | Lennox International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113849 |
| 11128 | Limbach Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828702 |
| &nbsp;&nbsp;3731 | Littelfuse Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734037 |
| &nbsp;&nbsp;1343 | Lockheed Martin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599932 |
| &nbsp;&nbsp;&nbsp;&nbsp;420 | Martin Marietta Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200815 |
| &nbsp;&nbsp;1262 | Masco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87759 |
| 20362 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877399 |
| &nbsp;&nbsp;&nbsp;&nbsp;144 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170051 |
| &nbsp;&nbsp;&nbsp;&nbsp;378 | Mohawk Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43160 |
| 12099 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097362 |
| &nbsp;&nbsp;&nbsp;&nbsp;271 | Nordson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54666 |
| &nbsp;&nbsp;1495 | Norfolk Southern Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354091 |
| &nbsp;&nbsp;4445 | Northrop Grumman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275884 |
| &nbsp;&nbsp;1223 | Old Dominion Freight Line Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202345 |
| 14665 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513428 |
| &nbsp;&nbsp;&nbsp;&nbsp;533 | Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105545 |
| &nbsp;&nbsp;&nbsp;&nbsp;832 | Parker-Hannifin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505731 |
| &nbsp;&nbsp;1123 | Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98240 |
| &nbsp;&nbsp;4157 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708062 |
| 38342 | Pure Cycle Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401441 |
| &nbsp;&nbsp;1287 | Republic Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311660 |
| &nbsp;&nbsp;&nbsp;&nbsp;744 | Rockwell Automation Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192235 |
| 25067 | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320375 |
| &nbsp;&nbsp;3387 | Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152618 |
| &nbsp;&nbsp;&nbsp;&nbsp;292 | Snap-on Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98407 |
| &nbsp;&nbsp;&nbsp;&nbsp;935 | Stanley Black & Decker Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71883 |
| 11426 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187847 |
| &nbsp;&nbsp;1939 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274019 |
| &nbsp;&nbsp;&nbsp;&nbsp;289 | Teledyne Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143838 |
| &nbsp;&nbsp;1128 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81498 |
| &nbsp;&nbsp;2283 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769188 |
| &nbsp;&nbsp;&nbsp;&nbsp;786 | TransDigm Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087266 |
| 24645 | TriMas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577432 |
| &nbsp;&nbsp;1374 | Trimble Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90203 |
| 52407 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074868 |
| 11419 | UFP Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222290 |
| &nbsp;&nbsp;6836 | Union Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614937 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;4577 | United Parcel Service Inc Class B | &nbsp;&nbsp;&nbsp;$503424 |
| &nbsp;&nbsp;&nbsp;&nbsp;1587 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp; 154653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | Vertiv Holdings Co Class A | &nbsp;&nbsp;&nbsp;&nbsp; 71045 |
| &nbsp;&nbsp;28413 | Vishay Intertechnology Inc | &nbsp;&nbsp;&nbsp;&nbsp; 451767 |
| &nbsp;&nbsp;51608 | Vontier Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | Vulcan Materials Co | &nbsp;&nbsp;&nbsp;&nbsp; 209503 |
| &nbsp;&nbsp;&nbsp;&nbsp;2372 | Waste Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 549142 |
| &nbsp;&nbsp;&nbsp;&nbsp;1160 | Westinghouse Air Brake Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210366 |
| &nbsp;&nbsp;&nbsp;&nbsp;1599 | Xylem Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61156276 |
| Technology — 19.92% | Technology — 19.92% | Technology — 19.92% |
| &nbsp;&nbsp;10845 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384074 |
| &nbsp;&nbsp;&nbsp;&nbsp;2823 | Adobe Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082705 |
| &nbsp;&nbsp;10214 | Advanced Micro Devices Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | Akamai Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69954 |
| &nbsp;&nbsp;&nbsp;&nbsp;3198 | Analog Devices Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | ANSYS Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176640 |
| 109682 | Apple Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24363663 |
| &nbsp;&nbsp;&nbsp;&nbsp;5219 | Applied Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757381 |
| &nbsp;&nbsp;&nbsp;&nbsp;1131 | AppLovin Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32469 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400 | Autodesk Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366520 |
| &nbsp;&nbsp;37169 | Broadcom Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173359 |
| &nbsp;&nbsp;&nbsp;&nbsp;1769 | Cadence Design Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449910 |
| &nbsp;&nbsp;&nbsp;&nbsp;3019 | Cognizant Technology Solutions Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230953 |
| &nbsp;&nbsp;22720 | Concentrix Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264141 |
| &nbsp;&nbsp;16400 | Crane NXT Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842960 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550 | Crowdstrike Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | Dayforce Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49114 |
| &nbsp;&nbsp;&nbsp;&nbsp;2092 | Dell Technologies Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190686 |
| &nbsp;&nbsp;11659 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509615 |
| &nbsp;&nbsp;&nbsp;&nbsp;1470 | Electronic Arts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | EPAM Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551404 |
| &nbsp;&nbsp;&nbsp;&nbsp;3190 | Fidelity National Information Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238229 |
| &nbsp;&nbsp;&nbsp;&nbsp;6757 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492148 |
| &nbsp;&nbsp;16094 | Five9 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436952 |
| &nbsp;&nbsp;&nbsp;&nbsp;4016 | Fortinet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | Gartner Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201055 |
| &nbsp;&nbsp;&nbsp;&nbsp;7892 | Hewlett Packard Enterprise Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121774 |
| &nbsp;&nbsp;&nbsp;&nbsp;6490 | HP Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | HubSpot Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289644 |
| &nbsp;&nbsp;27025 | Intel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613738 |
| &nbsp;&nbsp;10598 | International Business Machines Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635299 |
| &nbsp;&nbsp;&nbsp;&nbsp;2621 | Intuit Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | Jack Henry & Associates Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | KLA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590066 |
| &nbsp;&nbsp;33657 | Kyndryl Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056830 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;11392 | Lam Research Corp | &nbsp;&nbsp;&nbsp;$828198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | Leidos Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 112135 |
| &nbsp;&nbsp;&nbsp;&nbsp;3387 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp; 163965 |
| &nbsp;&nbsp;&nbsp;&nbsp;7181 | Micron Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp; 623957 |
| &nbsp;&nbsp;65931 | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp; 24749839 |
| &nbsp;&nbsp;&nbsp;&nbsp;9417 | MKS Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp; 754773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | MongoDB Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 52971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | Monolithic Power Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | MSCI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283315 |
| &nbsp;&nbsp;&nbsp;&nbsp;1363 | NetApp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119726 |
| 192136 | NVIDIA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20823700 |
| &nbsp;&nbsp;&nbsp;&nbsp;1584 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301055 |
| &nbsp;&nbsp;&nbsp;&nbsp;2910 | ON Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118408 |
| &nbsp;&nbsp;22175 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100287 |
| &nbsp;&nbsp;44254 | PagerDuty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808521 |
| &nbsp;&nbsp;12985 | Palantir Technologies Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095934 |
| &nbsp;&nbsp;&nbsp;&nbsp;2001 | Paychex Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | Paycom Software Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115593 |
| &nbsp;&nbsp;20424 | QUALCOMM Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | Roper Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387354 |
| &nbsp;&nbsp;&nbsp;&nbsp;8749 | Salesforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347882 |
| &nbsp;&nbsp;15473 | Sandisk Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736670 |
| &nbsp;&nbsp;14945 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269578 |
| &nbsp;&nbsp;&nbsp;&nbsp;2660 | ServiceNow Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117732 |
| &nbsp;&nbsp;&nbsp;&nbsp;1096 | Skyworks Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | Snowflake Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131544 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500 | Super Micro Computer Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119840 |
| &nbsp;&nbsp;&nbsp;&nbsp;1301 | Synopsys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557934 |
| &nbsp;&nbsp;&nbsp;&nbsp;1874 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311084 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015 | Take-Two Interactive Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | Teradyne Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80452 |
| &nbsp;&nbsp;&nbsp;&nbsp;5726 | Texas Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028962 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | Twilio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | Tyler Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145929 |
| &nbsp;&nbsp;19897 | V2X Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975948 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 | Western Digital Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81749 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365 | Workday Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | Zebra Technologies Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;122374188 |
| Utilities — 2.92% | Utilities — 2.92% | Utilities — 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;5305 | AES Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65888 |
| &nbsp;&nbsp;&nbsp;&nbsp;1518 | Alliant Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97683 |
| &nbsp;&nbsp;&nbsp;&nbsp;1681 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168772 |
| &nbsp;&nbsp;&nbsp;&nbsp;3448 | American Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376763 |
| &nbsp;&nbsp;&nbsp;&nbsp;1232 | American Water Works Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142523 |
| &nbsp;&nbsp;&nbsp;&nbsp;3788 | CenterPoint Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137239 |
| &nbsp;&nbsp;&nbsp;&nbsp;1848 | CMS Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138803 |
| &nbsp;&nbsp;&nbsp;&nbsp;2330 | Consolidated Edison Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257675 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;2003 | Constellation Energy Corp | &nbsp;&nbsp;&nbsp;$403865 |
| &nbsp;&nbsp;5382 | Dominion Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp; 301769 |
| &nbsp;&nbsp;1346 | DTE Energy Co | &nbsp;&nbsp;&nbsp;&nbsp; 186111 |
| &nbsp;&nbsp;4779 | Duke Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 582895 |
| &nbsp;&nbsp;2477 | Edison International | &nbsp;&nbsp;&nbsp;&nbsp; 145945 |
| &nbsp;&nbsp;2776 | Entergy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 237320 |
| &nbsp;&nbsp;1249 | Evergy Inc | &nbsp;&nbsp;&nbsp;&nbsp; 86119 |
| &nbsp;&nbsp;2244 | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139375 |
| &nbsp;&nbsp;6130 | Exelon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282470 |
| &nbsp;&nbsp;3293 | FirstEnergy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133103 |
| 55663 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941261 |
| 39181 | NextEra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777541 |
| &nbsp;&nbsp;2857 | NiSource Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114537 |
| 22681 | NRG Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165128 |
| 13028 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223821 |
| &nbsp;&nbsp;&nbsp;&nbsp;885 | Pinnacle West Capital Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84296 |
| 45423 | PPL Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640225 |
| &nbsp;&nbsp;3178 | Public Service Enterprise Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261549 |
| &nbsp;&nbsp;4202 | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299855 |
| &nbsp;&nbsp;7006 | Southern Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644202 |
| &nbsp;&nbsp;8249 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647078 |
| 19989 | TXNM Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069012 |
| 38023 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257421 |
| &nbsp;&nbsp;2181 | Vistra Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256137 |
| &nbsp;&nbsp;1999 | WEC Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217851 |
| &nbsp;&nbsp;3889 | Xcel Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17941279 |
| **TOTAL COMMON STOCK — 96.94%<br> (Cost $486,758,080)** | **TOTAL COMMON STOCK — 96.94%<br> (Cost $486,758,080)** | &nbsp;&nbsp;&nbsp;**$595369347** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;4677536 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.29%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$4677536 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.76%<br> (Cost $4,677,536)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4677536** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 1.32% | U.S. Treasury Bonds and Notes — 1.32% |
| $8179000 U.S. Treasury Bills<sup>(e)</sup><br> 4.23%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8136878 |
| **TOTAL SHORT TERM INVESTMENTS — 1.32%<br> (Cost $8,136,878)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8136878** |
| **TOTAL INVESTMENTS — 99.02%<br> (Cost $499,572,494)** | &nbsp;&nbsp;&nbsp;**$608183761** |
| **OTHER ASSETS & LIABILITIES, NET — 0.98%** | &nbsp;&nbsp;&nbsp;&nbsp;**$6010089** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$614193850** |

---

<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>ADR</sup> American Depositary Receipt

<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 | 36 | USD | 10176 | Jun 2025 | $109059 |
|  |  |  |  | **Net Appreciation** | **$109059** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | &nbsp;&nbsp;&nbsp;376500 | USD | &nbsp;&nbsp;&nbsp;402469 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$6432 |
| BB | USD | &nbsp;&nbsp;&nbsp;503317 | EUR | &nbsp;&nbsp;&nbsp;467400 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(4306) |
| BB | USD | &nbsp;&nbsp;&nbsp;607161 | GBP | &nbsp;&nbsp;&nbsp;473600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(4568) |
| CGM | USD | &nbsp;&nbsp;&nbsp;241391 | EUR | &nbsp;&nbsp;&nbsp;224200 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(2103) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;13604 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;10600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| GS | USD | &nbsp;&nbsp;&nbsp;388558 | EUR | &nbsp;&nbsp;&nbsp;360800 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(3291) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;31560 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;24600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
| HSB | USD | &nbsp;&nbsp;&nbsp;301970 | EUR | &nbsp;&nbsp;&nbsp;280400 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(2561) |
| HSB | USD | &nbsp;&nbsp;&nbsp;220633 | GBP | &nbsp;&nbsp;&nbsp;172100 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1661) |
| MS | EUR | &nbsp;&nbsp;&nbsp;&nbsp;88800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;94073 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 |
| SSB | USD | &nbsp;&nbsp;&nbsp;267044 | EUR | &nbsp;&nbsp;&nbsp;248000 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(2298) |
| SSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;48458 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;37800 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |
| TD | USD | &nbsp;&nbsp;&nbsp;404129 | EUR | &nbsp;&nbsp;&nbsp;375300 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(3468) |
| TD | USD | 1377949 | GBP | 1074800 | 06/18/2025 | &nbsp;&nbsp;(10322) |
| UBS | USD | &nbsp;&nbsp;&nbsp;104740 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;97300 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934) |
| WES | USD | &nbsp;&nbsp;&nbsp;839016 | GBP | &nbsp;&nbsp;&nbsp;650900 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1722) |
|  |  |  |  |  | **Net Depreciation** | **$(29101)** |

---

---

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

---

---

| | |
|:---|:---|
| **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 |

---

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.

Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, 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.

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

------

*March 31, 2025*

------

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.

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>** |
| Asset-Backed Securities | 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 may also include new issue data, collateral performance, and monthly payment information. |
| Bank Loans | Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news. |
| Corporate Bonds and Notes | 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 observations of equity and credit default swap curves related to issuer. |
| Convertible Bonds, 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. |
| Foreign Government Bonds and Notes | Benchmark yields, executed trades, broker/dealer quotes, credit information, collateral attributes, issuer spreads, benchmark securities, treasury/swap maturity curves, issuer spread curves, evaluated bids, market corroborated inputs, offers and reference data including market research publications. |
| Mortgage-Backed Securities | 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 may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis. |
| U.S. Government Agency Bonds and Notes, U.S. Treasury Bonds and Notes | 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 |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Short Term Investments | Maturity date, credit quality and interest rates |
| Futures Contracts | Exchange traded close price |
| Forward Foreign Currency Contracts | Foreign currency spot and forward rates |
| Interest Rate Swaps | Interest rate curves, SOFR curves, reported trades and swap curves |
| Inflation Swaps | Interest rate curves, CPI or relevant inflation index curves, SOFR/OIS curves, reported trades, and swap curves |

---

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.

------

*March 31, 2025*

------

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 each Fund's investments are detailed in the following tables. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$155537428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$155537428 |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25916404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25916404 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351655937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351655937 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876003 |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40658032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41431236 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370525162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370525162 |
| U.S. Government Agency Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16683230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16683230 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274556934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274556934 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777708 |
| 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;2410358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410358 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404701 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100000 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10938595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253936506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264875101 |
| **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;19350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19350 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872245 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$13810840 | &nbsp;&nbsp;$1253955856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1267766696 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities** |  |  |  |
| **Other Financial Investments:** |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(188825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(188825) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(188825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(188825) |

---

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

------

*March 31, 2025*

------

#### Empower Core Strategies: Inflation-Protected Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$17300726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$17300726 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14893163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14893163 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31377874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31377874 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362329242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362329242 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361612 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425901005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430262617 |
| **Other Financial Investments:** |  |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902868 |
| Interest Rate Swaps<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;148655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148655 |
| Inflation Swaps<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;79724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79724 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$5264480 | &nbsp;&nbsp;&nbsp;$426129384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$431393864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91760) |
| Interest Rate Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737169) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(737169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(828929) |

---

<sup>(a)</sup> Inflation Swaps, Interest Rate Swaps and Futures are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date.

------

*March 31, 2025*

------

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$1480925 | &nbsp;&nbsp;&nbsp;&nbsp;$40892073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$42372998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16660459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38472551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55133010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144329311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144962164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209627557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212466876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42708704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42708704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230072939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234184039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140171756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142799739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19727581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57159337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76886918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18542759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23785701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53518554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921976987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975495561 |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522604 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789314 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53881302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928926157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982807479 |
| **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;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$53881302 | &nbsp;&nbsp;&nbsp;$928927337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;$982808659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42688) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(233240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(233240) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(275928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(275928) |

---

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

------

*March 31, 2025*

------

#### Empower Core Strategies: U.S. Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$12392279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12392279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71198984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71198984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111061402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113194244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24683745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26405766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109606310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109606310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61156276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61156276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122374188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122374188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17941279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17941279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591514484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595369347 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677536 |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136878 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596192020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608183761 |
| **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;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109059 |
| Total Assets | &nbsp;&nbsp;&nbsp;$596301079 | &nbsp;&nbsp;&nbsp;&nbsp;$12000541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$608301620 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37901) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(37901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(37901) |

---

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

<u>Treasury Inflation-Protected Securities</u>

For Treasury Inflation-Protected Securities ("TIPS") the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount.

<u>Futures Contracts</u>

A Fund may use futures contracts in order to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure. 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.

------

*March 31, 2025*

------

<u>Interest Rate Swaps</u>

A Fund may enter into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one is based on an interest rate fixed to maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the SOFR, prime rate, commercial paper rate, or other benchmarks). Each party's payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These agreements may be privately negotiated in the OTC market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).

A Fund may enter into interest rate swaps in which it either pays or receives a fixed interest rate and pays or receives a floating interest rate. Barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that a Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.

<u>Inflation Swaps</u>

A Fund may enter into inflation swap contracts in order to gain exposure to inflation (inflation risk). An inflation swap is a contract in which one party agrees to pay the cumulative percentage increase in a price index (such as the Consumer Price Index ("CPI") with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the value of securities against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases. These agreements may be privately negotiated in the OTC market (OTC inflation swaps) or may be executed on a registered exchange (centrally cleared inflation swaps). Inflation swaps are reported in a table following the Schedule of Investments.

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

---

| | |
|:---|:---|
| Empower Core Strategies: Flexible Bond Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$406588542 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$95761969 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$2276954 |

---

---

| | |
|:---|:---|
| Empower Core Strategies: Inflation-Protected Securities Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$124464199 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$74447969 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$363749500 |
| Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$12800000 |

---

------

*March 31, 2025*

------

---

| | |
|:---|:---|
| Empower Core Strategies: International Equity Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$12339110 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$1472274 |

---

---

| | |
|:---|:---|
| Empower Core Strategies: U.S. Equity 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;36 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$10695710 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$7856241 |

---

------

*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 Core Strategies: Flexible Bond Fund

- **b. EDGAR series identifier (if any):** S000061889

- **c. LEI of Series:** 5493000U67VU8VXLGQ82

**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:** $1311367139.94

**Total Liabilities:** $27096125.58

**Net Assets:** $1284271014.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 632.485889815472 | **1-Year:** 16614.751740995965 | **5-Year:** 129108.821420620731 | **10-Year:** 194243.595520963577 | **30-Year:** 19662.082774961501

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

- **3-Month:** 230.000978132053 | **1-Year:** 7169.446956586742 | **5-Year:** 22556.460849486042 | **10-Year:** 13683.204982967164 | **30-Year:** 3320.774845946125

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200580 | 0.82%                | 1.93%                | -0.10%               |
| Class ID C000204662 | 0.71%                | 1.99%                | -0.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5091462.74             | $10068366.77                               |
| Month 2  | $-4852414.36             | $17414560.41                               |
| Month 3  | $-7421527.01             | $-4165127.15                               |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** 5493000U67VU8VXLGQ82

