# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-074644
**Filing Date:** 2026-2
**Character Count:** 2033185
**Document Hash:** d24e37671d20a0821971644b174c283a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-074644.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-074644

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 26683653

**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 Short Duration Bond Fund (Series ID: S000023739)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069816 | Investor Class      | MXSDX           |
| C000155765 | Institutional Class | MXXJX           |

### Empower Bond Index Fund (Series ID: S000023740)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069817 | Investor Class      | MXBIX           |
| C000155766 | Institutional Class | MXCOX           |

### Empower U.S. Government Securities Fund (Series ID: S000023750)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069827 | Investor Class      | MXGMX           |
| C000155776 | Institutional Class | MXDQX           |

### Empower Core Bond Fund (Series ID: S000023755)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069832 | Investor Class      | MXFDX           |
| C000155781 | Institutional Class | MXIUX           |

### Empower Multi-Sector Bond Fund (Series ID: S000023756)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069833 | Investor Class      | MXLMX           |
| C000155782 | Institutional Class | MXUGX           |

### Empower High Yield Bond Fund (Series ID: S000023757)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069834 | Investor Class      | MXHYX           |
| C000155783 | Institutional Class | MXFRX           |

### Empower Global Bond Fund (Series ID: S000023758)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000069835 | Investor Class      | MXGBX           |
| C000155784 | Institutional Class | MXZMX           |

### Empower Inflation-Protected Securities Fund (Series ID: S000059775)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000195600 | Institutional Class | MXIOX           |
| C000195601 | Investor Class      | MXIHX           |

?xml version='1.0' encoding='ASCII'? 67f3e91f-aaae-4101-a997-a81f4de7d3ce

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03364

#### EMPOWER FUNDS, INC.
(Exact name of registrant as specified in charter)

------

8515 E. Orchard Road, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Jonathan D. Kreider

President & Chief Executive Officer

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(866) 831-7129

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

#### ITEM 1. REPORT TO STOCKHOLDERS.
Item 1(a):

### Empower Bond Index Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXCOX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Bond Index Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Bond Index Fund<br>(Institutional Class/MXCOX) | $14 | 0.13% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 6.94%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.

The Fund's investment portfolio is managed by Franklin Advisers, Inc. and Franklin Advisory Services, LLC (collectively, "Franklin").

Franklin Summary of Performance

The Fund seeks to closely track the performance of the Bloomberg U.S. Aggregate Index, before expenses, with an emphasis on minimizing tracking error relative to the index. During the period, tracking error remained low and was driven primarily by security-specific factors rather than active positioning decisions. As a result, differences in performance relative to the index reflected security selection effects, with selection within investment grade corporate bonds contributing modestly to performance, while security selection in agency mortgage-backed securities modestly detracted.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026051.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Bond Index Fund (Institutional Class/MXCOX)** | 6.94% | (0.65)% | 1.79% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4,787M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2650 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;13 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.91 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.88% | 1.06% |
| United States Treasury Note/Bond 4.00% | 0.91% |
| United States Treasury Note/Bond 4.13% | 0.89% |
| United States Treasury Note/Bond 4.00% | 0.87% |
| United States Treasury Note/Bond 0.63% | 0.86% |
| United States Treasury Note/Bond 0.63% | 0.82% |
| United States Treasury Note/Bond 4.25% | 0.81% |
| United States Treasury Note/Bond 0.88% | 0.77% |
| United States Treasury Note/Bond 2.38% | 0.77% |
| United States Treasury Note/Bond 3.88% | 0.75% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026147.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Bond Index Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXBIX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Bond Index Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Bond Index Fund<br>(Investor Class/MXBIX) | $50 | 0.49% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 6.62%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.

The Fund's investment portfolio is managed by Franklin Advisers, Inc. and Franklin Advisory Services, LLC (collectively, "Franklin").