### 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        |     4404703 | PA      | $4404703.49   | 0.34%             | 2025-04-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                | AAL 3.75 10/15/25                                                                 | CUSIP: 023771S41<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |       11439 | NS      | $11326.46     | 0.00%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                             | ACGCAP 6.375 07/15/30 144A                                                        | CUSIP: 05366DAA6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      945000 | NS      | $991543.56    | 0.08%             | 2030-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                    | AXON 6.25 03/15/33 144A                                                           | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      125000 | NS      | $126285.90    | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BGC Group Inc                                                                          | BGC 6.15 04/02/30 144A                                                            | CUSIP: 05555LAC5<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |      495000 | NS      | $492882.56    | 0.04%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 6.528 05/01/34                                                                 | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      495000 | NS      | $530385.69    | 0.04%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                           | BRAZIL 6.625 03/15/35                                                             | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1010000 | NS      | $1004137.69   | 0.08%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CNO Financial Group, Inc.                                                              | CNO 5.25 05/30/29                                                                 | CUSIP: 12621EAL7<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |      155000 | NS      | $155220.22    | 0.01%             | 2029-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                             | CSMC 2014-USA C                                                                   | CUSIP: 12649AAL3<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $82845.18     | 0.01%             | 2037-09-17      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST 2021-N4                                                 | CRVNA 2021-N4 D                                                                   | CUSIP: 14687HAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      154716 | NS      | $150017.17    | 0.01%             | 2028-09-10      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N3                                                 | CRVNA 2024-N3 E                                                                   | CUSIP: 14687WAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1285000 | NS      | $1282961.88   | 0.10%             | 2032-04-12      | Fixed         | 7.66%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                          | CNC 4.625 12/15/29                                                                | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     1130000 | NS      | $1082628.59   | 0.08%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE AUTO LOAN TRUST 2024-3                                               | CAALT 2024-3A C                                                                   | CUSIP: 22535LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      280000 | NS      | $282020.09    | 0.02%             | 2035-01-16      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                             | OKE 6.5 09/01/30 144A                                                             | CUSIP: 29336TAD2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      185000 | NS      | $196263.36    | 0.02%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB3236                                                                         | CUSIP: 3140QNS29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3586701 | NS      | $3141035.50   | 0.24%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS9666                                                                         | CUSIP: 3140XRW43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      864547 | NS      | $854731.69    | 0.07%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freshpet Inc                                                                           | FRPT 3 04/01/28                                                                   | CUSIP: 358039AB1<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | DBT              | CORP              | US        |       37000 | NS      | $52299.50     | 0.00%             | 2028-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp II                                                         | GSMS 2013-PEMB A                                                                  | CUSIP: 36197VAA6<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-O            | CORP              | US        |      300000 | NS      | $258750.00    | 0.02%             | 2033-03-07      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 785379                                                                         | CUSIP: 3622AA2L7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3063230 | NS      | $2601764.50   | 0.20%             | 2051-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                   | GLENLN 2.625 09/23/31 144A                                                        | CUSIP: 378272BG2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |      300000 | NS      | $258669.31    | 0.02%             | 2031-09-23      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                        | HERTZ 2022-4A D                                                                   | CUSIP: 42806MBG3<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |      900000 | NS      | $899220.75    | 0.07%             | 2026-09-25      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS OF AMERICA 2021-2 TRUST                                                  | HPA 2021-2 E1                                                                     | CUSIP: 43732VAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1267311 | NS      | $1203563.75   | 0.09%             | 2038-12-17      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc                                | JBSSBZ 3.75 12/01/31                                                              | CUSIP: 46590XAM8<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     2075000 | NS      | $1893916.25   | 0.15%             | 2031-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                                  | MLANE 2023-B A                                                                    | CUSIP: 60510MAT5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      840000 | NS      | $842981.69    | 0.07%             | 2028-11-15      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PRET 2024-NPL4 LLC                                                                     | PRET 2024-NPL4 A1                                                                 | CUSIP: 74143RAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      346131 | NS      | $346245.94    | 0.03%             | 2054-07-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RC2515                                                                         | CUSIP: 3133L8YL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     1888648 | NS      | $1761270.63   | 0.14%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage Llc / Rocket Mortgage Co-Issuer Incorporated                           | RKTRM 2.875 10/15/26 144A                                                         | CUSIP: 77313LAA1<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |     2360000 | NS      | $2261913.97   | 0.18%             | 2026-10-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage Llc / Rocket Mortgage Co-Issuer Incorporated                           | RKTRM 4 10/15/33 144A                                                             | CUSIP: 77313LAB9<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |     3115000 | NS      | $2672040.50   | 0.21%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNA 2023-M5 2A2                                                                   | CUSIP: 3136BQCS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     4207867 | NS      | $4219381.50   | 0.33%             | 2028-07-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FHR 4769 QL                                                                       | CUSIP: 3137FEGP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     3135360 | NS      | $2898841.25   | 0.23%             | 2047-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING 2024-1 LLC                                                       | SCFET 2024-1A C                                                                   | CUSIP: 783896AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      115000 | NS      | $117477.17    | 0.01%             | 2032-09-20      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| Sea Ltd.                                                                               | SEALTD 2.375 12/01/25                                                             | CUSIP: 81141RAF7<br>LEI: 529900OM6JLLW44YKI15 | Long             | DBT              | CORP              | KY        |      160000 | NS      | $235520.00    | 0.02%             | 2025-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                 | FHMS K535 A2                                                                      | CUSIP: 3137HJDN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     3040000 | NS      | $3080660.50   | 0.24%             | 2029-11-25      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB4843                                                                         | CUSIP: 3140QQLZ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3161089 | NS      | $3170943.50   | 0.25%             | 2052-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                                     | STX 3.5 06/01/28                                                                  | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      147000 | NS      | $176988.00    | 0.01%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies Inc                                                               | ST 4.375 02/15/30 144A                                                            | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |       25000 | NS      | $23094.21     | 0.00%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RJ3010                                                                         | CUSIP: 3142GTKY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     1551914 | NS      | $1529129.38   | 0.12%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                            | FMCN 9.375 03/01/29 144A                                                          | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     1810000 | NS      | $1903479.25   | 0.15%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                    | SYF V5.45 03/06/31                                                                | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      420000 | NS      | $416990.09    | 0.03%             | 2031-03-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 4.5 11/15/54                                                                    | CUSIP: 912810UE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    22600000 | NS      | $22268062.00  | 1.73%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                    | GPN 1.5 03/01/31                                                                  | CUSIP: 37940XAU6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      157000 | NS      | $147894.00    | 0.01%             | 2031-03-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2024-3                                                      | LADAR 2024-3A D                                                                   | CUSIP: 505709AG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $98977.97     | 0.01%             | 2032-02-17      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Western Digital Corp.                                                                  | WDC 4.75 02/15/26                                                                 | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |     1005000 | NS      | $999212.43    | 0.08%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WILLIS ENGINE STRUCTURED TRUST VII                                                     | WESTF 2023-A A                                                                    | CUSIP: 97064YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      226720 | NS      | $234983.05    | 0.02%             | 2048-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST                                              | NAVSL 2021-A B                                                                    | CUSIP: 63942BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      720000 | NS      | $566395.84    | 0.04%             | 2069-05-15      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Inc.                                                                    | PLNT 2022-1A A2I                                                                  | CUSIP: 72703PAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       48500 | NS      | $46867.19     | 0.00%             | 2051-12-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS HOLDINGS INC                                                                   | CORPORATE TERM LOAN                                                               | CUSIP: BL5004520<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1230925 | NS      | $1229078.63   | 0.10%             | 2032-02-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                      | YUZHOU 6.35 01/13/27                                                              | CUSIP: G9884AAC6<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      400000 | NS      | $28600.00     | 0.00%             | 2027-01-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING 2024-1 LLC                                                       | SCFET 2024-1A D                                                                   | CUSIP: 783896AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      110000 | NS      | $113159.02    | 0.01%             | 2033-06-21      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| TD Synnex Corp                                                                         | SNX 6.1 04/12/34                                                                  | CUSIP: 87162WAL4<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |     1325000 | NS      | $1362789.50   | 0.11%             | 2034-04-12      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                                                 | LVIATH 6.5 06/30/27                                                               | CUSIP: M6746GAC0<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |       20000 | NS      | $19707.50     | 0.00%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                             | SAGB 9 01/31/40 2040                                                              | CUSIP: S69124WH4<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    51635000 | NS      | $2325328.61   | 0.18%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 4.625 02/15/55                                                                  | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6800000 | NS      | $6811648.50   | 0.53%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST 2024-X2                                              | AFFRM 2024-X2 A                                                                   | CUSIP: 00833QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      195080 | NS      | $195078.91    | 0.02%             | 2029-12-17      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2022-4                                    | ACAR 2022-4 C                                                                     | CUSIP: 02529XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       30418 | NS      | $30481.26     | 0.00%             | 2029-02-13      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2023-2                                        | AMCAR 2023-2 C                                                                    | CUSIP: 03065UAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | NS      | $1547053.25   | 0.12%             | 2029-07-18      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                             | CSMC 2014-USA B                                                                   | CUSIP: 12649AAJ8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-O            | CORP              | US        |      600000 | NS      | $522670.08    | 0.04%             | 2037-09-17      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST 2021-1                                                      | FCAT 2021-1 D                                                                     | CUSIP: 33843WAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      255000 | NS      | $250091.00    | 0.02%             | 2027-03-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                             | PPC 3.5 03/01/32                                                                  | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |     1905000 | NS      | $1675107.50   | 0.13%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS 2024-1 ISSUER TRUST                                                 | STRE 2024-1A A                                                                    | CUSIP: 86324CAA9<br>LEI: 7437000ZP669LKUTZ738 | Long             | ABS-O            | CORP              | US        |       75490 | NS      | $78762.95     | 0.01%             | 2044-07-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| TOWD POINT MORTGAGE TRUST                                                              | TPMT 2019-4 M1                                                                    | CUSIP: 89178BAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      140000 | NS      | $122440.30    | 0.01%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                              | AER 3.3 01/30/32                                                                  | CUSIP: 00774MAX3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     2835000 | NS      | $2511678.88   | 0.20%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST 2024-X2                                              | AFFRM 2024-X2 D                                                                   | CUSIP: 00833QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      180000 | NS      | $181294.42    | 0.01%             | 2029-12-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| AASET 2024-2 LTD                                                                       | AASET 2024-2A A                                                                   | CUSIP: 00038QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1453045 | NS      | $1466306.25   | 0.11%             | 2049-09-16      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| AASET 2021-2 TRUST                                                                     | AASET 2021-2A A                                                                   | CUSIP: 00258BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      697683 | NS      | $641439.81    | 0.05%             | 2047-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Aag FH UK PLC / Global Auto Holdings PLC                                               | GLOBAU 11.5 08/15/29 144A                                                         | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |      480000 | NS      | $469056.00    | 0.04%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| AASET 2021-1 TRUST                                                                     | AASET 2021-1A A                                                                   | CUSIP: 00038PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      391252 | NS      | $369434.06    | 0.03%             | 2041-11-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Aaset 2025-1 Ltd / Aaset 2025-1 LLC                                                    | AASET 2025-1A A                                                                   | CUSIP: 00258PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      571435 | NS      | $576322.88    | 0.04%             | 2050-02-16      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                              | AER 4.95 09/10/34                                                                 | CUSIP: 00774MBM6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     1640000 | NS      | $1579460.73   | 0.12%             | 2034-09-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CVS Lease Backed Pass Thru Ctf                                                         | CVSPAS 4.704 01/10/36 144A                                                        | CUSIP: 12665UAA2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      674748 | NS      | $652134.81    | 0.05%             | 2036-01-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ELFI GRADUATE LOAN PROGRAM 2021-A LLC                                                  | ELFI 2021-A B                                                                     | CUSIP: 28628BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       58308 | NS      | $48084.68     | 0.00%             | 2046-12-26      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD1709                                                                         | CUSIP: 3132DN3S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3025293 | NS      | $3047866.50   | 0.24%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB4290                                                                         | CUSIP: 3140QPXU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2462084 | NS      | $2422154.50   | 0.19%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA4512                                                                         | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3051216 | NS      | $2545848.50   | 0.20%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-E                                       | NAVSL 2021-EA B                                                                   | CUSIP: 63942EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      235000 | NS      | $168079.59    | 0.01%             | 2069-12-16      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| SEB FUNDING LLC 2024-1                                                                 | SEB4P 2024-1A A2                                                                  | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      935000 | NS      | $959055.41    | 0.07%             | 2054-04-30      | Fixed         | 7.39%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finance PLC                                                   | TRFIG 2024-1A A1                                                                  | CUSIP: 892725AW2<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |     1790000 | NS      | $1790231.75   | 0.14%             | 2027-05-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 12/31/26                                                                   | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     1665000 | NS      | $1673585.13   | 0.13%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 7.85 10/12/28 144A                                                          | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      710000 | NS      | $740493.81    | 0.06%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| ZIPLY FIBER ISSUER LLC                                                                 | ZIPLY 2024-1A A2                                                                  | CUSIP: 98979QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1200000 | NS      | $1235659.13   | 0.10%             | 2054-04-20      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| Aircastle Limited                                                                      | AYR 4.25 06/15/26                                                                 | CUSIP: 00928QAS0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |       20000 | NS      | $19835.06     | 0.00%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd. / Aircastle Ireland DAC                                                 | AYR 5.75 10/01/31 144A                                                            | CUSIP: 00929JAA4<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |      450000 | NS      | $458862.57    | 0.04%             | 2031-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc.                                                              | ALSN 3.75 01/30/31 144A                                                           | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      705000 | NS      | $626817.76    | 0.05%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                | AAL 3.25 10/15/28                                                                 | CUSIP: 023771S25<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |      118322 | NS      | $110493.91    | 0.01%             | 2030-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2023-4                                    | ACAR 2023-4 D                                                                     | CUSIP: 02530CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      900000 | NS      | $938171.00    | 0.07%             | 2030-09-12      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST                                           | ACAR 2021-4 D                                                                     | CUSIP: 02530TAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      208828 | NS      | $208335.38    | 0.02%             | 2028-02-14      | Fixed         | 1.82%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                             | AMT 5.9 11/15/33                                                                  | CUSIP: 03027XCF5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     2275000 | NS      | $2383884.75   | 0.19%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                   | APH 5 01/15/35                                                                    | CUSIP: 032095AR2<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      955000 | NS      | $953467.94    | 0.07%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST 2024-10                                                       | AOMT 2024-10 A1                                                                   | CUSIP: 034933AA9<br>LEI: 254900QN92XYN8GJBJ44 | Long             | ABS-O            | CORP              | US        |     1126198 | NS      | $1122399.50   | 0.09%             | 2069-10-25      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                    | ANTHOL 3.95 07/15/26                                                              | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      260000 | NS      | $255074.47    | 0.02%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                    | ANTHOL 7.95 08/11/28                                                              | CUSIP: 03666HAF8<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      795000 | NS      | $838968.19    | 0.07%             | 2028-08-11      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                   | ELV 5.2 02/15/35                                                                  | CUSIP: 036752BD4<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |      695000 | NS      | $697246.44    | 0.05%             | 2035-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: —       |
| Applovin Corp.                                                                         | APP 5.5 12/01/34                                                                  | CUSIP: 03831WAD0<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     2075000 | NS      | $2074536.58   | 0.16%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust 2019-A                                                              | AQFIT 2019-A C                                                                    | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      228609 | NS      | $219033.64    | 0.02%             | 2040-07-16      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                  | AL V4.65 PERP B                                                                   | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |      640000 | NS      | $622559.71    | 0.05%             | 2500-12-31      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Apidos Clo Xxxvii Ltd / Llc                                                            | APID 2021-37A B                                                                   | CUSIP: 03769HAC1<br>LEI: 549300OGB01ASKLNI660 | Long             | ABS-CBDO         | CORP              | KY        |     3400000 | NS      | $3400078.25   | 0.26%             | 2034-10-23      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                       | AJG 5.45 07/15/34                                                                 | CUSIP: 04316JAH2<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      495000 | NS      | $502574.84    | 0.04%             | 2034-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                   | AHTLN 5.8 04/15/34 144A                                                           | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |      285000 | NS      | $286681.44    | 0.02%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                             | ACGCAP 6.25 04/15/28 144A                                                         | CUSIP: 05369AAN1<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      885000 | NS      | $916109.13    | 0.07%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                               | AESOP 2024-1A C                                                                   | CUSIP: 05377RJA3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      150000 | NS      | $152570.61    | 0.01%             | 2030-06-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                               | AESOP 2023-3A D                                                                   | CUSIP: 05377RKH6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      260000 | NS      | $260135.69    | 0.02%             | 2028-02-20      | Fixed         | 7.32%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                           | AVOL 5.375 05/30/30 144A                                                          | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      485000 | NS      | $485659.09    | 0.04%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BB-UBS Trust 2012-Show                                                                 | BBUBS 2012-TFT A                                                                  | CUSIP: 05490AAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      105347 | NS      | $101345.30    | 0.01%             | 2030-06-07      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                        | BALN 5.3 03/26/34 144A                                                            | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |     1680000 | NS      | $1701028.86   | 0.13%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BPR TRUST 2021-NRD                                                                     | BPR 2021-NRD E                                                                    | CUSIP: 05592CAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      190000 | NS      | $182211.66    | 0.01%             | 2038-12-15      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-AHP                                                  | BX 2022-AHP B                                                                     | CUSIP: 05610FAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1910000 | NS      | $1885019.63   | 0.15%             | 2039-01-18      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-VLT5                                                 | BX 2024-VLT5 B                                                                    | CUSIP: 05614JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      105000 | NS      | $104145.48    | 0.01%             | 2046-11-16      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                                                           | BHCCN 4.875 06/01/28 144A                                                         | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     1920000 | NS      | $1550400.00   | 0.12%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Benchmark 2020-B16 Mortgage Trust                                                      | BMARK 2018-B2 A5                                                                  | CUSIP: 08161CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      920000 | NS      | $891550.69    | 0.07%             | 2051-02-17      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO XXXVII LTD                                                 | BSP 2024-37A B                                                                    | CUSIP: 08182TAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      610000 | NS      | $610661.88    | 0.05%             | 2038-01-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Blackline Inc                                                                          | BL 1 06/01/29                                                                     | CUSIP: 09239BAE9<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |      147000 | NS      | $145078.77    | 0.01%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Blue Owl Finance Llc                                                                   | OWL 6.25 04/18/34                                                                 | CUSIP: 09581JAT3<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |     2055000 | NS      | $2104633.75   | 0.16%             | 2034-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                       | AJG 5 02/15/32                                                                    | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      140000 | NS      | $139988.19    | 0.01%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                   | AHTLN 5.55 05/30/33 144A                                                          | CUSIP: 045054AQ6<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |      470000 | NS      | $466245.56    | 0.04%             | 2033-05-30      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 5.705 05/01/40                                                                 | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     1810000 | NS      | $1759512.12   | 0.14%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 3.625 02/01/31                                                                 | CUSIP: 097023DC6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     2535000 | NS      | $2350357.76   | 0.18%             | 2031-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 6.388 05/01/31                                                                 | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      515000 | NS      | $548793.75    | 0.04%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust 2023-1                                   | BLAST 2023-1 D                                                                    | CUSIP: 108056AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2035000 | NS      | $2151603.75   | 0.17%             | 2029-08-15      | Fixed         | 7.84%                 | No            |                  2 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                                             | CDW 3.569 12/01/31                                                                | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3660000 | NS      | $3307529.88   | 0.26%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                      | CSCHLD 5.75 01/15/30 144A                                                         | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      200000 | NS      | $106000.00    | 0.01%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                      | CSCHLD 4.5 11/15/31 144a                                                          | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      400000 | NS      | $290051.62    | 0.02%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COMM 2024-CBM MORTGAGE TRUST                                                           | COMM 2024-CBM A2                                                                  | CUSIP: 12674GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $203418.77    | 0.02%             | 2041-12-12      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2024-1                                                         | CARMX 2024-1 D                                                                    | CUSIP: 14318WAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101874.15    | 0.01%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECIEVABLES TRUST 2023-N4                                                 | CRVNA 2023-N4 D                                                                   | CUSIP: 14688LAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $209232.94    | 0.02%             | 2030-02-11      | Fixed         | 7.22%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Structured Trust 2018-1                                            | CLAST 2018-1 B                                                                    | CUSIP: 14856CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      641918 | NS      | $587360.25    | 0.05%             | 2043-06-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                   | CEMEX S.A.B. de C.V. SPON ADR REP 10 ORD SHS                                      | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |      219089 | NS      | $1229089.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bbsg Mortgage Trust 2016-Mrp                                                           | BBSG 2016-MRP A                                                                   | CUSIP: 055287AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1645000 | NS      | $1436180.75   | 0.11%             | 2036-06-05      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| BPR TRUST 2021-NRD                                                                     | BPR 2021-NRD F                                                                    | CUSIP: 05592CAQ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1185000 | NS      | $1136980.75   | 0.09%             | 2038-12-15      | Floating      | 11.60%                | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                          | CNC 3.375 02/15/30                                                                | CUSIP: 15135BAV3<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      985000 | NS      | $890831.00    | 0.07%             | 2030-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 4.8 03/01/50                                                                 | CUSIP: 161175BT0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     2540000 | NS      | $1914991.33   | 0.15%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                            | CQP 5.95 06/30/33                                                                 | CUSIP: 16411QAQ4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     1500000 | NS      | $1540544.79   | 0.12%             | 2033-06-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                                    | COIN 0.25 04/01/30                                                                | CUSIP: 19260QAE7<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      218000 | NS      | $205574.00    | 0.02%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2023-R01                                           | CAS 2023-R01 1M2                                                                  | CUSIP: 207932AB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      476000 | NS      | $500766.28    | 0.04%             | 2042-12-26      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                            | CLR 2.875 04/01/32 144A                                                           | CUSIP: 212015AV3<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     1845000 | NS      | $1544698.42   | 0.12%             | 2032-04-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Bausch Plus Lomb Corp.                                                                 | BLCOCN 8.375 10/01/28 144A                                                        | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |       25000 | NS      | $25937.50     | 0.00%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BIRCH GROVE CLO 9 LTD                                                                  | BGCLO 2024-9A A1                                                                  | CUSIP: 09077WAA6<br>LEI: 254900VS6E4BD1HWHW18 | Long             | ABS-CBDO         | CORP              | KY        |     1335000 | NS      | $1334512.75   | 0.10%             | 2037-10-22      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE TRUST                                                        | CAFL 2020-2 C                                                                     | CUSIP: 21872VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      590000 | NS      | $574532.00    | 0.04%             | 2052-05-17      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE 2021-3 TRUST                                                 | CAFL 2021-3 D                                                                     | CUSIP: 21873NAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      220000 | NS      | $190127.94    | 0.01%             | 2054-10-19      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Ivory Coast (Republic Of)                                                              | IVYCST 8.075 04/01/36 144A                                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1140000 | NS      | $1092724.88   | 0.09%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                           | UBS V9.016 11/15/33 144A                                                          | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1315000 | NS      | $1606922.13   | 0.13%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | 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        |       34728 | NS      | $2049993.85   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CSMC Trust                                                                             | CSMC 2021-RPL4 A1                                                                 | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      756203 | NS      | $753621.00    | 0.06%             | 2060-12-27      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| CYRUSONE DATA CENTERS ISSUER I LLC                                                     | CYRUS 2025-1A A2                                                                  | CUSIP: 23284BAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $203698.64    | 0.02%             | 2050-02-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| DT AUTO OWNER TRUST                                                                    | DTAOT 2021-2A D                                                                   | CUSIP: 23345EAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1153263 | NS      | $1143997.38   | 0.09%             | 2027-02-16      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DC COMMERCIAL MORTGAGE TRUST 2023-DC                                                   | DC 2023-DC C                                                                      | CUSIP: 24023AAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1210000 | NS      | $1246280.75   | 0.10%             | 2040-09-12      | Variable      | 7.14%                 | No            |                  2 | On Loan: No      |