Franklin Summary of Performance

The Fund seeks to closely track the performance of the Bloomberg U.S. Aggregate Index, before expenses, with an emphasis on minimizing tracking error relative to the index. During the period, tracking error remained low and was driven primarily by security-specific factors rather than active positioning decisions. As a result, differences in performance relative to the index reflected security selection effects, with selection within investment grade corporate bonds contributing modestly to performance, while security selection in agency mortgage-backed securities modestly detracted.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Bond Index Fund (Investor Class/MXBIX)** | 6.62% | (1.00)% | 1.43% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4,787M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2650 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5.1M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;13 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.91 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.88% | 1.06% |
| United States Treasury Note/Bond 4.00% | 0.91% |
| United States Treasury Note/Bond 4.13% | 0.89% |
| United States Treasury Note/Bond 4.00% | 0.87% |
| United States Treasury Note/Bond 0.63% | 0.86% |
| United States Treasury Note/Bond 0.63% | 0.82% |
| United States Treasury Note/Bond 4.25% | 0.81% |
| United States Treasury Note/Bond 0.88% | 0.77% |
| United States Treasury Note/Bond 2.38% | 0.77% |
| United States Treasury Note/Bond 3.88% | 0.75% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026146.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Core Bond Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXIUX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Core Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Bond Fund<br>(Institutional Class/MXIUX) | $36 | 0.35% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.18%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.

The Fund's investment portfolio is managed by two sub-advisers: Goldman Sachs Asset Management, L.P. ("GSAM") and Wellington Management Company LLP ("Wellington").

GSAM Summary of Performance

During the period, performance was affected by a combination of derivatives usage, country positioning, and government security selection. Forwards, futures, and swaps contributed to performance during the year, reflecting their respective roles in portfolio positioning and risk management. Country strategy was the largest contributor, with long exposure to New Zealand rates and short exposure to Japanese rates adding the most value. Government selection was the largest detractor, reflecting a preference for futures over cash Treasuries as part of the portfolio's approach to duration management.

Wellington Summary of Performance

During the period, performance was influenced by sector allocation decisions and duration and yield curve positioning. Most fixed income sectors generated positive returns, as coupon income and periods of spread tightening helped offset the effects of volatile, and in some regions, higher global sovereign yields. Exposure to securitized sectors was the largest contributor to performance, led by allocations to non-agency residential mortgage-backed securities, with agency mortgage-backed securities and commercial mortgage-backed securities also contributing. Tactical duration and yield curve positioning was the largest detractor during the period.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026057.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Core Bond Fund (Institutional Class/MXIUX)** | 7.18% | (0.32)% | 2.42% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$740M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1479 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;197% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;13 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;6.02 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security 5.50% | 3.79% |
| United States Treasury Note/Bond 3.63% | 2.44% |
| United States Treasury Note/Bond 3.75% | 1.78% |
| United States Treasury Note/Bond 4.50% | 1.76% |
| Uniform Mortgage-Backed Security 5.00% | 1.59% |
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 1.37% |
| United States Treasury Note/Bond 1.50% | 1.33% |
| U.S. Treasury Bills 3.79% | 1.30% |
| United States Treasury Note/Bond 4.63% | 1.17% |
| United States Treasury Note/Bond 4.63% | 1.12% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026153.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Core Bond Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXFDX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Core Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Bond Fund<br>(Investor Class/MXFDX) | $72 | 0.70% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 6.75%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% over the same period.

The Fund's investment portfolio is managed by two sub-advisers: Goldman Sachs Asset Management, L.P. ("GSAM") and Wellington Management Company LLP ("Wellington").

GSAM Summary of Performance

During the period, performance was affected by a combination of derivatives usage, country positioning, and government security selection. Forwards, futures, and swaps contributed to performance during the year, reflecting their respective roles in portfolio positioning and risk management. Country strategy was the largest contributor, with long exposure to New Zealand rates and short exposure to Japanese rates adding the most value. Government selection was the largest detractor, reflecting a preference for futures over cash Treasuries as part of the portfolio's approach to duration management.

Wellington Summary of Performance

During the period, performance was influenced by sector allocation decisions and duration and yield curve positioning. Most fixed income sectors generated positive returns, as coupon income and periods of spread tightening helped offset the effects of volatile, and in some regions, higher global sovereign yields. Exposure to securitized sectors was the largest contributor to performance, led by allocations to non-agency residential mortgage-backed securities, with agency mortgage-backed securities and commercial mortgage-backed securities also contributing. Tactical duration and yield curve positioning was the largest detractor during the period.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026056.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Core Bond Fund (Investor Class/MXFDX)** | 6.75% | (0.68)% | 2.05% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$740M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1479 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;197% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;13 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;6.02 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security 5.50% | 3.79% |
| United States Treasury Note/Bond 3.63% | 2.44% |
| United States Treasury Note/Bond 3.75% | 1.78% |
| United States Treasury Note/Bond 4.50% | 1.76% |
| Uniform Mortgage-Backed Security 5.00% | 1.59% |
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 1.37% |
| United States Treasury Note/Bond 1.50% | 1.33% |
| U.S. Treasury Bills 3.79% | 1.30% |
| United States Treasury Note/Bond 4.63% | 1.17% |
| United States Treasury Note/Bond 4.63% | 1.12% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026152.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Global Bond Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXZMX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Global Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Global Bond Fund<br>(Institutional Class/MXZMX) | $68 | 0.65% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.89%, as compared to its broad-based securities market index, the Bloomberg Global Aggregate Index, which returned 8.17% over the same period.

The Fund's investment portfolio is managed by two sub-advisers: Insight North America LLC ("Insight") and RBC Global Asset Management (UK) Limited ("RBC").

Insight Summary of Performance

Performance was primarily driven by duration and inflation positioning as well as security selection. A U.S. yield curve steepener was the largest contributor to performance, supported by the use of interest rate futures and foreign exchange forwards to enhance returns and manage tracking error. Significant detractors were the credit strategy and positions in the currency space, and an underweight to credit beta in the second and third quarters detracted the most from performance.

RBC Summary of Performance

Performance was affected by active positioning across sovereign and corporate credit during a volatile market environment, alongside declining U.S. bond yields. Opportunities in credit spreads contributed to performance, including exposure to Romanian sovereign credit, which benefited from tighter spreads as investors gained confidence in the sovereign's fiscal reforms. These gains were partly offset by declines from term structure positioning and active foreign exchange, and while the portfolio maintained an overweight to corporate credit (cash bonds), credit default swap index hedges offset a portion of those gains.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026063.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Global Bond Fund (Institutional Class/MXZMX)** | 7.89% | (1.85)% | 0.63% |
| **Bloomberg Global Aggregate Index** | 8.17% | (2.15)% | 1.26% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;695 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;153% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;12 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;6.82 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.75% | 6.11% |
| Uniform Mortgage-Backed Security 5.50% | 3.49% |
| United States Treasury Note/Bond 3.88% | 2.02% |
| United States Treasury Note/Bond 3.88% | 1.87% |
| United States Treasury Note/Bond 4.25% | 1.67% |
| United States Treasury Note/Bond 3.50% | 1.65% |
| United States Treasury Note/Bond 3.88% | 1.54% |
| United States Treasury Note/Bond 4.63% | 1.51% |
| Korea Treasury Bond 2.63% | 1.45% |
| United States Treasury Note/Bond 4.00% | 1.31% |

---

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_1026159.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Global Bond Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXGBX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Global Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Global Bond Fund<br>(Investor Class/MXGBX) | $104 | 1.00% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.54%, as compared to its broad-based securities market index, the Bloomberg Global Aggregate Index, which returned 8.17% over the same period.

The Fund's investment portfolio is managed by two sub-advisers: Insight North America LLC ("Insight") and RBC Global Asset Management (UK) Limited ("RBC").

Insight Summary of Performance

Performance was primarily driven by duration and inflation positioning as well as security selection. A U.S. yield curve steepener was the largest contributor to performance, supported by the use of interest rate futures and foreign exchange forwards to enhance returns and manage tracking error. Significant detractors were the credit strategy and positions in the currency space, and an underweight to credit beta in the second and third quarters detracted the most from performance.

RBC Summary of Performance

Performance was affected by active positioning across sovereign and corporate credit during a volatile market environment, alongside declining U.S. bond yields. Opportunities in credit spreads contributed to performance, including exposure to Romanian sovereign credit, which benefited from tighter spreads as investors gained confidence in the sovereign's fiscal reforms. These gains were partly offset by declines from term structure positioning and active foreign exchange, and while the portfolio maintained an overweight to corporate credit (cash bonds), credit default swap index hedges offset a portion of those gains.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026062.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Global Bond Fund (Investor Class/MXGBX)** | 7.54% | (2.20)% | 0.27% |
| **Bloomberg Global Aggregate Index** | 8.17% | (2.15)% | 1.26% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$666M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;695 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;153% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa3 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;12 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;6.82 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.75% | 6.11% |
| Uniform Mortgage-Backed Security 5.50% | 3.49% |
| United States Treasury Note/Bond 3.88% | 2.02% |
| United States Treasury Note/Bond 3.88% | 1.87% |
| United States Treasury Note/Bond 4.25% | 1.67% |
| United States Treasury Note/Bond 3.50% | 1.65% |
| United States Treasury Note/Bond 3.88% | 1.54% |
| United States Treasury Note/Bond 4.63% | 1.51% |
| Korea Treasury Bond 2.63% | 1.45% |
| United States Treasury Note/Bond 4.00% | 1.31% |

---

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_1026158.jpg)

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower High Yield Bond Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXFRX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower High Yield Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower High Yield Bond Fund<br>(Institutional Class/MXFRX) | $66 | 0.63% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 9.34%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and a composite index with investment characteristics similar to those of the Fund, which returned 10.38% over the same period.