| EWC Master Issuer LLC                                                                  | WAX 2022-1A A2                                                                    | CUSIP: 26929HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      175050 | NS      | $171873.63    | 0.01%             | 2052-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST 2024-N1                                                 | CRVNA 2024-N1 D                                                                   | CUSIP: 14687QAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $205311.73    | 0.02%             | 2030-05-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N3                                                 | CRVNA 2024-N3 D                                                                   | CUSIP: 14687WAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | NS      | $401214.47    | 0.03%             | 2030-12-10      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                         | SATS 10.75 11/30/29 .                                                             | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     9557212 | NS      | $10042364.00  | 0.78%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Entegris Escrow Corp.                                                                  | ENTG 4.75 04/15/29 144A                                                           | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     1780000 | NS      | $1715972.00   | 0.13%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                   | CEMEX 5.2 09/17/30 144A                                                           | CUSIP: 151290BX0<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     1335000 | NS      | $1304228.63   | 0.10%             | 2030-09-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 3.95 06/30/62                                                                | CUSIP: 161175CG7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     2235000 | NS      | $1373156.25   | 0.11%             | 2062-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| EVERBRIGHT SOLAR TRUST 2024-A                                                          | EVBRT 2024-A A                                                                    | CUSIP: 29977FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      600448 | NS      | $607621.31    | 0.05%             | 2054-06-22      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2023-2                                             | EART 2023-2A D                                                                    | CUSIP: 30168CAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      680000 | NS      | $692846.44    | 0.05%             | 2029-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Partners Lp                                                            | CQP 4 03/01/31                                                                    | CUSIP: 16411QAK7<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |     2115000 | NS      | $1983499.68   | 0.15%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colombia (Republic Of)                                                                 | COLOM 7.75 11/07/36                                                               | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1730000 | NS      | $1679518.63   | 0.13%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2025-2                                             | EART 2025-2A C                                                                    | CUSIP: 30168JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      750000 | NS      | $751353.75    | 0.06%             | 2031-07-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2021-ESH                                                   | ESA 2021-ESH D                                                                    | CUSIP: 30227FAJ9<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |     1022057 | NS      | $1020779.90   | 0.08%             | 2038-07-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| D.R. Horton, Inc.                                                                      | DHI 5.5 10/15/35                                                                  | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |      500000 | NS      | $502685.97    | 0.04%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                        | EQT 7 02/01/30                                                                    | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     1290000 | NS      | $1391023.05   | 0.11%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG C91891                                                                         | CUSIP: 3128P8C41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       31420 | NS      | $29363.06     | 0.00%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SB8079                                                                         | CUSIP: 3132D56Q0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |      228153 | NS      | $207804.75    | 0.02%             | 2035-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD0559                                                                         | CUSIP: 3132DMTQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     1960436 | NS      | $1602880.50   | 0.12%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD1692                                                                         | CUSIP: 3132DN2Z5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |      890710 | NS      | $881300.13    | 0.07%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EPR Properties                                                                         | EPR 3.6 11/15/31                                                                  | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |      395000 | NS      | $352475.63    | 0.03%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                         | ECOPET 8.375 01/19/36                                                             | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      815000 | NS      | $794080.44    | 0.06%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD3469                                                                         | CUSIP: 3132DQ2A3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3146632 | NS      | $3185177.50   | 0.25%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD8011                                                                         | CUSIP: 3132DV3U7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |        7416 | NS      | $6760.04      | 0.00%             | 2049-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD3835                                                                         | CUSIP: 3132E0HL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3819883 | NS      | $3928831.75   | 0.31%             | 2053-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD3936                                                                         | CUSIP: 3132E0LR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3598472 | NS      | $3732347.00   | 0.29%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                     | ET 5.6 09/01/34                                                                   | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     2530000 | NS      | $2534377.75   | 0.20%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Evergy Inc                                                                             | EVRG 4.5 12/15/27                                                                 | CUSIP: 30034WAD8<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |      141000 | NS      | $165704.23    | 0.01%             | 2027-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FREDN 0 04/01/25 RB                                                               | CUSIP: 313397DU2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |     9100000 | NS      | $9100000.00   | 0.71%             | 2025-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QD7594                                                                         | CUSIP: 3133B5NK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3283399 | NS      | $2756045.25   | 0.21%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST                                                    | EART 2021-3A D                                                                    | CUSIP: 30166AAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2078862 | NS      | $2033117.88   | 0.16%             | 2027-06-15      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2023-3                                             | EART 2023-3A D                                                                    | CUSIP: 301989AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      340000 | NS      | $347799.41    | 0.03%             | 2029-04-16      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RA5257                                                                         | CUSIP: 3133KLZW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     4288398 | NS      | $3431605.50   | 0.27%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RC1421                                                                         | CUSIP: 3133L7SJ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |       13312 | NS      | $12384.60     | 0.00%             | 2035-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                      | EXPE 5.4 02/15/35                                                                 | CUSIP: 30212PBL8<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |     2885000 | NS      | $2873300.60   | 0.22%             | 2035-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QA3869                                                                         | CUSIP: 31339UJN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |      447169 | NS      | $407597.88    | 0.03%             | 2049-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNA 2018-M2 A2                                                                    | CUSIP: 3136B0YM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     1985765 | NS      | $1921559.09   | 0.15%             | 2028-01-25      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FHR 5238 BC                                                                       | CUSIP: 3137H8F22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     3511580 | NS      | $3404022.75   | 0.27%             | 2049-09-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALTDE 2025-1 TRUST                                                                     | ALTDE 2025-1A A                                                                   | CUSIP: 00166NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      731224 | NS      | $739207.19    | 0.06%             | 2050-08-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ALTDE 2025-1 TRUST                                                                     | ALTDE 2025-1A B                                                                   | CUSIP: 00166NAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      258664 | NS      | $261431.91    | 0.02%             | 2050-08-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BM5493                                                                         | CUSIP: 3140JAC71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5379 | NS      | $5066.98      | 0.00%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BO3218                                                                         | CUSIP: 3140JXSG4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5186 | NS      | $4964.49      | 0.00%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FHMS K064 A1                                                                      | CUSIP: 3137BXQX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      589615 | NS      | $581827.44    | 0.05%             | 2026-10-25      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BJ0626                                                                         | CUSIP: 3140H1VU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        6550 | NS      | $5981.13      | 0.00%             | 2048-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BP2797                                                                         | CUSIP: 3140KADB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       24157 | NS      | $20322.90     | 0.00%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BR0773                                                                         | CUSIP: 3140KX2F2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3237254 | NS      | $2634080.00   | 0.21%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BV4147                                                                         | CUSIP: 3140MHTD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3315366 | NS      | $2896962.25   | 0.23%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BV9958                                                                         | CUSIP: 3140MQB40<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3644302 | NS      | $3423404.00   | 0.27%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BW0024                                                                         | CUSIP: 3140MRA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3158483 | NS      | $2949070.00   | 0.23%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BW9840                                                                         | CUSIP: 3140N25A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3517376 | NS      | $3387121.25   | 0.26%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2558                                                                         | CUSIP: 3140QMZY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3424352 | NS      | $2882856.25   | 0.22%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM5103                                                                         | CUSIP: 3140X8U54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2711057 | NS      | $2207733.50   | 0.17%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BZ2251                                                                         | CUSIP: 3140NWQD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1540000 | NS      | $1570394.38   | 0.12%             | 2030-01-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BZ2490                                                                         | CUSIP: 3140NWXU4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1500000 | NS      | $1522458.63   | 0.12%             | 2029-12-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS1341                                                                         | CUSIP: 3140XGP37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3459628 | NS      | $3135768.25   | 0.24%             | 2052-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES 2022-SFR2 TRUST                                                         | FKH 2022-SFR2 D                                                                   | CUSIP: 33767PAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      635000 | NS      | $621880.56    | 0.05%             | 2039-07-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BZ3103                                                                         | CUSIP: 3140NXNV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1600000 | NS      | $1637316.50   | 0.13%             | 2030-02-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2804                                                                         | CUSIP: 3140QNDJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3498774 | NS      | $2943555.50   | 0.23%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2025-1                                                        | FFIN 2025-1A B                                                                    | CUSIP: 35040WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      695000 | NS      | $697395.00    | 0.05%             | 2050-04-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2022-DNA4 M1B                                                               | CUSIP: 35564KWT2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     1120000 | NS      | $1163024.00   | 0.09%             | 2042-05-27      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB4377                                                                         | CUSIP: 3140QP2K2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3684952 | NS      | $3448902.75   | 0.27%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB3914                                                                         | CUSIP: 3140QPK48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3658970 | NS      | $3415702.25   | 0.27%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA4383                                                                         | CUSIP: 36179S2Q9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        9867 | NS      | $9366.51      | 0.00%             | 2047-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA8201                                                                         | CUSIP: 36179XDE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    11024573 | NS      | $10591358.75  | 0.82%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM1300                                                                         | CUSIP: 3140X4NS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       13381 | NS      | $12842.45     | 0.00%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS0755                                                                         | CUSIP: 3140XFZV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2619520 | NS      | $2382021.25   | 0.19%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS1158                                                                         | CUSIP: 3140XGJC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2841265 | NS      | $2578508.00   | 0.20%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS1310                                                                         | CUSIP: 3140XGN47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3396086 | NS      | $3142819.00   | 0.24%             | 2037-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES ISSUER TRUST 2024-2                                               | GCAR 2024-2A D                                                                    | CUSIP: 37964VAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      370000 | NS      | $379127.47    | 0.03%             | 2030-02-15      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST 2022-1                                                           | HPEFS 2022-1A D                                                                   | CUSIP: 40441RAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      326453 | NS      | $325119.94    | 0.03%             | 2029-11-20      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS3116                                                                         | CUSIP: 3140XJPA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3471199 | NS      | $3445049.75   | 0.27%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS6202                                                                         | CUSIP: 3140XM3L8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3641999 | NS      | $3746561.00   | 0.29%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants, Inc.                                                                  | HNGRY 2021-1A A2                                                                  | CUSIP: 411707AK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      288750 | NS      | $261680.09    | 0.02%             | 2051-06-20      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                              | INVH 4.875 02/01/35                                                               | CUSIP: 46188BAG7<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |      400000 | NS      | $382680.78    | 0.03%             | 2035-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA4541                                                                         | CUSIP: 31418EBK5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3157956 | NS      | $2784339.75   | 0.22%             | 2042-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 2022-2                                                | FIAOT 2022-2A D                                                                   | CUSIP: 32058KAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      420000 | NS      | $439144.66    | 0.03%             | 2028-10-15      | Fixed         | 8.71%                 | No            |                  2 | On Loan: No      |
| JACK IN THE BOX FUNDING LLC                                                            | JACK 2019-1A A2II                                                                 | CUSIP: 466365AB9<br>LEI: 5493002OJW26P0SUUP68 | Long             | ABS-O            | CORP              | US        |      480000 | NS      | $472513.34    | 0.04%             | 2049-08-25      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| Kestrel Aircraft Funding Ltd                                                           | KSTRL 2018-1A A                                                                   | CUSIP: 49255PAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |       90493 | NS      | $89193.47     | 0.01%             | 2038-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES TRUST                                                                   | FKH 2020-SFR2 F1                                                                  | CUSIP: 33767JAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1015000 | NS      | $997886.50    | 0.08%             | 2037-10-19      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES TRUST                                                                   | FKH 2021-SFR1 E1                                                                  | CUSIP: 33767WAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      535000 | NS      | $513297.88    | 0.04%             | 2038-08-19      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                             | FCAT 2020-1 D                                                                     | CUSIP: 33843FAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |        1356 | NS      | $1353.63      | 0.00%             | 2026-03-15      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                             | FCAT 2020-4 D                                                                     | CUSIP: 33845XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      147174 | NS      | $145687.13    | 0.01%             | 2027-02-16      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2023-4                                                      | LADAR 2023-4A C                                                                   | CUSIP: 50571AAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      260000 | NS      | $267973.47    | 0.02%             | 2029-03-15      | Fixed         | 6.76%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5                             | MSBAM 2012-CKSV A2                                                                | CUSIP: 553514AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      164896 | NS      | $156443.42    | 0.01%             | 2030-10-18      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST                                                             | FCAT 2021-3 D                                                                     | CUSIP: 33846QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      475000 | NS      | $451652.38    | 0.04%             | 2027-09-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Fluor Corporation                                                                      | FLR 1.125 08/15/29                                                                | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |       96000 | NS      | $102000.00    | 0.01%             | 2029-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO LEASE TRUST 2023-B                                                    | FORDL 2023-B D                                                                    | CUSIP: 34529NAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      450000 | NS      | $458337.47    | 0.04%             | 2028-06-15      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| Fortiva Retail Credit Master Note B                                                    | FRCMT 2024-ONE B                                                                  | CUSIP: 34962AAW2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1380000 | NS      | $1395652.00   | 0.11%             | 2029-11-15      | Fixed         | 9.70%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                                      | MCAIRH 6.5 03/26/31 144A                                                          | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      275000 | NS      | $286361.09    | 0.02%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                                      | MCAIRH 5.15 03/17/30 144A                                                         | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      250000 | NS      | $246500.84    | 0.02%             | 2030-03-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2024-2                                                        | FFIN 2024-2A D                                                                    | CUSIP: 35040VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101679.62    | 0.01%             | 2050-03-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                          | STACR 2022-DNA3 M1A                                                               | CUSIP: 35564KUW7<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |      296864 | NS      | $299064.72    | 0.02%             | 2042-04-25      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Matador Resources Company                                                              | MTDR 6.875 04/15/28 144A                                                          | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      350000 | NS      | $354424.00    | 0.03%             | 2028-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MERCHANTS FLEET FUNDING LLC                                                            | MFF 2023-1A D                                                                     | CUSIP: 588926AD7<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |      525000 | NS      | $535901.13    | 0.04%             | 2036-05-20      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| FREED ABS TRUST 2022-1FP                                                               | FREED 2022-1FP D                                                                  | CUSIP: 35633KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      209386 | NS      | $207867.03    | 0.02%             | 2029-03-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Gcat 2019-RPL1 Trust                                                                   | GCAT 2019-RPL1 A1                                                                 | CUSIP: 36167CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      224317 | NS      | $216509.94    | 0.02%             | 2068-11-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                                  | MLANE 2024-A B                                                                    | CUSIP: 60510MBA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      620000 | NS      | $626776.69    | 0.05%             | 2029-08-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                                                              | NSLT 2021-DA D                                                                    | CUSIP: 64034YAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $85849.55     | 0.01%             | 2062-04-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA4382                                                                         | CUSIP: 36179S2P1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       16546 | NS      | $15310.24     | 0.00%             | 2047-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA8199                                                                         | CUSIP: 36179XDC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3586675 | NS      | $3288671.75   | 0.26%             | 2052-08-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NetApp Inc.                                                                            | NTAP 5.7 03/17/35                                                                 | CUSIP: 64110DAN4<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |      540000 | NS      | $539094.54    | 0.04%             | 2035-03-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 5.375 11/15/29 144A                                                          | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      835000 | NS      | $862050.81    | 0.07%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Plains All American Pipeline L.P.                                                      | PAA 4.3 01/31/43                                                                  | CUSIP: 72650RBC5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |      115000 | NS      | $92304.82     | 0.01%             | 2043-01-31      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PRESTIGE AUTO RECEIVABLES TRUST 2023-2                                                 | PART 2023-2A D                                                                    | CUSIP: 74113VAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $208921.27    | 0.02%             | 2029-08-15      | Fixed         | 7.71%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                              | O 3.4 01/15/30                                                                    | CUSIP: 756109CC6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |       15000 | NS      | $14145.56     | 0.00%             | 2030-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Shenton Aircraft Invesment 1 Limited                                                   | SHNTN 2015-1A A                                                                   | CUSIP: 82321UAA1<br>LEI: 254900877LAQRYY3YZ51 | Long             | ABS-O            | CORP              | KY        |      210577 | NS      | $204786.06    | 0.02%             | 2042-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                            | GLPI 3.25 01/15/32                                                                | CUSIP: 361841AR0<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |      620000 | NS      | $536645.50    | 0.04%             | 2032-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 786358                                                                         | CUSIP: 3622AB5T5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3468659 | NS      | $3334308.50   | 0.26%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SIERRA TIMESHARE 2023-2 RECEIVABLES FUNDING LLC                                        | SRFC 2023-2A C                                                                    | CUSIP: 82650BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       95524 | NS      | $98626.05     | 0.01%             | 2040-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                           | SNPS 5.15 04/01/35                                                                | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |      865000 | NS      | $869554.88    | 0.07%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 786258                                                                         | CUSIP: 3622ABZX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3560036 | NS      | $3336445.00   | 0.26%             | 2052-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gls Auto Select Receivables Issuer Trust 2025-1                                        | GSAR 2025-1A C                                                                    | CUSIP: 36271FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       65000 | NS      | $65728.77     | 0.01%             | 2031-03-17      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                                                  | CHTR 4.5 09/15/42                                                                 | CUSIP: 88732JBD9<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |     3170000 | NS      | $2414759.06   | 0.19%             | 2042-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.5 12/31/31                                                                    | CUSIP: 91282CMC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    17000000 | NS      | $17426992.00  | 1.36%             | 2031-12-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                              | AER 3.4 10/29/33                                                                  | CUSIP: 00774MAY1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     1470000 | NS      | $1268643.97   | 0.10%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                    | ANTHOL 3.75 07/15/27                                                              | CUSIP: 03666HAE1<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     2160000 | NS      | $2064688.38   | 0.16%             | 2027-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES ISSUER TRUST 2023-4                                               | GCAR 2023-4A D                                                                    | CUSIP: 362929AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      595000 | NS      | $619820.44    | 0.05%             | 2029-08-15      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| GITSIT MORTGAGE LOAN TRUST 2024-NPL1                                                   | GITST 2025-NPL1 A1                                                                | CUSIP: 375926AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2362250 | NS      | $2361592.00   | 0.18%             | 2055-02-25      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                                     | MTNA 6.8 11/29/32                                                                 | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |      195000 | NS      | $209885.88    | 0.02%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                                  | ATH 2.55 11/19/30 144A                                                            | CUSIP: 04685A2R1<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      230000 | NS      | $201076.03    | 0.02%             | 2030-11-19      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| BLUEMOUNTAIN CLO XXXIII LTD                                                            | BLUEM 2021-33A B                                                                  | CUSIP: 09630MAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2900000 | NS      | $2899846.25   | 0.23%             | 2034-11-20      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 5.15 05/01/30                                                                  | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     2020000 | NS      | $2032528.00   | 0.16%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                   | GLENLN 5.7 05/08/33 144A                                                          | CUSIP: 378272BL1<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     3075000 | NS      | $3143486.15   | 0.24%             | 2033-05-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                            | GBLATL 3.125 06/15/31 144A                                                        | CUSIP: 37959GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      675000 | NS      | $595154.81    | 0.05%             | 2031-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2025-VLT6                                                                     | BX 2025-VLT6 A                                                                    | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3060000 | NS      | $3044707.00   | 0.24%             | 2042-03-17      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                      | CSCHLD 4.125 12/01/30 144A                                                        | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      600000 | NS      | $434482.36    | 0.03%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GLS AUTO SELECT RECEIVABLES TRUST 2024-1                                               | GSAR 2024-1A D                                                                    | CUSIP: 37988XAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       50000 | NS      | $51490.90     | 0.00%             | 2031-01-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management 15-2019 LTD / LLC                                                  | HLM 15A-19 A1R                                                                    | CUSIP: 40439DAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2550000 | NS      | $2549133.00   | 0.20%             | 2035-01-22      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                      | CSCHLD 4.625 12/01/30 144a                                                        | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     7410000 | NS      | $3605983.94   | 0.28%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                                                      | CHH 5.85 08/01/34                                                                 | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |      315000 | NS      | $315660.28    | 0.02%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VACT 2025-NPL1 LLC                                                                     | VCAT 2025-NPL1 A1                                                                 | CUSIP: 921962AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      519429 | NS      | $523337.06    | 0.04%             | 2055-01-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| Vertex Inc                                                                             | VERX 0.75 05/01/29                                                                | CUSIP: 92538JAA4<br>LEI: 549300QMYW171MP1PL50 | Long             | DBT              | CORP              | US        |       80000 | NS      | $95050.01     | 0.01%             | 2029-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                           | UBS V3.869 01/12/29 144A                                                          | CUSIP: 225401AF5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      250000 | NS      | $244192.41    | 0.02%             | 2029-01-12      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                   | DISH 5.75 12/01/28 144A                                                           | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1625000 | NS      | $1370439.88   | 0.11%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                           | HESM 4.25 02/15/30 144A                                                           | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      265000 | NS      | $249308.03    | 0.02%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS TRUST 2024-1B                                                   | HGVT 2024-1B C                                                                    | CUSIP: 43283YAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       70141 | NS      | $71449.16     | 0.01%             | 2039-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EQT Corporation                                                                        | EQT 3.625 05/15/31 144A                                                           | CUSIP: 26884LAN9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      480000 | NS      | $438443.34    | 0.03%             | 2031-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SB0627                                                                         | CUSIP: 3132CWVU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3028396 | NS      | $2819871.75   | 0.22%             | 2037-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                              | CACLN 2021-3 D                                                                    | CUSIP: 46591HCF5<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | ABS-O            | CORP              | US        |        3829 | NS      | $3814.93      | 0.00%             | 2029-02-25      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2025-BMS                         | JPMCC 2025-BMS A                                                                  | CUSIP: 46596CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | NS      | $493760.69    | 0.04%             | 2042-01-15      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QE6387                                                                         | CUSIP: 3133BGCY2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     2894004 | NS      | $2774932.25   | 0.22%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FHMS K095 A1                                                                      | CUSIP: 3137FNAD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |       21822 | NS      | $21178.42     | 0.00%             | 2028-11-25      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2025-BMS                         | JPMCC 2025-BMS B                                                                  | CUSIP: 46596CAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | NS      | $299161.81    | 0.02%             | 2042-01-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2024-3                                                      | LADAR 2024-3A C                                                                   | CUSIP: 505709AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $99123.51     | 0.01%             | 2030-03-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Company                                                               | VMC 5.35 12/01/34                                                                 | CUSIP: 929160BC2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |     1115000 | NS      | $1125230.59   | 0.09%             | 2034-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 5.5 08/15/48                                                                  | CUSIP: 958254AL8<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |       95000 | NS      | $83048.32     | 0.01%             | 2048-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BM5832                                                                         | CUSIP: 3140JAPS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      163964 | NS      | $158335.38    | 0.01%             | 2033-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BV4143                                                                         | CUSIP: 3140MHS91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1813961 | NS      | $1585531.13   | 0.12%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Willis Engine Structured Trust Iv                                                      | WESTF 2018-A B                                                                    | CUSIP: 97064EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      163295 | NS      | $161413.61    | 0.01%             | 2043-09-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                                                 | LVIATH 6.125 06/30/25                                                             | CUSIP: M6746GAB2<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |      535000 | NS      | $534101.20    | 0.04%             | 2025-06-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB6878                                                                         | CUSIP: 3140QSUC3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2130317 | NS      | $2171757.00   | 0.17%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA4179                                                                         | CUSIP: 31418DUD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      224892 | NS      | $204836.16    | 0.02%             | 2035-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2023-4                                                      | LADAR 2023-4A D                                                                   | CUSIP: 50571AAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      145000 | NS      | $151212.83    | 0.01%             | 2031-04-15      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| LEGACY MORTGAGE ASSET TRUST                                                            | LMAT 2020-RPL1 A2                                                                 | CUSIP: 52474HAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      875000 | NS      | $787128.75    | 0.06%             | 2059-09-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES TRUST                                                                   | FKH 2021-SFR2 E2                                                                  | CUSIP: 33767TAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      225000 | NS      | $214808.13    | 0.02%             | 2038-09-17      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| FOURSIGHT CAPITAL AUTOMOBILE RECEIVABLES TRUST                                         | FCRT 2021-2 D                                                                     | CUSIP: 35105UAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      357983 | NS      | $357484.50    | 0.03%             | 2027-09-15      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR LP                                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4465730<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      487550 | NS      | $485315.56    | 0.04%             | 2031-04-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                                                                   | CORPORATE TERM LOAN                                                               | CUSIP: BL4609873<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1480000 | NS      | $1480000.00   | 0.12%             | 2030-06-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER ISSUER LLC                                                                    | FYBR 2023-1 C                                                                     | CUSIP: 35910EAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      770000 | NS      | $814913.11    | 0.06%             | 2053-08-20      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7705                                                                         | CUSIP: 36179WR26<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     7308221 | NS      | $6236521.50   | 0.49%             | 2051-11-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp II                                                         | GSMS 2013-PEMB B                                                                  | CUSIP: 36197VAC2<br>LEI: 5493005BBCF84ICNQ550 | Long             | ABS-O            | CORP              | US        |      250000 | NS      | $177500.00    | 0.01%             | 2033-03-07      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                   | GLENLN 6.375 10/06/30 144A                                                        | CUSIP: 378272BP2<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     3150000 | NS      | $3339559.50   | 0.26%             | 2030-10-06      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                             | LDOS 5.4 03/15/32                                                                 | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      205000 | NS      | $206408.73    | 0.02%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LEX 2024-BBG MORTGAGE TRUST                                                            | LEX 2024-BBG A                                                                    | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $198240.14    | 0.02%             | 2033-10-14      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| GLS AUTO SELECT RECEIVABLES TRUST 2024-2                                               | GSAR 2024-2A C                                                                    | CUSIP: 379924AG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      155000 | NS      | $158719.75    | 0.01%             | 2030-06-17      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts, L.P.                                                            | HST 5.5 04/15/35                                                                  | CUSIP: 44107TBC9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     1975000 | NS      | $1935203.77   | 0.15%             | 2035-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4939031<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      383122 | NS      | $381685.56    | 0.03%             | 2027-08-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                   | TURKGB 37 02/18/26 2Y                                                             | CUSIP: M8T85VDM6<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    81925000 | NS      | $2030487.42   | 0.16%             | 2026-02-18      | Fixed         | 37.00%                | No            |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a.r.l./JBS USA Food Co /JBS USA Foods Group Holdings Inc.        | JBSSBZ 5.95 04/20/35 144A                                                         | CUSIP: 472140AA0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |      295000 | NS      | $303201.00    | 0.02%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2024-1                                                      | LADAR 2024-1A B                                                                   | CUSIP: 501689AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101121.03    | 0.01%             | 2029-02-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| MVW 2019-1 LLC                                                                         | MVWOT 2019-1A C                                                                   | CUSIP: 55389PAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       10497 | NS      | $10455.78     | 0.00%             | 2036-11-20      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                                      | MCAIRH 6.4 03/26/29 144A                                                          | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      130000 | NS      | $134370.98    | 0.01%             | 2029-03-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| LEGACY MORTGAGE ASSET TRUST                                                            | LMAT 2021-GS4 A1                                                                  | CUSIP: 52475WAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      147055 | NS      | $146790.70    | 0.01%             | 2060-11-25      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                       | MMC 5 03/15/35                                                                    | CUSIP: 571748CC4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |     1845000 | NS      | $1825810.13   | 0.14%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARATHON CLO 2021-16 LTD                                                               | MCLO 2021-16A A2                                                                  | CUSIP: 56580KAE5<br>LEI: 549300VP041FQCCCOP44 | Long             | ABS-CBDO         | CORP              | KY        |     2250000 | NS      | $2202858.00   | 0.17%             | 2034-04-17      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| MARINER FINANCE ISSUANCE TRUST 2024-A                                                  | MFIT 2024-AA D                                                                    | CUSIP: 567928AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      130000 | NS      | $133404.34    | 0.01%             | 2036-09-22      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Times China Holdings Limited                                                           | TPHL 5.75 01/14/27                                                                | CUSIP: G8879TAH3<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $6500.00      | 0.00%             | 2027-01-14      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | SUNAC 6.25 09/30/26 144A                                                          | CUSIP: N/A<br>LEI: 549300OLARYHDXP3WK18       | Long             | DBT              | CORP              | KY        |      185689 | NS      | $20890.06     | 0.00%             | 2027-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                           | MAR 5.3 05/15/34                                                                  | CUSIP: 571903BQ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     1025000 | NS      | $1022818.31   | 0.08%             | 2034-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                                  | MLANE 2024-B A                                                                    | CUSIP: 60510MBE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      695000 | NS      | $699953.56    | 0.05%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MARLETTE FUNDING TRUST 2023-4                                                          | MFT 2023-4A B                                                                     | CUSIP: 57108UAB0<br>LEI: 549300J7CH2COR8VWE03 | Long             | ABS-O            | CORP              | US        |      580000 | NS      | $606697.00    | 0.05%             | 2033-12-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| MARLETTE FUNDING TRUST 2024-1                                                          | MFT 2024-1A D                                                                     | CUSIP: 57108VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      555000 | NS      | $554043.13    | 0.04%             | 2034-07-17      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| Sino-Ocean Land Treasure IV Ltd.                                                       | SINOCE 4.75 01/14/30                                                              | CUSIP: G816C6AD7<br>LEI: 213800EAGXDYG9QWS896 | Long             | DBT              | CORP              | VG        |      600000 | NS      | $50904.00     | 0.00%             | 2030-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust                                     | MSBAM 2013-C12 C                                                                  | CUSIP: 61762XAZ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       17255 | NS      | $16133.86     | 0.00%             | 2046-10-17      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                       | BCULC 5.625 09/15/29 144A                                                         | CUSIP: 68245XAT6<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |      220000 | NS      | $217785.22    | 0.02%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                           | MAR 5.5 04/15/37                                                                  | CUSIP: 571903BU6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     1390000 | NS      | $1374497.50   | 0.11%             | 2037-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MFA 2024-NPL1 LLC                                                                      | MFRA 2024-NPL1 A1                                                                 | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      662387 | NS      | $663301.74    | 0.05%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| PRET 2024-NPL8 LLC                                                                     | PRET 2024-NPL8 A1                                                                 | CUSIP: 69392DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      755117 | NS      | $755028.25    | 0.06%             | 2054-11-25      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                             | PROG 2021-SFR7 E1                                                                 | CUSIP: 74333PAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      365000 | NS      | $329671.38    | 0.03%             | 2040-08-17      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LLP / Medline Co-Issuer Inc.                                          | MEDIND 6.25 04/01/29 144A                                                         | CUSIP: 58506DAA6<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      885000 | NS      | $896265.19    | 0.07%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERCURY FINANCIAL CREDIT CARD MASTER TRUST                                             | MFCC 2024-2A A                                                                    | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1075000 | NS      | $1089977.50   | 0.08%             | 2029-07-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| PRPM 2024-7 LLC                                                                        | PRPM 2024-7 A1                                                                    | CUSIP: 74448LAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      393704 | NS      | $393383.50    | 0.03%             | 2029-12-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| RCO X MORTGAGE LLC 2025-1                                                              | RCO 2025-1 A1                                                                     | CUSIP: 75523XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1553700 | NS      | $1553684.88   | 0.12%             | 2030-01-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp                                                                    | MTH 5.65 03/15/35                                                                 | CUSIP: 59001ABG6<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     2380000 | NS      | $2341658.25   | 0.18%             | 2035-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                 | MU 5.875 02/09/33                                                                 | CUSIP: 595112BZ5<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     1120000 | NS      | $1159969.50   | 0.09%             | 2033-02-09      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 6.25 03/15/32 144A                                                            | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      490000 | NS      | $494424.59    | 0.04%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO 2025-2                                                            | SDART 2025-2 C                                                                    | CUSIP: 80287NAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      950000 | NS      | $952805.19    | 0.07%             | 2031-05-15      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| SIERRA TIMESHARE 2023-3 RECEIVABLES FUNDING LLC                                        | SRFC 2023-3A C                                                                    | CUSIP: 826944AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      293686 | NS      | $302637.94    | 0.02%             | 2040-09-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Slam 2024-1 Ltd. / Slam 2024-1 LLC                                                     | SLAM 2024-1A A                                                                    | CUSIP: 83100AAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      803616 | NS      | $796469.81    | 0.06%             | 2049-09-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST 2024-A                                                | SMB 2024-A B                                                                      | CUSIP: 831943AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      339000 | NS      | $346723.22    | 0.03%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                              | XYZ 3.5 06/01/31                                                                  | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      530000 | NS      | $465979.50    | 0.04%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                       | TEVA 5.125 05/09/29                                                               | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      275000 | NS      | $268692.13    | 0.02%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| United States Treasury Notes                                                           | T 4.375 01/31/32                                                                  | CUSIP: 91282CMK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    12500000 | NS      | $12720703.25  | 0.99%             | 2032-01-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Micron Technology Inc.                                                                 | MU 5.875 09/15/33                                                                 | CUSIP: 595112CB7<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     5010000 | NS      | $5211059.50   | 0.41%             | 2033-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust                                     | MSBAM 2016-C30 C                                                                  | CUSIP: 61766NBG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      785000 | NS      | $685312.69    | 0.05%             | 2049-09-17      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                      | VENTGL 6.25 01/15/30 144A                                                         | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      405000 | NS      | $411055.56    | 0.03%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Waste Management, Inc.                                                                 | WM 4.95 03/15/35                                                                  | CUSIP: 94106LCE7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |     1450000 | NS      | $1442738.38   | 0.11%             | 2035-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                                 | MSI 5.4 04/15/34                                                                  | CUSIP: 620076BZ1<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |     1730000 | NS      | $1750225.63   | 0.14%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                   | NCLH 1.125 02/15/27                                                               | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      181000 | NS      | $175660.50    | 0.01%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Wave 2017-1 Llc                                                                        | WAAV 2017-1A A                                                                    | CUSIP: 94353WAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1124130 | NS      | $1051096.28   | 0.08%             | 2042-11-15      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| WILLIS ENGINE SECURITIZATION TRUST VI                                                  | WESTF 2021-A A                                                                    | CUSIP: 97064GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      771261 | NS      | $708774.25    | 0.06%             | 2046-05-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands II B.V                                         | TEVA 7.375 09/15/29                                                               | CUSIP: N8539TAN4<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     1235000 | NS      | $1487312.25   | 0.12%             | 2029-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                   | NCLH 5.875 02/15/27 144A                                                          | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      595000 | NS      | $594188.06    | 0.05%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                   | NCLH 8.125 01/15/29 144A                                                          | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      750000 | NS      | $788874.75    | 0.06%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Ncl Finance Limited                                                                    | NCLH 6.125 03/15/28 144A                                                          | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      195000 | NS      | $194376.16    | 0.02%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                       | NRG 4.45 06/15/29 144A                                                            | CUSIP: 629377CL4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      395000 | NS      | $383567.92    | 0.03%             | 2029-06-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2020-H                                       | NAVSL 2020-HA A                                                                   | CUSIP: 63935BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       27679 | NS      | $26007.81     | 0.00%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Navient Corporation                                                                    | NAVI 5 03/15/27                                                                   | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      665000 | NS      | $650689.75    | 0.05%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2021-F                                       | NAVSL 2021-FA B                                                                   | CUSIP: 63942GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      505000 | NS      | $352574.59    | 0.03%             | 2070-02-18      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NetApp Inc.                                                                            | NTAP 5.5 03/17/32                                                                 | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |      680000 | NS      | $685249.25    | 0.05%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 4.875 06/15/30 144A                                                          | CUSIP: 64110LAV8<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     3510000 | NS      | $3547095.23   | 0.28%             | 2030-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                          | NFLX 4.9 08/15/34                                                                 | CUSIP: 64110LAZ9<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      205000 | NS      | $205149.36    | 0.02%             | 2034-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2024-RTL1                                          | NRMLT 2024-RTL1 A1                                                                | CUSIP: 64831PAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1205000 | NS      | $1217220.63   | 0.09%             | 2039-03-25      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| Nordson Corp                                                                           | NDSN 5.8 09/15/33                                                                 | CUSIP: 655663AB8<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |      410000 | NS      | $428057.19    | 0.03%             | 2033-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Northern Oil And Gas, Inc.                                                             | NOG 3.625 04/15/29                                                                | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      200000 | NS      | $210760.00    | 0.02%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NYMT LOAN TRUST SERIES 2024-BPL3                                                       | NYMT 2024-BPL3 A1                                                                 | CUSIP: 67119RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      445000 | NS      | $442366.72    | 0.03%             | 2039-09-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| NYMT LOAN TRUST SERIES 2025-R1Q & NYMT LOAN TRUST SERIES 2025-R1T                      | NYMT 2025-R1 A                                                                    | CUSIP: 67120XAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      332661 | NS      | $332648.69    | 0.03%             | 2030-02-25      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCIAL ISSUANCE TRUST                                                       | OMFIT 2021-1A D                                                                   | CUSIP: 68269MAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      350000 | NS      | $320579.28    | 0.02%             | 2036-06-16      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| OWN EQUIPMENT FUND I LLC                                                               | EQS 2024-2M A                                                                     | CUSIP: 69121NAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      978733 | NS      | $985964.69    | 0.08%             | 2032-12-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PK ALIFT Loan Funding 3 LP                                                             | PKAIR 2024-1 A1                                                                   | CUSIP: 69291VAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      273433 | NS      | $276047.69    | 0.02%             | 2039-09-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                       | PG&E Corporation 6% SER A MAND CONV PFD STK                                       | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |        6188 | NS      | $272272.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PRPM 2024-5 LLC                                                                        | PRPM 2024-5 A1                                                                    | CUSIP: 69381KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      155746 | NS      | $155543.25    | 0.01%             | 2029-09-25      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                       | PCG 4.3 03/15/45                                                                  | CUSIP: 694308HL4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      790000 | NS      | $618249.94    | 0.05%             | 2045-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                   | PANAMA 6.4 02/14/35                                                               | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      670000 | NS      | $627589.00    | 0.05%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                                                   | PANAMA 8 03/01/38                                                                 | CUSIP: 698299BY9<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1045000 | NS      | $1076350.00   | 0.08%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Parsons Corporation                                                                    | PSN 2.625 03/01/29                                                                | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |      215000 | NS      | $214247.50    | 0.02%             | 2029-03-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Pinnacle West Capital Corp.                                                            | PNW 4.75 06/15/27                                                                 | CUSIP: 723484AJ0<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | DBT              | CORP              | US        |       98000 | NS      | $109997.85    | 0.01%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR9 E2                                                                 | CUSIP: 74333QAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      115000 | NS      | $105839.88    | 0.01%             | 2040-11-19      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| Quicken Lns Llc/Quicken Lns Co-Issuer Inc                                              | RKTRM 3.625 03/01/29 144A                                                         | CUSIP: 74841CAA9<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |      220000 | NS      | $202893.85    | 0.02%             | 2029-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                  | QUIKHO 6.375 03/01/32 144A                                                        | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     2120000 | NS      | $2133462.00   | 0.17%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                              | RTX 5.15 02/27/33                                                                 | CUSIP: 75513ECR0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     2400000 | NS      | $2421349.17   | 0.19%             | 2033-02-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Redwood Funding Trust 2025-1                                                           | RFT 2025-1 A                                                                      | CUSIP: 757912AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      970567 | NS      | $974268.75    | 0.08%             | 2055-05-27      | Fixed         | 7.58%                 | No            |                  2 | On Loan: No      |
| REPUBLIC FINANCE ISSUANCE TRUST 2024-A                                                 | REPS 2024-A A                                                                     | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      520000 | NS      | $527286.69    | 0.04%             | 2032-08-20      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                  | ROMANI 5.75 03/24/35 144A                                                         | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1764000 | NS      | $1594211.93   | 0.12%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 6 02/01/33 144A                                                               | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     1900000 | NS      | $1898815.77   | 0.15%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                                          | SMBCAC 5.45 05/03/28 144A                                                         | CUSIP: 78448TAH5<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |      680000 | NS      | $692245.00    | 0.05%             | 2028-05-03      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                                          | SMBCAC 5.3 04/03/29 144A                                                          | CUSIP: 78448TAL6<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |      870000 | NS      | $882562.19    | 0.07%             | 2029-04-03      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                                 | SDART 2021-3 D                                                                    | CUSIP: 80287EAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       34675 | NS      | $34337.26     | 0.00%             | 2027-09-15      | Fixed         | 1.33%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2023-4                                          | SDART 2023-4 C                                                                    | CUSIP: 802927AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      800000 | NS      | $821346.63    | 0.06%             | 2031-12-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                      | LNW 7.25 11/15/29 144A                                                            | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |       35000 | NS      | $35479.22     | 0.00%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies Inc                                                               | ST 3.75 02/15/31 144A                                                             | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     1045000 | NS      | $912432.55    | 0.07%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Smithfield Foods Inc                                                                   | SFD 3 10/15/30 144A                                                               | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |     1020000 | NS      | $909008.22    | 0.07%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                           | SO 5.7 03/15/34                                                                   | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     1825000 | NS      | $1884848.44   | 0.15%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Spotify USA Inc                                                                        | SPOT 0 03/15/26                                                                   | CUSIP: 84921RAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       21000 | NS      | $25036.20     | 0.00%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS X ISSUER LLC                                                            | SNVA 2022-C C                                                                     | CUSIP: 86744WAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1160194 | NS      | $947499.38    | 0.07%             | 2049-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                           | SNPS 5.7 04/01/55                                                                 | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     1015000 | NS      | $1007806.56   | 0.08%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                  | TRGP 5.55 08/15/35                                                                | CUSIP: 87612GAM3<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     2790000 | NS      | $2786116.50   | 0.22%             | 2035-08-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Company LLC                                                | TEVA 6.15 02/01/36                                                                | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |      125000 | NS      | $124581.33    | 0.01%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                       | TEVA 3.15 10/01/26                                                                | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      685000 | NS      | $664291.94    | 0.05%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                       | TEVA 4.1 10/01/46                                                                 | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     5195000 | NS      | $3753532.67   | 0.29%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                       | TEVA 4.75 05/09/27                                                                | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      575000 | NS      | $566047.53    | 0.04%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                       | TEVA 8.125 09/15/31                                                               | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      915000 | NS      | $1019794.94   | 0.08%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Thrust Engine Leasing 2021 Dac / Thrust Engine Leasing 2021 Statutory Trust            | THRST 2021-1A A                                                                   | CUSIP: 88603UAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |      431834 | NS      | $417667.69    | 0.03%             | 2040-07-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Towd Pt Mtg Tr 2017-3                                                                  | TPMT 2017-3 A2                                                                    | CUSIP: 89169DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $98008.46     | 0.01%             | 2057-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| TRICON AMERICAN HOMES TRUST                                                            | TAH 2020-SFR2 E1                                                                  | CUSIP: 89613JAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $93860.84     | 0.01%             | 2039-11-17      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2021-SFR1                                                           | TCN 2021-SFR1 E1                                                                  | CUSIP: 89614YAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $192233.02    | 0.01%             | 2038-07-19      | Fixed         | 2.79%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2021-SFR1                                                           | TCN 2021-SFR1 E2                                                                  | CUSIP: 89614YAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      535000 | NS      | $513590.75    | 0.04%             | 2038-07-19      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| Turkey (Republic of)                                                                   | TURKEY 6.5 01/03/35                                                               | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2375000 | NS      | $2207336.75   | 0.17%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                           | UBS V5.699 02/08/35 144A                                                          | CUSIP: 902613BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1760000 | NS      | $1804766.63   | 0.14%             | 2035-02-08      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                       | UCGIM V5.861 06/19/32 144A                                                        | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      770000 | NS      | $772561.64    | 0.06%             | 2032-06-19      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                                 | UAL 5.8 01/15/36                                                                  | CUSIP: 90932LAJ6<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | ABS-O            | CORP              | US        |     2173340 | NS      | $2202910.50   | 0.17%             | 2037-07-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 4.75 02/15/45                                                                   | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    15000000 | NS      | $15274218.88  | 1.19%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.625 02/28/26                                                                  | CUSIP: 91282CKB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    13185000 | NS      | $13243302.00  | 1.03%             | 2026-02-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 01/15/28                                                                   | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    32000000 | NS      | $32300001.00  | 2.52%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 01/31/30                                                                   | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    20400000 | NS      | $20661376.00  | 1.61%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITI FIBER ABS ISSUER LLC                                                             | UNIT 2025-1A A2                                                                   | CUSIP: 91326EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101660.43    | 0.01%             | 2055-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 6.9474 05/25/32 144A                                                        | CUSIP: 91822Q2J5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      695000 | NS      | $688295.63    | 0.05%             | 2032-05-25      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| VCAT 2025-NPL3 LLC                                                                     | VCAT 2025-NPL3 A1                                                                 | CUSIP: 92243QAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1345208 | NS      | $1345255.00   | 0.10%             | 2055-02-25      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                      | VENTGL 4.125 08/15/31 144A                                                        | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     2430000 | NS      | $2207897.26   | 0.17%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                                       | WFRBS 2014-C20 B                                                                  | CUSIP: 92890FAY2<br>LEI: 549300UVB571ELWL8972 | Long             | ABS-O            | CORP              | US        |      170192 | NS      | $150619.86    | 0.01%             | 2047-05-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VSTRONG AUTO RECEIVABLES TRUST 2024-A                                                  | VSTRG 2024-A B                                                                    | CUSIP: 92891PAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101496.95    | 0.01%             | 2030-07-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                                                       | WFRBS 2013-C15 B                                                                  | CUSIP: 92938CAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      860000 | NS      | $811633.58    | 0.06%             | 2046-08-17      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2012-Lc5                                         | WFCM 2013-LC12 B                                                                  | CUSIP: 94988QAQ4<br>LEI: 549300V2DF3KW9L1CV04 | Long             | ABS-O            | CORP              | US        |       72371 | NS      | $69477.14     | 0.01%             | 2046-07-17      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C3                                         | WFCM 2025-5C3 A3                                                                  | CUSIP: 95004JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     3148000 | NS      | $3300193.75   | 0.26%             | 2058-01-17      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 5.25 02/01/50                                                                 | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      335000 | NS      | $285553.85    | 0.02%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2022-1                                           | WLAKE 2022-1A D                                                                   | CUSIP: 96042WAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1700000 | NS      | $1689811.25   | 0.13%             | 2027-03-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Whistler Pipeline LLC                                                                  | WHISPI 5.7 09/30/31 144A                                                          | CUSIP: 96337RAB8<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |      365000 | NS      | $369241.53    | 0.03%             | 2031-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Whistler Pipeline LLC                                                                  | WHISPI 5.95 09/30/34 144A                                                         | CUSIP: 96337RAC6<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |      405000 | NS      | $409414.41    | 0.03%             | 2034-09-30      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc.                                                                       | YUM 4.625 01/31/32                                                                | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      400000 | NS      | $373117.97    | 0.03%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4605400<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      194017 | NS      | $193900.63    | 0.02%             | 2028-08-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS INC                                                           | CORPORATE TERM LOAN                                                               | CUSIP: BL4663300<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1716375 | NS      | $1714497.25   | 0.13%             | 2030-05-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LIGHT AND WONDER INTL INC                                                              | CORPORATE TERM LOAN                                                               | CUSIP: BL4687168<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       99501 | NS      | $98878.74     | 0.01%             | 2029-04-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS                                                                     | CORPORATE TERM LOAN                                                               | CUSIP: BL4763878<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      734711 | NS      | $733945.56    | 0.06%             | 2031-01-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                                                                         | CORPORATE TERM LOAN                                                               | CUSIP: BL4811990<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1511100 | NS      | $1506120.88   | 0.12%             | 2030-01-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS                                                                 | CORPORATE TERM LOAN                                                               | CUSIP: BL4985331<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       43987 | NS      | $43734.25     | 0.00%             | 2028-08-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS                                                                 | CORPORATE TERM LOAN                                                               | CUSIP: BL4985349<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2787952 | NS      | $2764056.00   | 0.22%             | 2031-01-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                           | ENOIGA 5.875 03/30/31                                                             | CUSIP: M4R2A7AB4<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |      625000 | NS      | $573437.50    | 0.04%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Agile Group Holdings Ltd.                                                              | AGILE 6.05 10/13/25                                                               | CUSIP: G0119AAE8<br>LEI: 549300ZRISRT38EEYY07 | Long             | DBT              | CORP              | KY        |      980000 | NS      | $80556.00     | 0.01%             | 2025-10-13      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                         | CENCHI 7.25 07/16/24                                                              | CUSIP: G20768AF7<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |      615000 | NS      | $26137.50     | 0.00%             | 2024-07-16      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                         | CENCHI 7.5 07/14/25                                                               | CUSIP: G20769AJ7<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |      205000 | NS      | $9225.00      | 0.00%             | 2025-07-14      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                              | KAISAG 9.375 06/30/24                                                             | CUSIP: G52132AU4<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     2215000 | NS      | $94137.50     | 0.01%             | 2024-06-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                              | KAISAG 11.7 11/11/25                                                              | CUSIP: G52132CG3<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $8500.00      | 0.00%             | 2025-11-11      | Fixed         | 11.70%                | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                                | INDOGB 6.875 04/15/29 101                                                         | CUSIP: Y6S86ZA58<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 65290998784 | NS      | $3958433.88   | 0.31%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | Sunac China Holdings Ltd. HKD0.10                                                 | CUSIP: G8569A106<br>LEI: 549300OLARYHDXP3WK18 | Long             | EC               | CORP              | HK        |       85020 | NS      | $17017.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Quicken Lns Llc/Quicken Lns Co-Issuer Inc                                              | RKTRM 3.625 03/01/29 REGS                                                         | CUSIP: U7468CAA8<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |      220000 | NS      | $202893.84    | 0.02%             | 2029-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                  | ROMANI 6.25 09/10/34 144A                                                         | CUSIP: X7360WDK5<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1130000 | NS      | $1212708.56   | 0.09%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Logan Group Company Ltd                                                                | LOGPH 4.85 12/14/26                                                               | CUSIP: G5631SAC1<br>LEI: 549300NJ0E6Q0S1VOG90 | Long             | DBT              | CORP              | KY        |      405000 | NS      | $28350.00     | 0.00%             | 2026-12-14      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 3.7 11/25/30 REGS                                                           | CUSIP: Y000WRAD0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      400000 | NS      | $338620.00    | 0.03%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                                            | AKERBP 4 01/15/31 144A                                                            | CUSIP: 00973RAJ2<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |     1875000 | NS      | $1753110.43   | 0.14%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                                            | AKERBP 5.125 10/01/34 144A                                                        | CUSIP: 00973RAN3<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |      785000 | NS      | $749131.51    | 0.06%             | 2034-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Morocco (Kingdom of)                                                                   | MOROC 4.75 04/02/35 144A                                                          | CUSIP: YQ5985318<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      720000 | NS      | $773203.63    | 0.06%             | 2035-04-02      | Fixed         | 4.75%                 | No            |                  1 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2023-3                                    | ACAR 2023-3 C                                                                     | CUSIP: 02530EAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1170000 | NS      | $1180761.75   | 0.09%             | 2029-10-12      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                               | AESOP 2023-8A C                                                                   | CUSIP: 05377RHP2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      275000 | NS      | $287709.13    | 0.02%             | 2030-02-20      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                    | AXON 6.125 03/15/30 144A                                                          | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      255000 | NS      | $257352.30    | 0.02%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BINOM SECURITIZATION TRUST 2022-RPL1                                                   | BINOM 2022-RPL1 M1                                                                | CUSIP: 05552CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1090000 | NS      | $881263.25    | 0.07%             | 2061-02-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                  | BAC V5.872 09/15/34                                                               | CUSIP: 06051GLU1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     3055000 | NS      | $3188048.25   | 0.25%             | 2034-09-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO XXVIII LTD                                                 | BSP 2022-28A BR                                                                   | CUSIP: 08179KAQ6<br>LEI: 549300VHDAICRAGZNJ35 | Long             | ABS-CBDO         | CORP              | JE        |     1400000 | NS      | $1400452.25   | 0.11%             | 2037-10-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 3.419 04/15/33 144A                                                          | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1445000 | NS      | $1286568.70   | 0.10%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                      | CSCHLD 3.375 02/15/31 144A                                                        | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     1640000 | NS      | $1173213.85   | 0.09%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIVABLES TRUST 2023-N1                                                 | CRVNA 2023-N1 D                                                                   | CUSIP: 14688FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2430000 | NS      | $2487287.50   | 0.19%             | 2029-07-10      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                          | CNC 3 10/15/30                                                                    | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     1010000 | NS      | $883375.19    | 0.07%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 5.125 07/01/49                                                               | CUSIP: 161175BS2<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      445000 | NS      | $353194.17    | 0.03%             | 2049-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 3.7 04/01/51                                                                 | CUSIP: 161175BV5<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     1145000 | NS      | $722062.41    | 0.06%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE AUTO LOAN TRUST 2024-1                                               | CAALT 2024-1A C                                                                   | CUSIP: 22537GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      325000 | NS      | $334858.00    | 0.03%             | 2034-07-17      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                         | SATS 3.875 11/30/30                                                               | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     1626291 | NS      | $1815246.13   | 0.14%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ELARA HGV TIMESHARE ISSUER LLC                                                         | EHGVT 2021-A C                                                                    | CUSIP: 28416LAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       32612 | NS      | $30792.16     | 0.00%             | 2035-08-27      | Fixed         | 2.09%                 | No            |                  2 | On Loan: No      |
| Enlink Midstream Partners LP                                                           | OKE 5.45 06/01/47                                                                 | CUSIP: 29336UAG2<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |      445000 | NS      | $403185.67    | 0.03%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                      | EXPE 3.25 02/15/30                                                                | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |      510000 | NS      | $475374.65    | 0.04%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD3279                                                                         | CUSIP: 3132DQUC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     4281170 | NS      | $4321739.50   | 0.34%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                              | FFCB 4.5 03/13/26                                                                 | CUSIP: 3133EP5K7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |     8000000 | NS      | $8027000.00   | 0.63%             | 2026-03-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BV4145                                                                         | CUSIP: 3140MHTB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3656368 | NS      | $3205389.75   | 0.25%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM4765                                                                         | CUSIP: 3140X8JK4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3925450 | NS      | $3170660.00   | 0.25%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS8004                                                                         | CUSIP: 3140XP3N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1623841 | NS      | $1666526.88   | 0.13%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRSTKEY HOMES TRUST                                                                   | FKH 2021-SFR2 E1                                                                  | CUSIP: 33767TAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      360000 | NS      | $344169.84    | 0.03%             | 2038-09-17      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2023-2                                                        | FFIN 2023-2A B                                                                    | CUSIP: 35042RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      255000 | NS      | $266872.31    | 0.02%             | 2049-06-15      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA5019                                                                         | CUSIP: 36179TSG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       21182 | NS      | $19579.32     | 0.00%             | 2048-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA8099                                                                         | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3047780 | NS      | $2794568.50   | 0.22%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7766                                                                         | CUSIP: 36179WTX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     7625457 | NS      | $6239473.50   | 0.49%             | 2051-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES ISSUER TRUST 2024-1                                               | GCAR 2024-1A D                                                                    | CUSIP: 36269HAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | NS      | $407889.63    | 0.03%             | 2029-12-17      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GLS AUTO SELECT RECEIVABLES TRUST 2024-4                                               | GSAR 2024-4A D                                                                    | CUSIP: 36271BAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $98724.59     | 0.01%             | 2031-10-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Gls Auto Select Receivables Issuer Trust 2025-1                                        | GSAR 2025-1A D                                                                    | CUSIP: 36271FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       70000 | NS      | $71441.69     | 0.01%             | 2032-04-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| GITSIT MORTGAGE LOAN TRUST 2024-NPL1                                                   | GITST 2024-NPL1 A1                                                                | CUSIP: 375925AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      428567 | NS      | $429767.13    | 0.03%             | 2054-06-25      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                    | GPN 2.9 05/15/30                                                                  | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      320000 | NS      | $290118.43    | 0.02%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                    | GPN 2.9 11/15/31                                                                  | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     1105000 | NS      | $968007.93    | 0.08%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GOODLEAP HOME IMPROVEMENT SOLUTIONS TRUST 2024-1                                       | GDLP 2024-1A A                                                                    | CUSIP: 381935AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      251996 | NS      | $255199.44    | 0.02%             | 2046-10-22      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| HINNT 2024-A LLC                                                                       | HINTT 2024-A A                                                                    | CUSIP: 40472QAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      122020 | NS      | $124097.65    | 0.01%             | 2043-03-16      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                      | HLT 3.625 02/15/32 144A                                                           | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      110000 | NS      | $96414.12     | 0.01%             | 2032-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Jazz Investments I LTD                                                                 | JAZZ 3.125 09/15/30                                                               | CUSIP: 472145AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      140000 | NS      | $155190.00    | 0.01%             | 2030-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                          | JEF 6.2 04/14/34                                                                  | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     1635000 | NS      | $1666597.00   | 0.13%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ARES LXII CLO LTD                                                                      | ARES 2021-62A B                                                                   | CUSIP: 00192WAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3850000 | NS      | $3823847.00   | 0.30%             | 2034-01-25      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                            | AbbVie Inc. COM                                                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |           1 | NS      | $209.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                   | JPM V6.5 PERP OO                                                                  | CUSIP: 48128AAJ2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     2450000 | NS      | $2507435.00   | 0.20%             | 2500-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAD AUTO RECEIVABLES TRUST 2024-1                                                      | LADAR 2024-1A C                                                                   | CUSIP: 501689AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101346.52    | 0.01%             | 2029-06-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| MAPS TRUST                                                                             | MAPSL 2021-1A A                                                                   | CUSIP: 55292RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      504328 | NS      | $470107.22    | 0.04%             | 2046-06-15      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Metronet Infrastructure Issuer LLC.                                                    | MNET 2024-1A A2                                                                   | CUSIP: 59170JAG3<br>LEI: 5493000BIROCAEATAQ61 | Long             | ABS-O            | CORP              | US        |      160000 | NS      | $163684.19    | 0.01%             | 2054-04-20      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| MOSAIC SOLAR LOAN TRUST 2024-1                                                         | MSAIC 2024-1A B                                                                   | CUSIP: 618937AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      194682 | NS      | $187828.08    | 0.01%             | 2049-09-20      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                   | NCLH 5.875 03/15/26 144A                                                          | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      141000 | NS      | $140704.43    | 0.01%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                       | NRG 2.75 06/01/48                                                                 | CUSIP: 629377CG5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |       77000 | NS      | $179246.04    | 0.01%             | 2048-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION REFI LOAN TRUST                                              | NAVSL 2021-A A                                                                    | CUSIP: 63942BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      216122 | NS      | $196419.93    | 0.02%             | 2069-05-15      | Fixed         | 0.84%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDUCATION LOAN TRUST 2023-B                                            | NAVSL 2023-BA B                                                                   | CUSIP: 63942TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      560000 | NS      | $589075.00    | 0.05%             | 2072-03-15      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| NYMT LOAN TRUST 2024-CP1                                                               | NYMT 2024-CP1 A1                                                                  | CUSIP: 67118PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      538705 | NS      | $497603.91    | 0.04%             | 2068-02-25      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Inc.                                                                    | PLNT 2022-1A A2II                                                                 | CUSIP: 72703PAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       97000 | NS      | $88508.42     | 0.01%             | 2051-12-05      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR6 E1                                                                 | CUSIP: 74333HAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | NS      | $289461.94    | 0.02%             | 2038-07-19      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR6 E2                                                                 | CUSIP: 74333HAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      155000 | NS      | $149555.64    | 0.01%             | 2038-07-19      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR3 E1                                                                 | CUSIP: 74333VAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      165000 | NS      | $160232.19    | 0.01%             | 2038-05-19      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| REPUBLIC FINANCE ISSUANCE TRUST 2024-B                                                 | REPS 2024-B A                                                                     | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      145000 | NS      | $146654.13    | 0.01%             | 2037-11-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                  | URUGUA 9.75 07/20/33                                                              | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    42375000 | NS      | $1017323.48   | 0.08%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 5.625 09/30/31 144A                                                           | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      820000 | NS      | $805176.75    | 0.06%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SEB FUNDING LLC 2024-1                                                                 | SEB4P 2021-1A A2                                                                  | CUSIP: 78433DAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      199500 | NS      | $194770.94    | 0.02%             | 2052-01-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2021-A                                                | SMB 2021-A A2A2                                                                   | CUSIP: 78448YAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      319602 | NS      | $313714.47    | 0.02%             | 2053-01-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST                                                       | SMB 2020-A A2A                                                                    | CUSIP: 78449UAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      357571 | NS      | $344288.55    | 0.03%             | 2037-09-15      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                                     | STX 4.091 06/01/29                                                                | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      125000 | NS      | $117703.00    | 0.01%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Snowflake Inc                                                                          | SNOW 0 10/01/29                                                                   | CUSIP: 833445AC3<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |      226000 | NS      | $264307.00    | 0.02%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corporation                                                             | S 8.75 03/15/32                                                                   | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |     1410000 | NS      | $1695798.02   | 0.13%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| STREAM INNOVATIONS 2024-2 ISSUER TRUST                                                 | STRE 2024-2A A                                                                    | CUSIP: 86324EAA5<br>LEI: 7437000ZP669LKUTZ738 | Long             | ABS-O            | CORP              | US        |      378712 | NS      | $383024.97    | 0.03%             | 2045-02-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                    | SYF V5.935 08/02/30                                                               | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     1035000 | NS      | $1049561.31   | 0.08%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                  | TRGP 5.5 02/15/35                                                                 | CUSIP: 87612GAK7<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      315000 | NS      | $313136.50    | 0.02%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                          | WMB 5.15 03/15/34                                                                 | CUSIP: 88339WAC0<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |      680000 | NS      | $670888.00    | 0.05%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                                                  | CHTR 6.55 05/01/37                                                                | CUSIP: 88732JAJ7<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |      260000 | NS      | $257899.55    | 0.02%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Trinet Group Inc                                                                       | TNET 3.5 03/01/29 144A                                                            | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |      305000 | NS      | $276577.59    | 0.02%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UBS COMMERCIAL MORTGAGE TRUST                                                          | UBSCM 2018-C14 C                                                                  | CUSIP: 90278KBF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $88661.62     | 0.01%             | 2051-12-15      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                  | UBER 4.5 08/15/29 144A                                                            | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     8270000 | NS      | $8123981.58   | 0.63%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                       | UCGIM V5.459 06/30/35 144A                                                        | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      600000 | NS      | $589545.51    | 0.05%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| VOLT XCVII LLC                                                                         | VOLT 2021-NPL6 A1                                                                 | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      199744 | NS      | $199895.66    | 0.02%             | 2051-04-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                       | PARA 6.875 04/30/36                                                               | CUSIP: 925524AX8<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     1980000 | NS      | $2031309.06   | 0.16%             | 2036-04-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Viper Energy Inc.                                                                      | VNOM 7.375 11/01/31 144A                                                          | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |      445000 | NS      | $465103.78    | 0.04%             | 2031-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VOLT XCIV LLC                                                                          | VOLT 2021-NPL3 A1                                                                 | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       84086 | NS      | $84123.62     | 0.01%             | 2051-02-27      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| VOLT XCIII LLC                                                                         | VOLT 2021-NPL2 A1                                                                 | CUSIP: 92873CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       67075 | NS      | $67050.91     | 0.01%             | 2051-02-27      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 6.15 04/01/33                                                                 | CUSIP: 958667AE7<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      995000 | NS      | $1027329.72   | 0.08%             | 2033-04-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-1                                           | WLAKE 2023-1A D                                                                   | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | NS      | $410046.03    | 0.03%             | 2028-11-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-1                                           | WLAKE 2025-1A C                                                                   | CUSIP: 96043VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $202536.13    | 0.02%             | 2030-10-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| ASPLUNDH TREE EXPERT LLC                                                               | CORPORATE TERM LOAN                                                               | CUSIP: BL4645646<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1704710 | NS      | $1699534.50   | 0.13%             | 2031-05-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4667194<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      193540 | NS      | $192374.25    | 0.01%             | 2031-02-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                                                    | CORPORATE TERM LOAN                                                               | CUSIP: BL4809515<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1280319 | NS      | $1273917.75   | 0.10%             | 2031-06-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CIENA CORP                                                                             | CORPORATE TERM LOAN                                                               | CUSIP: BL4939155<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      309410 | NS      | $309023.41    | 0.02%             | 2030-10-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LIMITED                                                              | CORPORATE TERM LOAN                                                               | CUSIP: BL4978526<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |      394677 | NS      | $392653.91    | 0.03%             | 2030-06-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                              | KAISAG 11.65 06/01/26                                                             | CUSIP: G52132CH1<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $8000.00      | 0.00%             | 2026-06-01      | Fixed         | 11.65%                | No            |                  2 | On Loan: No      |
| Shimao Group Holdings Ltd.                                                             | SHIMAO 3.45 01/11/31                                                              | CUSIP: G81269AB1<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |      410000 | NS      | $20901.80     | 0.00%             | 2031-01-11      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | SUNAC 7 09/30/29 144A                                                             | CUSIP: G8569ABP0<br>LEI: 549300OLARYHDXP3WK18 | Long             | DBT              | CORP              | KY        |      561129 | NS      | $62425.60     | 0.00%             | 2029-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                      | YUZHOU 8.3 05/27/25                                                               | CUSIP: G9884TAQ4<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      310000 | NS      | $22475.00     | 0.00%             | 2025-05-27      | Fixed         | 8.30%                 | No            |                  2 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland                                   | UKT 4.125 01/29/27                                                                | CUSIP: G4527HYL9<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |     3735000 | NS      | $4818639.00   | 0.38%             | 2027-01-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                                  | ROMANI 5.875 07/11/32 144A                                                        | CUSIP: X7360WDM1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      470000 | NS      | $502192.31    | 0.04%             | 2032-07-11      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                         | CENCHI 7.25 04/28/25                                                              | CUSIP: G20769AK4<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |      190000 | NS      | $8550.00      | 0.00%             | 2025-04-28      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands II B.V                                         | TEVA 7.875 09/15/31                                                               | CUSIP: N8539TAP9<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |     1045000 | NS      | $1333446.50   | 0.10%             | 2031-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                               | AESOP 2021-2A C                                                                   | CUSIP: 05377RET7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      450000 | NS      | $426218.84    | 0.03%             | 2028-02-20      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                  | BAC V5.511 01/24/36                                                               | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      595000 | NS      | $605545.88    | 0.05%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2024-1CON                                                     | BHG 2024-1CON B                                                                   | CUSIP: 08862HAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      385000 | NS      | $392492.06    | 0.03%             | 2035-04-17      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| CYRUSONE DATA CENTERS ISSUER I LLC                                                     | CYRUS 2024-3A A2                                                                  | CUSIP: 23284BAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      515000 | NS      | $488061.75    | 0.04%             | 2049-05-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FREED ABS Trust 2021-3FP                                                               | FREED 2021-3FP D                                                                  | CUSIP: 30322MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      135190 | NS      | $133668.07    | 0.01%             | 2028-11-20      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS OF AMERICA TRUST                                                         | HPA 2021-1 E                                                                      | CUSIP: 437300AJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       83396 | NS      | $71580.19     | 0.01%             | 2041-09-19      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                                | MOH 4.375 06/15/28 144A                                                           | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      275000 | NS      | $261927.77    | 0.02%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Southern Company Gas Capital Corporation                                               | SO 5.75 09/15/33                                                                  | CUSIP: 8426EPAG3<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |      550000 | NS      | $567553.75    | 0.04%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 3.75 08/31/26                                                                   | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    10155000 | NS      | $10124059.00  | 0.79%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VOLT XCVI LLC                                                                          | VOLT 2021-NPL5 A1                                                                 | CUSIP: 92873FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       55474 | NS      | $55481.25     | 0.00%             | 2051-03-27      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                           | Apollo Global Management Inc 6.75% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |        1200 | NS      | $88092.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                   | AHTLN 5.95 10/15/33 144A                                                          | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |     2210000 | NS      | $2242043.88   | 0.17%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                   | AHTLN 5.5 08/11/32 144A                                                           | CUSIP: 04505AAA7<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |      290000 | NS      | $288927.28    | 0.02%             | 2032-08-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPR TRUST 2022-STAR                                                                    | BPR 2022-STAR A                                                                   | CUSIP: 055980AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1145000 | NS      | $1144681.88   | 0.09%             | 2039-08-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| BorgWarner Inc.                                                                        | BWA 5.4 08/15/34                                                                  | CUSIP: 099724AQ9<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |      570000 | NS      | $563911.13    | 0.04%             | 2034-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: —       |