The Fund's investment portfolio is managed by Franklin Advisers, Inc. ("Franklin Advisers").

Franklin Advisers Summary of Performance

Performance during the period was affected by security selection across sectors. Security selection in the gaming, lodging and leisure sector and in the technology segment of the high yield market contributed to performance, while security selection in the industrial sector and in healthcare-related issuers detracted from performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower High Yield Bond Fund (Institutional Class/MXFRX)** | 9.34% | 3.91% | 6.34% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **ICE BofAML US High Yield Index 80%/ICE BofAML All US Convertible Index 20%** | 10.38% | 4.66% | 7.44% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$803M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;502 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.2M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Ba3 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;5 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;2.31 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 3.73% |
| Lumentum Holdings Inc | 0.81% |
| RR Donnelley & Sons Co 9.50% | 0.70% |
| Kedrion SpA 6.50% | 0.65% |
| Iron Mountain Inc REIT 6.25% | 0.63% |
| FirstCash Inc 6.88% | 0.61% |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% | 0.61% |
| DaVita Inc 6.88% | 0.60% |
| Boeing Co | 0.57% |
| MPT Operating Partnership LP / MPT Finance Corp REIT 8.50% | 0.57% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026151.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://www.empower.com/investments/empower-funds/fund-documents or upon special request at 1-866-831-7129.

Effective January 1, 2026, the Fund's annual advisory rate was reduced to 0.55% on assets up to $1 billion, 0.50% on assets over $1 billion, and 0.45% on assets over $2 billion, and the Fund's expense limit annual rate was reduced to 0.58%.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower High Yield Bond Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXHYX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower High Yield Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower High Yield Bond Fund<br>(Investor Class/MXHYX) | $102 | 0.98% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 8.96%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and a composite index with investment characteristics similar to those of the Fund, which returned 10.38% over the same period.

The Fund's investment portfolio is managed by Franklin Advisers, Inc. ("Franklin Advisers").

Franklin Advisers Summary of Performance

Performance during the period was affected by security selection across sectors. Security selection in the gaming, lodging and leisure sector and in the technology segment of the high yield market contributed to performance, while security selection in the industrial sector and in healthcare-related issuers detracted from performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026054.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower High Yield Bond Fund (Investor Class/MXHYX)** | 8.96% | 3.57% | 5.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **ICE BofAML US High Yield Index 80%/ICE BofAML All US Convertible Index 20%** | 10.38% | 4.66% | 7.44% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$803M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;502 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.2M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Ba3 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;5 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;2.31 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 3.73% |
| Lumentum Holdings Inc | 0.81% |
| RR Donnelley & Sons Co 9.50% | 0.70% |
| Kedrion SpA 6.50% | 0.65% |
| Iron Mountain Inc REIT 6.25% | 0.63% |
| FirstCash Inc 6.88% | 0.61% |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% | 0.61% |
| DaVita Inc 6.88% | 0.60% |
| Boeing Co | 0.57% |
| MPT Operating Partnership LP / MPT Finance Corp REIT 8.50% | 0.57% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026150.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://www.empower.com/investments/empower-funds/fund-documents or upon special request at 1-866-831-7129.

Effective January 1, 2026, the Fund's annual advisory rate was reduced to 0.55% on assets up to $1 billion, 0.50% on assets over $1 billion, and 0.45% on assets over $2 billion, and the Fund's expense limit annual rate was reduced to 0.58%.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Inflation-Protected Securities Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXIOX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Inflation-Protected Securities Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Inflation-Protected Securities Fund<br>(Institutional Class/MXIOX) | $36 | 0.35% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.17%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, which returned 7.47% over the same period.

The Fund's investment portfolio is managed by one sub-adviser: Goldman Sachs Asset Management, L.P. ("GSAM").