| Canadian Natural Resources Limited                                                     | CNQCN 5.4 12/15/34 144A                                                           | CUSIP: 136385BC4<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |     2515000 | NS      | $2484811.55   | 0.19%             | 2034-12-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 5.75 03/01/27 144A                                                            | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      915000 | NS      | $915575.40    | 0.07%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 7 08/15/29 144A                                                               | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      335000 | NS      | $350408.34    | 0.03%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 5.75 03/15/30 144A                                                            | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1665000 | NS      | $1658298.25   | 0.13%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 6.834 10/23/55                                                               | CUSIP: 161175BC7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     1245000 | NS      | $1211326.63   | 0.09%             | 2055-10-23      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| COREVEST AMERICAN FINANCE TRUST                                                        | CAFL 2021-1 C                                                                     | CUSIP: 21873LAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      155000 | NS      | $135707.02    | 0.01%             | 2054-04-17      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| DT AUTO OWNER TRUST 2023-3                                                             | DTAOT 2023-3A B                                                                   | CUSIP: 23345WAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1990000 | NS      | $2003443.25   | 0.16%             | 2028-03-15      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC/Directv Financing Co-Obligor Inc.                                | DTV 10 02/15/31 144A                                                              | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      960000 | NS      | $921792.31    | 0.07%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                                            | OVV 6.5 08/15/34                                                                  | CUSIP: 292505AD6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      170000 | NS      | $177215.64    | 0.01%             | 2034-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2021-ESH                                                   | ESA 2021-ESH C                                                                    | CUSIP: 30227FAG5<br>LEI: 549300IESZBC3BJUJW64 | Long             | ABS-O            | CORP              | US        |      355122 | NS      | $354677.75    | 0.03%             | 2038-07-15      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QD9178                                                                         | CUSIP: 3133B7FT0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3459078 | NS      | $3022367.75   | 0.24%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QF0207                                                                         | CUSIP: 3133BMGQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3655479 | NS      | $3502018.00   | 0.27%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                 | FHMS K753 A2                                                                      | CUSIP: 3137HB2L7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     3160000 | NS      | $3159096.50   | 0.25%             | 2030-10-25      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM1129                                                                         | CUSIP: 3140X4HF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3656714 | NS      | $3263327.75   | 0.25%             | 2049-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER ISSUER LLC                                                                    | FYBR 2023-1 A2                                                                    | CUSIP: 35910EAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1880000 | NS      | $1914640.50   | 0.15%             | 2053-08-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| HPEFS EQUIPMENT TRUST 2023-2                                                           | HPEFS 2023-2A D                                                                   | CUSIP: 44328UAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      255000 | NS      | $260746.38    | 0.02%             | 2031-07-21      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| MVW OWNER TRUST                                                                        | MVWOT 2021-1WA C                                                                  | CUSIP: 55389TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      255152 | NS      | $240678.83    | 0.02%             | 2041-01-22      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| MARLETTE FUNDING TRUST 2024-1                                                          | MFT 2024-1A B                                                                     | CUSIP: 57108VAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      175000 | NS      | $177002.95    | 0.01%             | 2034-07-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| MERCHANTS FLEET FUNDING LLC                                                            | MFF 2023-1A A                                                                     | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |           0 | NS      | $0.01         | 0.00%             | 2036-05-20      | Fixed         | 7.21%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                                                              | NSLT 2021-BA B                                                                    | CUSIP: 64034QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      370000 | NS      | $323611.19    | 0.03%             | 2062-04-20      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                     | POST 2.5 08/15/27                                                                 | CUSIP: 737446AT1<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      103000 | NS      | $122776.00    | 0.01%             | 2027-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR5 E2                                                                 | CUSIP: 74333FAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $95988.11     | 0.01%             | 2038-07-19      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                                                             | PROG 2021-SFR7 E2                                                                 | CUSIP: 74333PAL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $89284.31     | 0.01%             | 2040-08-17      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR3 E2                                                                 | CUSIP: 74333VAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      140000 | NS      | $136026.86    | 0.01%             | 2038-05-19      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| RCO VIII MORTGAGE LLC 2024-1                                                           | RCO 2024-1 A1                                                                     | CUSIP: 754921AA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      423226 | NS      | $424400.47    | 0.03%             | 2029-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 5.5 04/01/28 144A                                                             | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     1840000 | NS      | $1832404.50   | 0.14%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCF EQUIPMENT LEASING 2022-2 LLC                                                       | SCFET 2022-2A C                                                                   | CUSIP: 78397WAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      620000 | NS      | $628388.06    | 0.05%             | 2032-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO RECEIVABLES TRUST 2024-A                                                     | SBAT 2024-A D                                                                     | CUSIP: 78437PAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $102426.00    | 0.01%             | 2030-04-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| Smb Private Education Loan Trust 2021-D                                                | SMB 2021-D B                                                                      | CUSIP: 78449MAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      330000 | NS      | $285939.25    | 0.02%             | 2053-03-17      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust 2021-E                                                | SMB 2021-E B                                                                      | CUSIP: 78450MAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      700000 | NS      | $609492.56    | 0.05%             | 2051-02-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| TOORAK MORTGAGE TRUST 2024-RRTL1                                                       | TRK 2024-RRTL1 A1                                                                 | CUSIP: 89054YAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      250000 | NS      | $251782.98    | 0.02%             | 2039-02-25      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 11/15/34                                                                   | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     8100000 | NS      | $8124047.00   | 0.63%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vivint Solar Fin V 2018                                                                | VSLR 2018-1A A                                                                    | CUSIP: 92854VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      409847 | NS      | $385617.09    | 0.03%             | 2048-04-30      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Travel Plus Leisure Co                                                                 | TNL 4.625 03/01/30 144A                                                           | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |      755000 | NS      | $705338.93    | 0.05%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                              | KAISAG 10.5 01/15/25                                                              | CUSIP: G52132BY5<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |      400000 | NS      | $17000.00     | 0.00%             | 2025-01-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Times China Holdings Limited                                                           | TPHL 6.2 03/22/26                                                                 | CUSIP: G8879TAG5<br>LEI: 2549000KTINB9ZPZP710 | Long             | DBT              | CORP              | KY        |      810000 | NS      | $28350.00     | 0.00%             | 2026-03-22      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Uruguay (Republic Of)                                                                  | URUGUA 8.5 03/15/28 REGS                                                          | CUSIP: P80557BV5<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    44045000 | NS      | $1023302.41   | 0.08%             | 2028-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST 2024-A                                               | AFFRM 2024-A B                                                                    | CUSIP: 00834BAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      660000 | NS      | $664910.13    | 0.05%             | 2029-02-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Aircastle Limited                                                                      | AYR 6.5 07/18/28 144A                                                             | CUSIP: 00928QAX9<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |     1905000 | NS      | $1984782.30   | 0.15%             | 2028-07-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Aircastle Ltd. / Aircastle Ireland DAC                                                 | AYR 5.25 03/15/30 144A                                                            | CUSIP: 00929JAB2<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |      335000 | NS      | $333905.81    | 0.03%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                | AAL 3.6 10/15/29 A                                                                | CUSIP: 02377CAA2<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |        3241 | NS      | $3029.64      | 0.00%             | 2031-04-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                | AAL 3.7 10/15/25 B                                                                | CUSIP: 02377DAA0<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |        1714 | NS      | $1700.27      | 0.00%             | 2027-04-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2024-4                                    | ACAR 2024-4 D                                                                     | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | NS      | $300492.44    | 0.02%             | 2031-08-12      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Antares Holdings LP                                                                    | ANTHOL 2.75 01/15/27                                                              | CUSIP: 03666HAD3<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |     1385000 | NS      | $1318065.93   | 0.10%             | 2027-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Applebees's Funding LLC / IHOP Funding LLC                                             | DIN 2019-1A A2II                                                                  | CUSIP: 03789XAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1638450 | NS      | $1607641.88   | 0.13%             | 2049-06-05      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Applovin Corp.                                                                         | APP 5.375 12/01/31                                                                | CUSIP: 03831WAC2<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |      460000 | NS      | $462333.61    | 0.04%             | 2031-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Armenia (Republic of)                                                                  | ARMEN 6.75 03/12/35 144A                                                          | CUSIP: 042207AE0<br>LEI: 2549008QLWTFS81EUF38 | Long             | DBT              | NUSS              | AM        |      455000 | NS      | $437724.19    | 0.03%             | 2035-03-12      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                       | AJG 5.15 02/15/35                                                                 | CUSIP: 04316JAN9<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |      365000 | NS      | $361699.34    | 0.03%             | 2035-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Ashland Llc                                                                            | ASH 3.375 09/01/31 144A                                                           | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |      650000 | NS      | $558540.50    | 0.04%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ATLX 2024-RPL2 TRUST                                                                   | ATLX 2024-RPL2 A1                                                                 | CUSIP: 049919AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      401146 | NS      | $384918.84    | 0.03%             | 2063-04-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                               | AESOP 2023-5A D                                                                   | CUSIP: 05377RKJ2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      250000 | NS      | $250146.33    | 0.02%             | 2028-04-20      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2024-VLT4                                                                     | BX 2024-VLT4 A                                                                    | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      580000 | NS      | $577100.00    | 0.04%             | 2041-06-17      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                  | BAC V5.744 02/12/36                                                               | CUSIP: 06051GMQ9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     2850000 | NS      | $2844555.00   | 0.22%             | 2036-02-12      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2024-1CON                                                     | BHG 2024-1CON C                                                                   | CUSIP: 08862HAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      105000 | NS      | $107586.06    | 0.01%             | 2035-04-17      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 6.858 05/01/54                                                                 | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      720000 | NS      | $782060.94    | 0.06%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                                                   | BKNG 0.75 05/01/25                                                                | CUSIP: 09857LAN8<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |       43000 | NS      | $105694.00    | 0.01%             | 2025-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Brazil (Federative Republic)                                                           | BRAZIL 5 01/27/45                                                                 | CUSIP: 105756BW9<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1220000 | NS      | $922686.00    | 0.07%             | 2045-01-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust 2024-2                                   | BLAST 2024-2 D                                                                    | CUSIP: 10805MAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1430000 | NS      | $1469150.54   | 0.11%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| British Airways PLC                                                                    | IAGLN 3.35 06/15/29 144A                                                          | CUSIP: 11043XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | GB        |        2379 | NS      | $2266.13      | 0.00%             | 2030-12-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 3.469 04/15/34 144A                                                          | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     2130000 | NS      | $1874942.78   | 0.15%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| CAFL 2023-RTL1 ISSUER LLC                                                              | CAFL 2023-RTL1 A1                                                                 | CUSIP: 124762AA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      990000 | NS      | $996923.00    | 0.08%             | 2030-12-28      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| CDW LLC / CDW Finance Corp                                                             | CDW 5.55 08/22/34                                                                 | CUSIP: 12513GBL2<br>LEI: 549300RU2J599RPFD076 | Long             | DBT              | CORP              | US        |     1450000 | NS      | $1433063.42   | 0.11%             | 2034-08-22      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust 2012-LTRT                                                    | COMM 2012-LTRT A2                                                                 | CUSIP: 12624NAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       69827 | NS      | $67026.61     | 0.01%             | 2030-10-07      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-RPL1 TRUST                                                                   | CSMC 2021-RPL1 A1                                                                 | CUSIP: 12660KAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      239750 | NS      | $238851.05    | 0.02%             | 2060-09-27      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| CAL FUNDING IV LIMITED                                                                 | CAI 2020-1A A                                                                     | CUSIP: 12807CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | BM        |      372831 | NS      | $350040.31    | 0.03%             | 2045-09-25      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| CARLYLE US 2021-3S CLO LTD                                                             | CGMS 2021-3SA A2                                                                  | CUSIP: 14315DAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | NS      | $1985784.00   | 0.15%             | 2034-04-17      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2022-1                                                         | CARMX 2022-1 D                                                                    | CUSIP: 14317CAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | NS      | $292709.31    | 0.02%             | 2028-07-17      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST 2023-4                                                         | CARMX 2023-4 D                                                                    | CUSIP: 14318XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      300000 | NS      | $314589.09    | 0.02%             | 2030-04-15      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 4 08/01/28 144A                                                               | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      220000 | NS      | $210474.00    | 0.02%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 3.137 11/15/35 144A                                                          | CUSIP: 11135FBP5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1800000 | NS      | $1491937.72   | 0.12%             | 2035-11-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                   | CEMEX 3.875 07/11/31 144A                                                         | CUSIP: 151290BZ5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     2980000 | NS      | $2668715.71   | 0.21%             | 2031-07-11      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Centene Corp.                                                                          | CNC 2.5 03/01/31                                                                  | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     1155000 | NS      | $973762.54    | 0.08%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 6 05/01/29 144A                                                               | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      685000 | NS      | $680202.28    | 0.05%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 5.75 12/01/27                                                                 | CUSIP: 143658BV3<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      125000 | NS      | $208562.50    | 0.02%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                   | CCL 6.125 02/15/33 144A                                                           | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1770000 | NS      | $1744210.50   | 0.14%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CASTLELAKE AIRCRAFT SECURITIZATION TRUST                                               | CLAST 2019-1A A                                                                   | CUSIP: 14855MAA6<br>LEI: 5493003ADMTNWVTVWM43 | Long             | ABS-O            | CORP              | US        |      487608 | NS      | $458357.81    | 0.04%             | 2039-04-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                      | LNW 7.5 09/01/31 144A                                                             | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |      245000 | NS      | $250972.61    | 0.02%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2023-4                                          | SDART 2023-4 B                                                                    | CUSIP: 802927AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1400000 | NS      | $1419246.13   | 0.11%             | 2028-12-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| SIERRA TIMESHARE RECEIVABLES FUNDING LLC                                               | SRFC 2021-1A C                                                                    | CUSIP: 82652QAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       18120 | NS      | $17675.83     | 0.00%             | 2037-11-20      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO                                                           | CORPORATE TERM LOAN                                                               | CUSIP: BL4679231<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1157005 | NS      | $1154148.25   | 0.09%             | 2030-11-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                              | KAISAG 9.95 07/23/25                                                              | CUSIP: G52132BZ2<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $8500.00      | 0.00%             | 2025-07-23      | Fixed         | 9.95%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 4.4 12/01/61                                                                 | CUSIP: 161175CC6<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     1315000 | NS      | $873190.75    | 0.07%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 5.25 04/01/53                                                                | CUSIP: 161175CK8<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |     2995000 | NS      | $2420262.99   | 0.19%             | 2053-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citadel LP                                                                             | CITADL 6.375 01/23/32 144A                                                        | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      260000 | NS      | $266773.41    | 0.02%             | 2032-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Citadel LP                                                                             | CITADL 6 01/23/30 144A                                                            | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |      345000 | NS      | $350646.88    | 0.03%             | 2030-01-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                                  | CIVI 8.625 11/01/30 144A                                                          | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |      390000 | NS      | $402351.97    | 0.03%             | 2030-11-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| COMMONBOND STUDENT LOAN TRUST                                                          | CBSLT 2020-1 A                                                                    | CUSIP: 20268BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       23990 | NS      | $21260.96     | 0.00%             | 2051-10-25      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| COMPASS DATACENTERS ISSUER III LLC                                                     | CMDC 2025-1A A2                                                                   | CUSIP: 20469BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      655000 | NS      | $664602.50    | 0.05%             | 2050-02-25      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| COMPASS DATACENTERS ISSUER III LLC                                                     | CMDC 2025-1A A3                                                                   | CUSIP: 20469BAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      350000 | NS      | $354078.47    | 0.03%             | 2050-02-25      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Corporate Office Properties LP                                                         | CDP 2.75 04/15/31                                                                 | CUSIP: 22003BAM8<br>LEI: H0TWO5VRNEP6CQAWPX27 | Long             | DBT              | CORP              | US        |      145000 | NS      | $125634.62    | 0.01%             | 2031-04-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                                                   | ACAFP V6.251 01/10/35 144A                                                        | CUSIP: 225313AQ8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     2240000 | NS      | $2289840.25   | 0.18%             | 2035-01-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE AUTO LOAN TRUST 2021-4                                               | CAALT 2021-4 C                                                                    | CUSIP: 22535BAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1110954 | NS      | $1109663.88   | 0.09%             | 2031-02-18      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE AUTO LOAN TRUST 2024-2                                               | CAALT 2024-2A C                                                                   | CUSIP: 22536VAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      350000 | NS      | $363745.34    | 0.03%             | 2034-10-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                           | UBS V6.537 08/12/33 144A                                                          | CUSIP: 225401AZ1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1260000 | NS      | $1350027.65   | 0.11%             | 2033-08-12      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| DT AUTO OWNER TRUST 2023-3                                                             | DTAOT 2023-3A D                                                                   | CUSIP: 23345WAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      845000 | NS      | $873045.50    | 0.07%             | 2029-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corporation                                                                   | DISH 5.25 12/01/26 144A                                                           | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2885000 | NS      | $2648273.07   | 0.21%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                       | DUK 5.45 06/15/34                                                                 | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |     1120000 | NS      | $1135208.38   | 0.09%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: —       |
| Energy Transfer LP                                                                     | ET 6.55 12/01/33                                                                  | CUSIP: 29273VAU4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      930000 | NS      | $994365.35    | 0.08%             | 2033-12-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                     | ET 5.7 04/01/35                                                                   | CUSIP: 29273VBE9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      475000 | NS      | $478513.53    | 0.04%             | 2035-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2024-5                                             | EART 2024-5A D                                                                    | CUSIP: 30165BAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | NS      | $398072.25    | 0.03%             | 2031-02-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2025-1                                             | EART 2025-1A D                                                                    | CUSIP: 30167MAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      745000 | NS      | $754992.94    | 0.06%             | 2031-05-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BH4019                                                                         | CUSIP: 3140GSPD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       20938 | NS      | $19807.03     | 0.00%             | 2047-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Travel Plus Leisure Co                                                                 | TNL 4.5 12/01/29 144A                                                             | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |      210000 | NS      | $195686.34    | 0.02%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2022-6                                             | EART 2022-6A C                                                                    | CUSIP: 30168AAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      330000 | NS      | $332173.38    | 0.03%             | 2028-05-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2023-5                                             | EART 2023-5A D                                                                    | CUSIP: 30168DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1320000 | NS      | $1373427.13   | 0.11%             | 2030-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 6.9 02/28/32 144A                                                           | CUSIP: 91824PAA5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      735000 | NS      | $727650.00    | 0.06%             | 2032-02-28      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| AFFIRM ASSET SECURITIZATION TRUST 2024-A                                               | AFFRM 2024-A 1D                                                                   | CUSIP: 00834BAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      105000 | NS      | $106057.11    | 0.01%             | 2029-02-15      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| Altice USA Inc.                                                                        | Altice USA Inc. CL A                                                              | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      285795 | NS      | $760214.67    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                                               | AESOP 2023-2A D                                                                   | CUSIP: 05377RKG8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      255000 | NS      | $255102.27    | 0.02%             | 2027-10-20      | Fixed         | 7.26%                 | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES ISSUER TRUST 2021-1                                               | GCAR 2021-1A D                                                                    | CUSIP: 36261AAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      228989 | NS      | $227956.08    | 0.02%             | 2027-01-15      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V5.424 07/21/34 MTN                                                            | CUSIP: 61747YFG5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      445000 | NS      | $450184.84    | 0.04%             | 2034-07-21      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Tyler Technologies Inc.                                                                | TYL 0.25 03/15/26                                                                 | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |       46000 | NS      | $56048.51     | 0.00%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                   | URI 6.125 03/15/34 144A                                                           | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     1405000 | NS      | $1405878.75   | 0.11%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                      | YUZHOU 7.7 02/20/25                                                               | CUSIP: G9884TAS0<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      625000 | NS      | $45312.50     | 0.00%             | 2025-02-20      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG G08786                                                                         | CUSIP: 3128MJ2U3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       16884 | NS      | $16468.76     | 0.00%             | 2047-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                                | FHLB 1.75 01/19/29                                                                | CUSIP: 3130AQKH5<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |     4000000 | NS      | $3678319.50   | 0.29%             | 2029-01-19      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SB0630                                                                         | CUSIP: 3132CWVX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3103132 | NS      | $2883883.25   | 0.22%             | 2037-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SB8016                                                                         | CUSIP: 3132D53Z3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |       40342 | NS      | $38617.71     | 0.00%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD1741                                                                         | CUSIP: 3132DN5A7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3281976 | NS      | $3247303.75   | 0.25%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD1545                                                                         | CUSIP: 3132DNWE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3927141 | NS      | $3557199.50   | 0.28%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD2771                                                                         | CUSIP: 3132DQCG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3562920 | NS      | $3590821.50   | 0.28%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG V84392                                                                         | CUSIP: 3132L92Z7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        2471 | NS      | $2408.47      | 0.00%             | 2048-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG Q47884                                                                         | CUSIP: 3132WMXN9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       21006 | NS      | $19895.47     | 0.00%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG Q54463                                                                         | CUSIP: 3132XW5Z0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       24560 | NS      | $23135.86     | 0.00%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG Q59234                                                                         | CUSIP: 3132Y3HL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        6575 | NS      | $6208.93      | 0.00%             | 2048-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QA4287                                                                         | CUSIP: 31339UXQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |       11211 | NS      | $9851.86      | 0.00%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QE6386                                                                         | CUSIP: 3133BGCX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     2929439 | NS      | $2823607.00   | 0.22%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QN3521                                                                         | CUSIP: 3133G94E6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |      123048 | NS      | $112074.57    | 0.01%             | 2035-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RA5662                                                                         | CUSIP: 3133KMJF3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3537300 | NS      | $3100460.75   | 0.24%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RB5141                                                                         | CUSIP: 3133KYWA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3112348 | NS      | $2652124.50   | 0.21%             | 2042-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RB5142                                                                         | CUSIP: 3133KYWB1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     2972717 | NS      | $2621809.75   | 0.20%             | 2042-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNA 2016-M5 A2                                                                    | CUSIP: 3136AR5S3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     2010349 | NS      | $1970656.88   | 0.15%             | 2026-04-25      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| Applovin Corp.                                                                         | APP 5.125 12/01/29                                                                | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |      700000 | NS      | $702712.06    | 0.05%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AQUA FINANCE TRUST                                                                     | AQFIT 2021-A B                                                                    | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      210000 | NS      | $184001.22    | 0.01%             | 2046-07-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2023-B                                                        | BHG 2023-B B                                                                      | CUSIP: 08862GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      780000 | NS      | $812297.75    | 0.06%             | 2036-12-17      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 5.93 05/01/60                                                                  | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      115000 | NS      | $108175.68    | 0.01%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CVS Lease Backed Pass Thru Ctf                                                         | CVSPAS 4.163 08/11/36 144A                                                        | CUSIP: 12665VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      236427 | NS      | $216109.36    | 0.02%             | 2036-08-11      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Permian Resources Corp                                                                 | PR 3.25 04/01/28                                                                  | CUSIP: 15136AAA0<br>LEI: 529900NXUJPOKU7OJ511 | Long             | DBT              | CORP              | US        |       58000 | NS      | $140614.30    | 0.01%             | 2028-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                            | CLR 5.75 01/15/31 144A                                                            | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     6920000 | NS      | $6973338.70   | 0.54%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG G15601                                                                         | CUSIP: 3128MENS6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        2510 | NS      | $2450.78      | 0.00%             | 2029-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FG G08737                                                                         | CUSIP: 3128MJZB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       37010 | NS      | $32728.93     | 0.00%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RA6310                                                                         | CUSIP: 3133KNAK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3627296 | NS      | $3296910.25   | 0.26%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN BM3635                                                                         | CUSIP: 3140J8BD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4353868 | NS      | $4058252.25   | 0.32%             | 2047-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNA 2017-M1 A2                                                                    | CUSIP: 3136AUG21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     1735300 | NS      | $1685697.50   | 0.13%             | 2026-10-25      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FNA 2018-M3 A2                                                                    | CUSIP: 3136B1LF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     3804562 | NS      | $3616288.00   | 0.28%             | 2030-02-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST 2022-1                                                | FIAOT 2022-1A D                                                                   | CUSIP: 32057KAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | NS      | $393348.16    | 0.03%             | 2028-06-15      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST 2025-REV1                                                 | FORDR 2025-1 A                                                                    | CUSIP: 34532MAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2350000 | NS      | $2370251.50   | 0.18%             | 2037-08-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2025-1                                                        | FFIN 2025-1A D                                                                    | CUSIP: 35040WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      495000 | NS      | $496652.63    | 0.04%             | 2050-04-15      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7883                                                                         | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     6947496 | NS      | $6378182.00   | 0.50%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NYMT LOAN TRUST SERIES 2024-BPL2                                                       | NYMT 2024-BPL2 A1                                                                 | CUSIP: 67120TAA8<br>LEI: 549300JFGR0M7ULHWG48 | Long             | ABS-O            | CORP              | US        |      960000 | NS      | $970703.88    | 0.08%             | 2039-05-25      | Fixed         | 6.51%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                       | PCG 3.25 06/01/31                                                                 | CUSIP: 694308JT5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |      100000 | NS      | $88976.73     | 0.01%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS III ISSUER LLC                                                          | SNVA 2019-AA A                                                                    | CUSIP: 86745LAA0<br>LEI: 549300JK1Y1VVC3JU540 | Long             | ABS-O            | CORP              | US        |      116419 | NS      | $105987.43    | 0.01%             | 2046-06-20      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Tennessee Valley Authority                                                             | TVA 0.75 05/15/25                                                                 | CUSIP: 880591EW8<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |     5000000 | NS      | $4977910.50   | 0.39%             | 2025-05-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                       | TEVA 7.875 09/15/29                                                               | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     1270000 | NS      | $1366029.75   | 0.11%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 11/30/26                                                                   | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     9970000 | NS      | $10017903.00  | 0.78%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VENTURE 42 CLO LTD                                                                     | VENTR 2021-42A B                                                                  | CUSIP: 923260AG8<br>LEI: 5493005OM8P21GK6YE73 | Long             | ABS-CBDO         | CORP              | KY        |     2250000 | NS      | $2250067.50   | 0.18%             | 2034-04-17      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Coml Tr 2016-C36                                                           | WFCM 2016-C36 B                                                                   | CUSIP: 95000MBU4<br>LEI: 549300BSYX29G4VVM177 | Long             | ABS-O            | CORP              | US        |      160000 | NS      | $143392.09    | 0.01%             | 2059-11-18      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-3                                           | WLAKE 2023-3A C                                                                   | CUSIP: 96041CAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      550000 | NS      | $559066.31    | 0.04%             | 2028-09-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                                                         | CORPORATE TERM LOAN                                                               | CUSIP: BL4790129<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      359095 | NS      | $358220.00    | 0.03%             | 2031-04-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Shimao Group Holdings Ltd.                                                             | SHIMAO 6.125 02/21/24                                                             | CUSIP: G81043AP9<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $10158.00     | 0.00%             | 2024-02-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Central China Real Estate Ltd.                                                         | CENCHI 7.25 08/13/24                                                              | CUSIP: G20769AH1<br>LEI: 549300JDML9PYG0CIJ22 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $9000.00      | 0.00%             | 2024-08-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                 | FHMS K522 A2                                                                      | CUSIP: 3137HDJJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     2780000 | NS      | $2824998.25   | 0.22%             | 2029-05-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                 | FHMS K532 A2                                                                      | CUSIP: 3137HHUX7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     3200000 | NS      | $3185134.75   | 0.25%             | 2029-11-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                 | FHMS K533 A2                                                                      | CUSIP: 3137HHW23<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     3100000 | NS      | $3082694.75   | 0.24%             | 2029-12-25      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BO5210                                                                         | CUSIP: 3140K0YG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5091 | NS      | $4473.91      | 0.00%             | 2050-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BO6225                                                                         | CUSIP: 3140K14K9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        5466 | NS      | $4803.52      | 0.00%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BQ1463                                                                         | CUSIP: 3140KLTV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        7605 | NS      | $6393.93      | 0.00%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BV4137                                                                         | CUSIP: 3140MHS34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3266509 | NS      | $2746596.50   | 0.21%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CA4716                                                                         | CUSIP: 3140QCG26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        6536 | NS      | $6249.08      | 0.00%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB1791                                                                         | CUSIP: 3140QL7D2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3058001 | NS      | $2585658.75   | 0.20%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB2858                                                                         | CUSIP: 3140QNE81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3531690 | NS      | $2967597.00   | 0.23%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN CB3034                                                                         | CUSIP: 3140QNLQ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4267868 | NS      | $3453638.75   | 0.27%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS0818                                                                         | CUSIP: 3140XF4C2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2511091 | NS      | $2333687.00   | 0.18%             | 2037-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS0754                                                                         | CUSIP: 3140XFZU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2767372 | NS      | $2521602.25   | 0.20%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS0970                                                                         | CUSIP: 3140XGCG2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     2877605 | NS      | $2608230.75   | 0.20%             | 2052-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS7518                                                                         | CUSIP: 3140XPK81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1484153 | NS      | $1526320.38   | 0.12%             | 2053-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA5020                                                                         | CUSIP: 31418ESJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3436951 | NS      | $3420420.25   | 0.27%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA5139                                                                         | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1150038 | NS      | $1168277.00   | 0.09%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FIRST INVESTORS AUTO OWNER TRUST                                                       | FIAOT 2021-1A D                                                                   | CUSIP: 32059FAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      415000 | NS      | $414424.47    | 0.03%             | 2027-03-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| FLAGSHIP CREDIT AUTO TRUST 2021-2                                                      | FCAT 2021-2 D                                                                     | CUSIP: 33844WAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      310000 | NS      | $299935.44    | 0.02%             | 2027-06-15      | Fixed         | 1.59%                 | No            |                  2 | On Loan: No      |
| FOCUS BRANDS FUNDING LLC                                                               | FOCUS 2023-2 A2                                                                   | CUSIP: 34417RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      493750 | NS      | $525941.75    | 0.04%             | 2053-10-30      | Fixed         | 8.24%                 | No            |                  2 | On Loan: No      |
| FRONTIER ISSUER LLC                                                                    | FYBR 2024-1 C                                                                     | CUSIP: 35910EAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1085000 | NS      | $1218359.13   | 0.09%             | 2054-06-20      | Fixed         | 11.16%                | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA5018                                                                         | CUSIP: 36179TSF3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       16359 | NS      | $14660.98     | 0.00%             | 2048-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA7535                                                                         | CUSIP: 36179WLQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1990781 | NS      | $1764240.75   | 0.14%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA8878                                                                         | CUSIP: 36179X2K1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     7896176 | NS      | $7777080.00   | 0.61%             | 2053-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA8947                                                                         | CUSIP: 36179X5G7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     1656226 | NS      | $1634128.63   | 0.13%             | 2053-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 MA8268                                                                         | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      927292 | NS      | $890661.88    | 0.07%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 CN5422                                                                         | CUSIP: 3617F5AX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3320112 | NS      | $3285673.00   | 0.26%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 786781                                                                         | CUSIP: 3622ACM64<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     2930340 | NS      | $2895881.25   | 0.23%             | 2053-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 786782                                                                         | CUSIP: 3622ACM72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3765865 | NS      | $3733431.25   | 0.29%             | 2053-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES CORP                                                            | GSMS 2014-GC22 B                                                                  | CUSIP: 36253BAZ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $171794.64    | 0.01%             | 2047-06-12      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE SECURITIES TRUST                                                           | GSMS 2020-GC47 A4                                                                 | CUSIP: 36258RAZ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | NS      | $1343476.75   | 0.10%             | 2053-05-14      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                   | GLENLN 6.5 10/06/33 144A                                                          | CUSIP: 378272BQ0<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     5550000 | NS      | $5943442.13   | 0.46%             | 2033-10-06      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                    | GPN 5.4 08/15/32                                                                  | CUSIP: 37940XAQ5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     1085000 | NS      | $1097801.50   | 0.09%             | 2032-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLES ISSUER TRUST 2023-2                                               | GCAR 2023-2A D                                                                    | CUSIP: 379928AJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      520000 | NS      | $530813.94    | 0.04%             | 2029-03-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Go Daddy Operating Company LLC / GD Finance Co Inc                                     | GDDY 3.5 03/01/29 144A                                                            | CUSIP: 38016LAC9<br>LEI: 5493005GJOH8HLL11157 | Long             | DBT              | CORP              | US        |      725000 | NS      | $671604.06    | 0.05%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Guidewire Software Inc                                                                 | GWRE 1.25 11/01/29                                                                | CUSIP: 40171VAB6<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |      219000 | NS      | $228088.50    | 0.02%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                               | HCA 5.5 06/01/33                                                                  | CUSIP: 404119CQ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     1685000 | NS      | $1691301.63   | 0.13%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                               | HCA 5.6 04/01/34                                                                  | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     2025000 | NS      | $2036222.88   | 0.16%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                               | HCA 5.45 09/15/34                                                                 | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      385000 | NS      | $381657.19    | 0.03%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Helmerich & Payne Inc                                                                  | HP 5.5 12/01/34 144A                                                              | CUSIP: 423452AK7<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |     2465000 | NS      | $2332890.99   | 0.18%             | 2034-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| HERTZ VEHICLE FINANCING III LLC                                                        | HERTZ 2022-1A D                                                                   | CUSIP: 42806MAM1<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |      852000 | NS      | $849574.50    | 0.07%             | 2026-06-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HERTZ VEHICLE FINANCING III LLC                                                        | HERTZ 2023-1A 1D                                                                  | CUSIP: 42806MCJ6<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |      420000 | NS      | $426195.66    | 0.03%             | 2027-06-25      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                      | HLT 4 05/01/31 144A                                                               | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      865000 | NS      | $783359.05    | 0.06%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower Escrow Inc | HGVLLC 4.875 07/01/31 144A                                                        | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | NS      | $131691.61    | 0.01%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Hologic Inc                                                                            | HOLX 3.25 02/15/29 144A                                                           | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      435000 | NS      | $401271.64    | 0.03%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS OF AMERICA 2021-2 TRUST                                                  | HPA 2021-2 E2                                                                     | CUSIP: 43732VAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      609653 | NS      | $578085.25    | 0.05%             | 2038-12-17      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                               | IHRT 7 01/15/31 144A                                                              | CUSIP: 45174HBK2<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       88000 | NS      | $62480.00     | 0.00%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                         | INTNED V6.114 09/11/34                                                            | CUSIP: 456837BH5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      665000 | NS      | $697380.19    | 0.05%             | 2034-09-11      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| InterDigital, Inc.                                                                     | IDCC 3.5 06/01/27                                                                 | CUSIP: 45867GAD3<br>LEI: 529900HQAUTC3VI47G64 | Long             | DBT              | CORP              | US        |       51000 | NS      | $136960.50    | 0.01%             | 2027-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                     | IRM 5.25 07/15/30 144A                                                            | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     1345000 | NS      | $1289629.58   | 0.10%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ISLAND FINANCE TRUST 2025-1                                                            | ISLN 2025-1A A                                                                    | CUSIP: 463920AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      105000 | NS      | $107060.09    | 0.01%             | 2035-03-19      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Itron, Inc.                                                                            | ITRI 1.375 07/15/30                                                               | CUSIP: 465741AP1<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |      133000 | NS      | $138735.64    | 0.01%             | 2030-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9                          | JPMCC 2012-LC9 C                                                                  | CUSIP: 46639EAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      287536 | NS      | $278915.73    | 0.02%             | 2047-12-17      | Variable      | 3.58%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                          | JEF 5.875 07/21/28                                                                | CUSIP: 47233WBM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |     1445000 | NS      | $1483704.88   | 0.12%             | 2028-07-21      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KKR CLO 31 LTD                                                                         | KKR 31A B                                                                         | CUSIP: 48254NAE1<br>LEI: 5493005MGEI63K1CMN61 | Long             | ABS-CBDO         | CORP              | KY        |     2250000 | NS      | $2247354.00   | 0.17%             | 2034-04-20      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION IV LLC                                                    | KAPT 2024-1A A                                                                    | CUSIP: 48555MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      510000 | NS      | $511188.19    | 0.04%             | 2031-09-10      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| KAPITUS ASSET SECURITIZATION IV LLC                                                    | KAPT 2024-1A 1A                                                                   | CUSIP: 48555MAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      195000 | NS      | $195613.41    | 0.02%             | 2031-09-10      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                             | LHX 5.4 07/31/33                                                                  | CUSIP: 502431AQ2<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     1160000 | NS      | $1174719.37   | 0.09%             | 2033-07-31      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| L3 Harris Technologies Inc                                                             | LHX 5.35 06/01/34                                                                 | CUSIP: 502431AU3<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     2015000 | NS      | $2033942.32   | 0.16%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LAUREL ROAD PRIME STUDENT LOAN TRUST                                                   | LRK 2020-A A2FX                                                                   | CUSIP: 51889CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      191433 | NS      | $176993.39    | 0.01%             | 2050-11-25      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust                              | AER 6.15 09/30/30                                                                 | CUSIP: 00774MBE4<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |     1285000 | NS      | $1356116.00   | 0.11%             | 2030-09-30      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                                | AAL 3.85 02/15/28 B                                                               | CUSIP: 02379DAA8<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | ABS-O            | CORP              | US        |       13069 | NS      | $12415.84     | 0.00%             | 2029-08-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2025-1                                    | ACAR 2025-1 D                                                                     | CUSIP: 02528DAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1500000 | NS      | $1520272.50   | 0.12%             | 2031-08-12      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                   | APH 5.25 04/05/34                                                                 | CUSIP: 032095AQ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |      585000 | NS      | $595366.63    | 0.05%             | 2034-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                             | ACGCAP 6.75 10/25/28 144A                                                         | CUSIP: 05369AAP6<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      635000 | NS      | $670361.44    | 0.05%             | 2028-10-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-1CON                                                     | BHG 2025-1CON B                                                                   | CUSIP: 08860AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      205000 | NS      | $205416.91    | 0.02%             | 2036-04-17      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                                                           | Biomarin Pharmaceutical Inc. COM USD0.001                                         | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |       23453 | NS      | $1657892.57   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGACY MORTGAGE ASSET TRUST 2021-GS2                                                   | LMAT 2021-GS2 A1                                                                  | CUSIP: 52476DAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      333234 | NS      | $332860.41    | 0.03%             | 2061-04-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                             | LDOS 5.5 03/15/35                                                                 | CUSIP: 52532XAL9<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |      415000 | NS      | $413680.28    | 0.03%             | 2035-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 5.805 05/01/50                                                                 | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     4455000 | NS      | $4241077.28   | 0.33%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| The Boeing Company                                                                     | BA 7.008 05/01/64                                                                 | CUSIP: 097023DU6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      685000 | NS      | $742260.00    | 0.06%             | 2064-05-01      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| Macquarie Airfinance Holdings Ltd                                                      | MCAIRH 5.2 03/27/28 144A                                                          | CUSIP: 55609NAF5<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      775000 | NS      | $775518.38    | 0.06%             | 2028-03-27      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts Inc                                                         | VAC 4.5 06/15/29 144A                                                             | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |      445000 | NS      | $408209.32    | 0.03%             | 2029-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Broadcom Inc                                                                           | AVGO 2.6 02/15/33 144A                                                            | CUSIP: 11135FBF7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1625000 | NS      | $1369520.75   | 0.11%             | 2033-02-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                           | AVGO 3.187 11/15/36 144A                                                          | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1070000 | NS      | $878251.38    | 0.07%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| CCG RECEIVABLES TRUST 2023-1                                                           | CCG 2023-1 A2                                                                     | CUSIP: 12512XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      545820 | NS      | $548701.69    | 0.04%             | 2030-09-16      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CSMC TRUST                                                                             | CSMC 2014-USA D                                                                   | CUSIP: 12649AAN9<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $150584.23    | 0.01%             | 2037-09-17      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                   | CEMEX V5.125 PERP 144A                                                            | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     1645000 | NS      | $1610860.47   | 0.13%             | 2500-12-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp.   | CHTR 3.9 06/01/52                                                                 | CUSIP: 161175CA0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |      420000 | NS      | $271583.59    | 0.02%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                              | MARS 5.2 03/01/35 144A                                                            | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |      725000 | NS      | $728630.00    | 0.06%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST                                                          | MCMLT 2021-NMR1 M2                                                                | CUSIP: 59982HAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      750000 | NS      | $648018.81    | 0.05%             | 2060-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSION LANE CREDIT CARD MASTER TRUST                                                  | MLANE 2025-A A                                                                    | CUSIP: 60510MBK3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      595000 | NS      | $594997.13    | 0.05%             | 2030-05-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V2.484 09/16/36                                                                | CUSIP: 61747YEF8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     3145000 | NS      | $2607486.00   | 0.20%             | 2036-09-16      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V5.831 04/19/35                                                                | CUSIP: 61747YFR1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1345000 | NS      | $1393777.50   | 0.11%             | 2035-04-19      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust                                     | MSBAM 2013-C11 B                                                                  | CUSIP: 61762TAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      195000 | NS      | $130653.90    | 0.01%             | 2046-08-17      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| NAVIGATOR AIRCRAFT ABS LIMITED                                                         | NAVTR 2021-1 A                                                                    | CUSIP: 63943BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |     1255828 | NS      | $1167855.25   | 0.09%             | 2046-11-15      | Fixed         | 2.77%                 | No            |                  2 | On Loan: No      |
| NELNET STUDENT LOAN TRUST                                                              | NSLT 2021-DA C                                                                    | CUSIP: 64034YAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      195000 | NS      | $167065.02    | 0.01%             | 2062-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Nigeria (Federal Republic of)                                                          | NGERIA 10.375 12/09/34 144A                                                       | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     2405000 | NS      | $2413581.10   | 0.19%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Nutanix Inc                                                                            | NTNX 0.25 10/01/27                                                                | CUSIP: 67059NAH1<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |      118000 | NS      | $156999.00    | 0.01%             | 2027-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                                                 | ON 0.5 03/01/29                                                                   | CUSIP: 682189AU9<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |      132000 | NS      | $113691.60    | 0.01%             | 2029-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCIAL ISSUANCE TRUST 2022-S1                                               | OMFIT 2022-S1 D                                                                   | CUSIP: 68267HAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      770000 | NS      | $764823.31    | 0.06%             | 2035-05-14      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Owens Corning                                                                          | OC 5.7 06/15/34                                                                   | CUSIP: 690742AP6<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |     2765000 | NS      | $2841755.24   | 0.22%             | 2034-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PSBDC 1A                                                                               | ABS FLOAT SER.1A CL.A                                                             | CUSIP: 696928AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1795000 | NS      | $1796818.38   | 0.14%             | 2037-07-15      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Datadog Inc                                                                            | DDOG 0 12/01/29                                                                   | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |      403000 | NS      | $350005.50    | 0.03%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVABLES TRUST                                                           | DRIVE 2021-2 D                                                                    | CUSIP: 262104AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1040688 | NS      | $1028282.25   | 0.08%             | 2029-03-15      | Fixed         | 1.39%                 | No            |                  2 | On Loan: No      |
| PSBDC 1A                                                                               | ABS FLOAT SER.1A CL.B1                                                            | CUSIP: 696928AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1270000 | NS      | $1272781.25   | 0.10%             | 2037-07-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                       | PR 6.25 02/01/33 144A                                                             | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     1400000 | NS      | $1394461.43   | 0.11%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                     | POST 4.5 09/15/31 144A                                                            | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      460000 | NS      | $416617.72    | 0.03%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRESTIGE AUTO RECEIVABLES TRUST 2022-1                                                 | PART 2022-1A D                                                                    | CUSIP: 74113RAL3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1235000 | NS      | $1264787.13   | 0.10%             | 2028-08-15      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR4 E1                                                                 | CUSIP: 74333EAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $97186.72     | 0.01%             | 2038-05-19      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR4 E2                                                                 | CUSIP: 74333EAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $96868.56     | 0.01%             | 2038-05-19      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR5 E1                                                                 | CUSIP: 74333FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      230000 | NS      | $221322.13    | 0.02%             | 2038-07-19      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| PRPM 2024-2 LLC                                                                        | PRPM 2024-2 A1                                                                    | CUSIP: 74448BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      825022 | NS      | $826963.50    | 0.06%             | 2029-03-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Quicken Lns Llc/Quicken Lns Co-Issuer Inc                                              | RKTRM 3.875 03/01/31 144A                                                         | CUSIP: 74841CAB7<br>LEI: 549300FGXN1K3HLB1R50 | Long             | DBT              | CORP              | US        |     3610000 | NS      | $3233837.69   | 0.25%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REDWOOD FUNDING TRUST 2023-1                                                           | RFT 2023-1 A                                                                      | CUSIP: 75806CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      477282 | NS      | $476038.56    | 0.04%             | 2059-07-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC FINANCE ISSUANCE TRUST 2024-B                                                 | REPS 2024-B C                                                                     | CUSIP: 76042GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      490000 | NS      | $493275.03    | 0.04%             | 2037-11-20      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                  | RCL 4.25 07/01/26 144A                                                            | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      220000 | NS      | $216610.27    | 0.02%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Scf Equipment Leasing 2020-1 Llc / Scf Equipment Leasing Cda 2020-1 L P                | SCFET 2021-1A D                                                                   | CUSIP: 783897AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       83272 | NS      | $83095.80     | 0.01%             | 2030-09-20      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| SCF Equip Leasing 2022-1 LLC / SCF Equip Leasing CDA 2022-1 Ltd Partners               | SCFET 2022-1A D                                                                   | CUSIP: 784033AJ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      355000 | NS      | $342934.19    | 0.03%             | 2031-11-20      | Fixed         | 3.79%                 | No            |                  2 | On Loan: No      |