GSAM Summary of Performance

Performance during the period was driven by derivatives positioning, duration management, and sector allocation, with offsetting effects from security selection. The Fund utilized Treasury futures and interest rate swaps during the period. Interest rate swaps detracted from performance, though this was offset by Treasury futures, resulting in a positive contribution overall. Duration positioning contributed to performance, primarily driven by GSAM's tactical auction month-end strategies. Sector allocation strategy also contributed, led by overweights to the collateralized loan obligation, commercial mortgage-backed securities, and investment-grade corporate sectors, which performed well during the year. Specific U.S. Treasury Inflation-Protected Securities ("TIPS") selection detracted from performance, particularly in December, driven by security selection and exposure to shorter-dated TIPS.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026064.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Inflation-Protected Securities Fund (Institutional Class/MXIOX)** | 7.17% | 2.22% | 3.08% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 1.76% |
| **Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index** | 7.47% | 2.52% | 3.43% |

---

<sup>(a)</sup> <sup>Institutional Class inception date was January 4, 2018.</sup>

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$511M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;180% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;9 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.31 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Bonds TIPS 1.88% | 24.79% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.13% | 16.71% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 11.83% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 3.12% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 2.21% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 1.05% |
| Elmwood Ltd 5.18% | 0.62% |
| Elmwood Ltd 5.22% | 0.60% |
| Kennedy Lewis Ltd 5.43% | 0.57% |
| Madison Park Funding LXXIII Ltd 5.26% | 0.55% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026160.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Inflation-Protected Securities Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXIHX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Inflation-Protected Securities Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Inflation-Protected Securities Fund<br>(Investor Class/MXIHX) | $72 | 0.70% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 6.75%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index, which returned 7.47% over the same period.

The Fund's investment portfolio is managed by one sub-adviser: Goldman Sachs Asset Management, L.P. ("GSAM").

GSAM Summary of Performance

Performance during the period was driven by derivatives positioning, duration management, and sector allocation, with offsetting effects from security selection. The Fund utilized Treasury futures and interest rate swaps during the period. Interest rate swaps detracted from performance, though this was offset by Treasury futures, resulting in a positive contribution overall. Duration positioning contributed to performance, primarily driven by GSAM's tactical auction month-end strategies. Sector allocation strategy also contributed, led by overweights to the collateralized loan obligation, commercial mortgage-backed securities, and investment-grade corporate sectors, which performed well during the year. Specific U.S. Treasury Inflation-Protected Securities ("TIPS") selection detracted from performance, particularly in December, driven by security selection and exposure to shorter-dated TIPS.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026065.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** |
| **Empower Inflation-Protected Securities Fund (Investor Class/MXIHX)** | 6.75% | 1.87% | 2.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 1.76% |
| **Bloomberg U.S. Treasury Inflation Notes 1-10 Year Index** | 7.47% | 2.52% | 3.43% |

---

<sup>(a)</sup> <sup>Institutional Class inception date was January 4, 2018.</sup>

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$511M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;180% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;9 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.31 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Bonds TIPS 1.88% | 24.79% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.13% | 16.71% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 11.83% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 3.12% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 2.21% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 1.05% |
| Elmwood Ltd 5.18% | 0.62% |
| Elmwood Ltd 5.22% | 0.60% |
| Kennedy Lewis Ltd 5.43% | 0.57% |
| Madison Park Funding LXXIII Ltd 5.26% | 0.55% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026161.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Multi-Sector Bond Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXUGX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Multi-Sector Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Multi-Sector Bond Fund<br>(Institutional Class/MXUGX) | $57 | 0.55% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 8.39%, as compared to its broad-based securities market index, the Bloomberg Multiverse Index, which returned 8.42% over the same period.

The Fund's investment portfolio is managed by two sub-advisers: Loomis, Sayles, & Company, L.P. ("Loomis Sayles") and Virtus Fixed Income Advisers, LLC ("Virtus").

Loomis Sayles Summary of Performance

Performance was driven primarily by security selection, with yield curve positioning also contributing throughout the period. Exposure to high yield credit, investment grade credit and securitized sectors aided performance, largely due to security selection, while allocation effects also contributed within high yield credit. Non-U.S. dollar exposures contributed positively during the period. An out-of-benchmark allocation to securitized names detracted from performance.