| SBNA AUTO RECEIVABLES TRUST 2024-A                                                     | SBAT 2024-A C                                                                     | CUSIP: 78437PAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $101706.12    | 0.01%             | 2030-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                                          | SMBCAC 5.1 04/01/30 144A                                                          | CUSIP: 78448TAN2<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |      830000 | NS      | $832022.31    | 0.06%             | 2030-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SMB PRIVATE EDUCATION LOAN TRUST 2021-B                                                | SMB 2021-B B                                                                      | CUSIP: 78449YAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      345000 | NS      | $303885.19    | 0.02%             | 2051-07-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST                                                 | SDART 2021-4 D                                                                    | CUSIP: 80285VAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1211276 | NS      | $1195676.38   | 0.09%             | 2027-10-15      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2023-3                                          | SDART 2023-3 B                                                                    | CUSIP: 80285XAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1550000 | NS      | $1561007.38   | 0.12%             | 2028-07-17      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                      | LNW 7 05/15/28 144A                                                               | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     1310000 | NS      | $1309455.31   | 0.10%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                                     | STX 9.625 12/01/32                                                                | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |       91800 | NS      | $103248.10    | 0.01%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SOLRR AIRCRAFT 2021-1 LIMITED                                                          | SOLRR 2021-1 A                                                                    | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      806071 | NS      | $743794.56    | 0.06%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                 | STANLN V3.265 02/18/36 144A                                                       | CUSIP: 853254BU3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      385000 | NS      | $340436.19    | 0.03%             | 2036-02-18      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                   | STLD 5.25 05/15/35                                                                | CUSIP: 858119BS8<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |      810000 | NS      | $802271.56    | 0.06%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Stewart Information Services Corporation                                               | STC 3.6 11/15/31                                                                  | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |     1755000 | NS      | $1568319.13   | 0.12%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| SUBWAY FUNDING LLC                                                                     | SUBWAY 2024-1A A2I                                                                | CUSIP: 864300AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1496250 | NS      | $1507004.42   | 0.12%             | 2054-07-30      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SB8069                                                                         | CUSIP: 3132D56E7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |       90788 | NS      | $82692.10     | 0.01%             | 2035-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR SD0618                                                                         | CUSIP: 3132DMVK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3661057 | NS      | $3221064.00   | 0.25%             | 2051-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QE8508                                                                         | CUSIP: 3133BJNZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     3189304 | NS      | $3072169.00   | 0.24%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR QF5381                                                                         | CUSIP: 3133BS6S6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     2176644 | NS      | $2203299.75   | 0.17%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FR RA7778                                                                         | CUSIP: 3133KPUB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |     6525374 | NS      | $6252810.00   | 0.49%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                       | FHMS K537 A2                                                                      | CUSIP: 3137HKPF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     1860000 | NS      | $1864788.25   | 0.15%             | 2030-02-25      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BP6474                                                                         | CUSIP: 3140KEFQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      131319 | NS      | $110474.94    | 0.01%             | 2050-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN BQ4965                                                                         | CUSIP: 3140KQQT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      229279 | NS      | $208832.22    | 0.02%             | 2035-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FM1153                                                                         | CUSIP: 3140X4H74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       14162 | NS      | $13556.79     | 0.00%             | 2034-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS0605                                                                         | CUSIP: 3140XFU74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3521820 | NS      | $2965302.75   | 0.23%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS V ISSUER LLC                                                            | SNVA 2021-A B                                                                     | CUSIP: 86746EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      329269 | NS      | $182197.89    | 0.01%             | 2048-02-20      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SUNRUN DEMETER ISSUER 2021-2 LLC                                                       | SUNRN 2021-2A A                                                                   | CUSIP: 86772HAA5<br>LEI: 54930007SJ77CI66U531 | Long             | ABS-O            | CORP              | US        |      107980 | NS      | $93752.54     | 0.01%             | 2057-01-30      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| TCO COMMERCIAL MORTGAGE TRUST 2024-DPM                                                 | TCO 2024-DPM A                                                                    | CUSIP: 87231EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      245000 | NS      | $244388.31    | 0.02%             | 2039-12-15      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 3.875 04/15/30                                                               | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     2245000 | NS      | $2152151.25   | 0.17%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS2966                                                                         | CUSIP: 3140XJJL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3040876 | NS      | $3004800.75   | 0.23%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                       | FN FS4717                                                                         | CUSIP: 3140XLG36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     4532564 | NS      | $3663676.25   | 0.29%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                  | FN MA5060                                                                         | CUSIP: 31418ETS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     3835696 | NS      | $3807383.75   | 0.30%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Corp II                                                         | GSMS 2013-G1 B                                                                    | CUSIP: 36197QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      203258 | NS      | $186568.38    | 0.01%             | 2031-04-11      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                               | G2 786374                                                                         | CUSIP: 3622AB6K3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     3350452 | NS      | $3307180.00   | 0.26%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                   | GLENLN 2.85 04/27/31 144A                                                         | CUSIP: 378272BE7<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     2010000 | NS      | $1771058.36   | 0.14%             | 2031-04-27      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CKE Restaurants, Inc.                                                                  | HNGRY 2024-1A A2                                                                  | CUSIP: 411707AM4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      316800 | NS      | $325521.00    | 0.03%             | 2054-03-20      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                                               | IHRT 7.75 08/15/30 144A                                                           | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     1068000 | NS      | $790757.88    | 0.06%             | 2030-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JOL Air Limited                                                                        | JOLAR 2019-1 A                                                                    | CUSIP: 46651NAA2<br>LEI: 549300TS4MUGCDXPW498 | Long             | ABS-O            | CORP              | KY        |     1221569 | NS      | $1197156.25   | 0.09%             | 2044-04-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Labrador Aviation Finance Limited                                                      | LAFL 2016-1A A1                                                                   | CUSIP: 50543LAA0<br>LEI: 549300FTBC83WH0X4750 | Long             | ABS-O            | CORP              | US        |      240554 | NS      | $233933.44    | 0.02%             | 2042-01-15      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 3.5 04/15/31                                                                 | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     3970000 | NS      | $3670871.17   | 0.29%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 5.75 01/15/34                                                                | CUSIP: 87264ADC6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     1105000 | NS      | $1151022.25   | 0.09%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 4.7 01/15/35                                                                 | CUSIP: 87264ADM4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      170000 | NS      | $163592.05    | 0.01%             | 2035-01-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| TVC MORTGAGE TRUST 2024-RRTL1                                                          | TVC 2024-RRTL1 A1                                                                 | CUSIP: 87306WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1240000 | NS      | $1242312.38   | 0.10%             | 2039-08-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                             | LDOS 5.75 03/15/33                                                                | CUSIP: 52532XAJ4<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |     2355000 | NS      | $2414550.69   | 0.19%             | 2033-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MVWOT 2021-2 LLC                                                                       | MVWOT 2021-2A C                                                                   | CUSIP: 55400KAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      501083 | NS      | $472954.31    | 0.04%             | 2039-05-20      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                  | TRGP 6.125 03/15/33                                                               | CUSIP: 87612GAC5<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |      230000 | NS      | $240077.35    | 0.02%             | 2033-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Topbuild Corporation                                                                   | BLD 4.125 02/15/32 144A                                                           | CUSIP: 89055FAC7<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |      390000 | NS      | $346935.72    | 0.03%             | 2032-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc                                                          | MLM 5.15 12/01/34                                                                 | CUSIP: 573284BA3<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |      340000 | NS      | $337881.28    | 0.03%             | 2034-12-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Merit Medical Systems Inc.                                                             | MMSI 3 02/01/29                                                                   | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |       90000 | NS      | $122400.00    | 0.01%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Trafigura Securitisation Finance PLC                                                   | TRFIG 2024-1A B                                                                   | CUSIP: 892725AZ5<br>LEI: 549300CH6S10UEZXWN56 | Long             | ABS-O            | CORP              | IE        |      280000 | NS      | $283225.78    | 0.02%             | 2027-05-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Trimble Inc                                                                            | TRMB 6.1 03/15/33                                                                 | CUSIP: 896239AE0<br>LEI: 549300E2MI7NSZFQWS19 | Long             | DBT              | CORP              | US        |     1655000 | NS      | $1733906.88   | 0.14%             | 2033-03-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                                | MOH 3.875 05/15/32 144A                                                           | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     1330000 | NS      | $1166848.75   | 0.09%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                         | MS V5.948 01/19/38                                                                | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     2070000 | NS      | $2092522.88   | 0.16%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                                          | UBSCM 2018-C10 A3                                                                 | CUSIP: 90276FAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1417156 | NS      | $1383300.00   | 0.11%             | 2051-05-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                  | UBER 0.875 12/01/28 2028                                                          | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      227000 | NS      | $276259.00    | 0.02%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                   | NCLH 6.75 02/01/32 144A                                                           | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      570000 | NS      | $563047.56    | 0.04%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company / New Red Finance, Inc.                       | BCULC 4 10/15/30 144A                                                             | CUSIP: 68245XAM1<br>LEI: 549300RHSHNRWI5LLA86 | Long             | DBT              | CORP              | CA        |     1340000 | NS      | $1212720.12   | 0.09%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Uber Technologies Inc                                                                  | UBER 4.8 09/15/34                                                                 | CUSIP: 90353TAP5<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      295000 | NS      | $286506.97    | 0.02%             | 2034-09-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4 02/28/30                                                                      | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    18600000 | NS      | $18642140.75  | 1.45%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 3.5 09/30/26                                                                    | CUSIP: 91282CLP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    19985000 | NS      | $19852287.00  | 1.55%             | 2026-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.125 01/31/27                                                                  | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    18000000 | NS      | $18061172.00  | 1.41%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.25 02/15/28                                                                   | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     9900000 | NS      | $9997453.00   | 0.78%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 3.875 03/31/27                                                                  | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6210000 | NS      | $6207817.00   | 0.48%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                                                                 | PANW 0.375 06/01/25                                                               | CUSIP: 697435AF2<br>LEI: 549300QXR2YVZV231H43 | Long             | DBT              | CORP              | US        |       26000 | NS      | $89154.00     | 0.01%             | 2025-06-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                             | PPC 6.875 05/15/34                                                                | CUSIP: 72147KAL2<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |      265000 | NS      | $285449.78    | 0.02%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Inc.                                                                    | PLNT 2019-1A A2                                                                   | CUSIP: 72703PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      559025 | NS      | $526085.84    | 0.04%             | 2049-12-05      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Inc.                                                                    | PLNT 2024-1A A2I                                                                  | CUSIP: 72703PAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1691500 | NS      | $1708751.50   | 0.13%             | 2054-06-05      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Var Energi ASA                                                                         | VARNO 8 11/15/32 144A                                                             | CUSIP: 92212WAE0<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |     1595000 | NS      | $1791990.20   | 0.14%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                       | PARA 4.375 03/15/43                                                               | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     2065000 | NS      | $1529496.72   | 0.12%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                       | PARA 5.85 09/01/43                                                                | CUSIP: 92553PAU6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      890000 | NS      | $779293.38    | 0.06%             | 2043-09-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                       | Paramount Global CLASS B COM                                                      | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |      176696 | NS      | $2113284.17   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR2 E1                                                                 | CUSIP: 74333DAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      465000 | NS      | $462633.81    | 0.04%             | 2038-04-19      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PROGRESS RESIDENTIAL TRUST                                                             | PROG 2021-SFR9 E1                                                                 | CUSIP: 74333QAJ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      165000 | NS      | $151627.41    | 0.01%             | 2040-11-19      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                               | VST 5.7 12/30/34 144A                                                             | CUSIP: 92840VAU6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      280000 | NS      | $278538.97    | 0.02%             | 2034-12-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| VOLOFIN FINANCE(IRELAND) DESIGNATED ACTIVITY COMPANY                                   | VFIN 2024-1A A                                                                    | CUSIP: 92873RAA9<br>LEI: 254900VCWBJCNVMCJ740 | Long             | ABS-O            | CORP              | IE        |      746617 | NS      | $749944.56    | 0.06%             | 2037-06-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| REACH ABS TRUST 2025-1                                                                 | REACH 2025-1A C                                                                   | CUSIP: 75525PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      175000 | NS      | $176932.61    | 0.01%             | 2032-08-16      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Redwood Funding Trust 2024-1                                                           | RFT 2024-1 A                                                                      | CUSIP: 75806FAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      503122 | NS      | $502734.84    | 0.04%             | 2054-12-30      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 5.45 04/01/44                                                                 | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      125000 | NS      | $111617.96    | 0.01%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Western Midstream Operating LP                                                         | WES 5.3 03/01/48                                                                  | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      850000 | NS      | $729768.64    | 0.06%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC FINANCE ISSUANCE TRUST 2021-A                                                 | REPS 2021-A C                                                                     | CUSIP: 76042UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $96770.26     | 0.01%             | 2031-12-22      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| ROC MORTGAGE TRUST 2024-RTL1                                                           | ROC 2024-RTL1 A1                                                                  | CUSIP: 77118UAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1055000 | NS      | $1052958.00   | 0.08%             | 2039-10-25      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-4                                           | WLAKE 2023-4A D                                                                   | CUSIP: 96041AAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1335000 | NS      | $1393649.50   | 0.11%             | 2029-07-16      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-2                                           | WLAKE 2024-2A D                                                                   | CUSIP: 96042YAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      200000 | NS      | $203722.20    | 0.02%             | 2030-04-15      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                                                                   | WSTOP 2024-1A A2                                                                  | CUSIP: 974153AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      445000 | NS      | $451194.94    | 0.04%             | 2054-12-05      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                         | ZFFNGR 6.875 04/14/28 144A                                                        | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      315000 | NS      | $309361.94    | 0.02%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                         | ZFFNGR 6.75 04/23/30 144A                                                         | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      675000 | NS      | $641404.94    | 0.05%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                         | ZFFNGR 6.875 04/23/32 144A                                                        | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      760000 | NS      | $705073.81    | 0.05%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                                                                   | STLD 5.375 08/15/34                                                               | CUSIP: 858119BQ2<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |      320000 | NS      | $320854.06    | 0.02%             | 2034-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SUNNOVA HELIOS XIII ISSUER LLC                                                         | SNVA 2024-A A                                                                     | CUSIP: 86745CAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1138361 | NS      | $1080130.38   | 0.08%             | 2051-02-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                     | TMUS 2.7 03/15/32                                                                 | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      810000 | NS      | $700652.50    | 0.05%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Textainer Marine Containers Ltd                                                        | TMCL 2021-1A A                                                                    | CUSIP: 88315LAL2<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | BM        |      276067 | NS      | $253714.30    | 0.02%             | 2046-02-20      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| Shimao Group Holdings Ltd.                                                             | SHIMAO 5.6 07/15/26                                                               | CUSIP: G81043AQ7<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |     1300000 | NS      | $65000.00     | 0.01%             | 2026-07-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                                                       | CORPORATE TERM LOAN                                                               | CUSIP: BL4070472<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      345761 | NS      | $335388.34    | 0.03%             | 2028-01-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                                                                   | CORPORATE TERM LOAN                                                               | CUSIP: BL4609857<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | NS      | $159920.00    | 0.01%             | 2028-04-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP HOLDINGS                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4755205<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      220000 | NS      | $219175.00    | 0.02%             | 2031-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                                                    | CORPORATE TERM LOAN                                                               | CUSIP: BL4809531<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      282775 | NS      | $282068.19    | 0.02%             | 2028-02-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4939023<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1562832 | NS      | $1558925.50   | 0.12%             | 2028-10-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Tricon American Homes 2019-Sfr1                                                        | TAH 2019-SFR1 D                                                                   | CUSIP: 89612LAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       15000 | NS      | $14710.17     | 0.00%             | 2038-03-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                                       | UCGIM V3.127 06/03/32 144A                                                        | CUSIP: 904678AY5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     1000000 | NS      | $890080.31    | 0.07%             | 2032-06-03      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                         | MEX 6.875 05/13/37                                                                | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1325000 | NS      | $1356270.00   | 0.11%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                           | T 4.625 11/15/44                                                                  | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    22700000 | NS      | $22728376.00  | 1.77%             | 2044-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                           | T 4.125 02/28/27                                                                  | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     8390000 | NS      | $8421790.00   | 0.66%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VSTRONG AUTO RECEIVABLES TRUST 2024-A                                                  | VSTRG 2024-A D                                                                    | CUSIP: 92891PAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | NS      | $104307.16    | 0.01%             | 2030-07-15      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Coml Tr 2016-C36                                                           | WFCM 2016-C36 AS                                                                  | CUSIP: 95000MBR1<br>LEI: 549300BSYX29G4VVM177 | Long             | ABS-O            | CORP              | US        |     1345000 | NS      | $1290137.63   | 0.10%             | 2059-11-18      | Variable      | 3.42%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-1                                           | WLAKE 2025-1A D                                                                   | CUSIP: 96043VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | NS      | $405751.92    | 0.03%             | 2030-11-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Workiva Inc                                                                            | WK 1.25 08/15/28                                                                  | CUSIP: 98139AAD7<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | DBT              | CORP              | US        |      166000 | NS      | $154214.00    | 0.01%             | 2028-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc.                                                                       | YUM 3.625 03/15/31                                                                | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     1105000 | NS      | $989558.98    | 0.08%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DK CROWN HOLDINGS INC                                                                  | CORPORATE TERM LOAN                                                               | CUSIP: BL5011004<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      875000 | NS      | $868802.38    | 0.07%             | 2032-02-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                                                              | CORPORATE TERM LOAN                                                               | CUSIP: BL5011186<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      690000 | NS      | $690000.00    | 0.05%             | 2031-01-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ZIPLY FIBER ISSUER LLC                                                                 | ZIPLY 2024-1A B                                                                   | CUSIP: 98979QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      280000 | NS      | $290293.94    | 0.02%             | 2054-04-20      | Fixed         | 7.81%                 | No            |                  2 | On Loan: No      |
| TRANS UNION LLC                                                                        | CORPORTAE TERM LOAN                                                               | CUSIP: BL4676906<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3193416 | NS      | $3182437.75   | 0.25%             | 2031-06-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRUIST INSURANCE HOLDINGS LLC                                                          | CORPORATE TERM LOAN                                                               | CUSIP: BL4843480<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      430167 | NS      | $426940.97    | 0.03%             | 2031-05-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER FINANCING BV                                                                   | CORPORATE TERM LOAN                                                               | CUSIP: BL4862100<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     2213610 | NS      | $2202542.50   | 0.17%             | 2030-11-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Country Garden Holdings Co Ltd.                                                        | COGARD 3.3 01/12/31                                                               | CUSIP: G24524BM4<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |      600000 | NS      | $57000.00     | 0.00%             | 2031-01-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                                             | SAGB 8.875 02/28/35 2035                                                          | CUSIP: S69124WF8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    52065000 | NS      | $2541203.61   | 0.20%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                           | ENOIGA 5.375 03/30/28                                                             | CUSIP: M4R2A7AC2<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |      480000 | NS      | $457198.08    | 0.04%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd.                                                              | KAISAG 11.25 04/16/25                                                             | CUSIP: G52132CC2<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |     2310000 | NS      | $111457.50    | 0.01%             | 2025-04-16      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Shimao Group Holdings Ltd.                                                             | SHIMAO 5.2 01/16/27                                                               | CUSIP: G81269AE5<br>LEI: 254900WTJ6B5CU69ZD26 | Long             | DBT              | CORP              | KY        |      200000 | NS      | $10250.00     | 0.00%             | 2027-01-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Yuzhou Group Holdings Company Ltd                                                      | YUZHOU 7.85 08/12/26                                                              | CUSIP: G9884AAB8<br>LEI: 213800MP59KHGJSPHE82 | Long             | DBT              | CORP              | KY        |      205000 | NS      | $14614.45     | 0.00%             | 2026-08-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                                                                   | SOFTBK 4.625 07/06/28                                                             | CUSIP: J75963BR8<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      505000 | NS      | $483543.98    | 0.04%             | 2028-07-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Costa Rica (Republic Of)                                                               | COSTAR 7.158 03/12/45 REGS                                                        | CUSIP: P3699PGJ0<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     1180000 | NS      | $1210951.38   | 0.09%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                                         | MEX 5.125 05/04/37                                                                | CUSIP: P9767HGJ2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1315000 | NS      | $1379256.26   | 0.11%             | 2037-05-04      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Travel Plus Leisure Co                                                                 | TNL 4.625 03/01/30 REGS                                                           | CUSIP: U98340AC3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |      645000 | NS      | $602574.31    | 0.05%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Logan Group Company Ltd                                                                | LOGPH 4.25 07/12/25                                                               | CUSIP: G5631SAE7<br>LEI: 549300NJ0E6Q0S1VOG90 | Long             | DBT              | CORP              | KY        |      605000 | NS      | $42350.00     | 0.00%             | 2025-07-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | SUNAC 6 09/30/25 144A                                                             | CUSIP: N/A<br>LEI: 549300OLARYHDXP3WK18       | Long             | DBT              | CORP              | KY        |      185240 | NS      | $21070.99     | 0.00%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | SUNAC 6.5 09/30/27 144A                                                           | CUSIP: N/A<br>LEI: 549300OLARYHDXP3WK18       | Long             | DBT              | CORP              | KY        |      372281 | NS      | $41416.23     | 0.00%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | SUNAC 6.75 09/30/28 144A                                                          | CUSIP: N/A<br>LEI: 549300OLARYHDXP3WK18       | Long             | DBT              | CORP              | KY        |      559774 | NS      | $62274.92     | 0.00%             | 2028-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sunac China Holdings Ltd.                                                              | SUNAC 7.25 09/30/30 144A                                                          | CUSIP: N/A<br>LEI: 549300OLARYHDXP3WK18       | Long             | DBT              | CORP              | KY        |      264233 | NS      | $29395.98     | 0.00%             | 2030-09-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 3.9 10/19/31 REGS                                                           | CUSIP: Y000WRAE8<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      600000 | NS      | $501618.59    | 0.04%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Uzbekistan (The Republic of)                                                           | UZBEK 5.375 05/29/27 144A                                                         | CUSIP: Y000WRAM0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     1125000 | NS      | $1229397.13   | 0.10%             | 2027-05-29      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CIFI Holdings Group Co Ltd                                                             | CIFIHG 6 07/16/25                                                                 | CUSIP: G2140AAV9<br>LEI: 549300WGKSV867C0JF48 | Long             | DBT              | CORP              | KY        |      400000 | NS      | $45980.00     | 0.00%             | 2025-07-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA                                                                        | BANK OF AMERICA                                                                   | CUSIP: 888881660<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DFE              | CORP              | N/A       |           1 | NC      | $2338081.20   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 5YR                                                                     | CUSIP: 00002FVM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |        1729 | NC      | $1166988.47   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 5YR                                                                     | CUSIP: 00002FVM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |         100 | NC      | $158594.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE ULTRA 10Y                                                               | CUSIP: 0002UXYM5<br>LEI: 549300EX04Q2QBFQTQ27 | Short            | DIR              | CORP              | US        |        -401 | NC      | $-188825.07   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE ULTRA 10Y                                                               | CUSIP: 0002UXYM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |         109 | NC      | $154008.81    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-BOND ULTRA                                                                   | CUSIP: 00002WNM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |          52 | NC      | $124858.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-BOND ULTRA                                                                   | CUSIP: 00002WNM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |          18 | NC      | $-59906.52    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-BOND 30YR                                                                    | CUSIP: 00002USM5<br>LEI: 549300EX04Q2QBFQTQ27 | Short            | DIR              | CORP              | US        |        -303 | NC      | $127425.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-BOND 30YR                                                                    | CUSIP: 00002USM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |          66 | NC      | $160359.54    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 10YR                                                                    | CUSIP: 00002TYM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |         733 | NC      | $521352.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 10YR                                                                    | CUSIP: 00002TYM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |          97 | NC      | $196773.23    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 2YR                                                                     | CUSIP: 00002TUM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |         472 | NC      | $224519.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                                                 | US T-NOTE 2YR                                                                     | CUSIP: 00002TUM5<br>LEI: 549300EX04Q2QBFQTQ27 | Long             | DIR              | CORP              | US        |          75 | NC      | $97265.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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