Virtus Summary of Performance

Sector allocation, issue selection and duration impact contributed to performance during the period. An underweight to U.S. Treasuries, in addition to overweight allocation and security selection within emerging markets sovereign debt, contributed to performance, with emerging markets sovereign debt representing the largest contributor. Selection within high yield corporates and residential mortgage-backed securities detracted from performance, with high yield corporates representing the largest detractor in the context of active sector and issue selection.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026059.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Multi-Sector Bond Fund (Institutional Class/MXUGX)** | 8.39% | 2.17% | 4.71% |
| **Bloomberg Multiverse Index** | 8.42% | (1.87)% | 1.50% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,390M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1722 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6.2M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;74% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;12 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.41 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.50% | 6.66% |
| United States Treasury Note/Bond 4.00% | 2.67% |
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 1.37% |
| Federal Home Loan Mortgage Corp 5.00% | 0.78% |
| EchoStar Corp 10.75% | 0.66% |
| United States Treasury Note/Bond 4.63% | 0.63% |
| Republic of South Africa Government Bond 9.00% | 0.51% |
| U.S. Treasury Bills 3.56% | 0.50% |
| Federal Home Loan Mortgage Corp 5.50% | 0.48% |
| Federal Home Loan Mortgage Corp 5.50% | 0.46% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026155.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Multi-Sector Bond Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXLMX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Multi-Sector Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Multi-Sector Bond Fund<br>(Investor Class/MXLMX) | $94 | 0.90% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.98%, as compared to its broad-based securities market index, the Bloomberg Multiverse Index, which returned 8.42% over the same period.

The Fund's investment portfolio is managed by two sub-advisers: Loomis, Sayles, & Company, L.P. ("Loomis Sayles") and Virtus Fixed Income Advisers, LLC ("Virtus").

Loomis Sayles Summary of Performance

Performance was driven primarily by security selection, with yield curve positioning also contributing throughout the period. Exposure to high yield credit, investment grade credit and securitized sectors aided performance, largely due to security selection, while allocation effects also contributed within high yield credit. Non-U.S. dollar exposures contributed positively during the period. An out-of-benchmark allocation to securitized names detracted from performance.

Virtus Summary of Performance

Sector allocation, issue selection and duration impact contributed to performance during the period. An underweight to U.S. Treasuries, in addition to overweight allocation and security selection within emerging markets sovereign debt, contributed to performance, with emerging markets sovereign debt representing the largest contributor. Selection within high yield corporates and residential mortgage-backed securities detracted from performance, with high yield corporates representing the largest detractor in the context of active sector and issue selection.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Multi-Sector Bond Fund (Investor Class/MXLMX)** | 7.98% | 1.83% | 4.35% |
| **Bloomberg Multiverse Index** | 8.42% | (1.87)% | 1.50% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,390M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1722 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6.2M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;74% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Baa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;12 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.41 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.50% | 6.66% |
| United States Treasury Note/Bond 4.00% | 2.67% |
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 1.37% |
| Federal Home Loan Mortgage Corp 5.00% | 0.78% |
| EchoStar Corp 10.75% | 0.66% |
| United States Treasury Note/Bond 4.63% | 0.63% |
| Republic of South Africa Government Bond 9.00% | 0.51% |
| U.S. Treasury Bills 3.56% | 0.50% |
| Federal Home Loan Mortgage Corp 5.50% | 0.48% |
| Federal Home Loan Mortgage Corp 5.50% | 0.46% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026154.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Short Duration Bond Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXXJX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Short Duration Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Short Duration Bond Fund<br>(Institutional Class/MXXJX) | $25 | 0.24% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 5.80%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg 1-3 Year Credit Bond Index, which returned 5.82% over the same period.

The Fund's investment portfolio is managed by Franklin Advisers, Inc ("Franklin Advisers").

Franklin Advisers Summary of Performance

Performance during the year was affected by portfolio positioning and sector exposures. Use of interest rate swaps and futures to adjust duration contributed to performance as part of overall portfolio management rather than on a standalone basis. Exposure to out-of-index mortgage credit sectors and asset-backed securities contributed to performance, while an underweight to investment grade corporate bonds and yield curve term structure positioning detracted from performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026061.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Short Duration Bond Fund (Institutional Class/MXXJX)** | 5.80% | 2.49% | 2.85% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg 1-3 Year Credit Bond Index** | 5.82% | 2.46% | 2.64% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$549M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;477 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.2M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;A2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;5 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;1.67 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Bills 3.63% | 5.42% |
| United States Treasury Note/Bond 3.88% | 5.18% |
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 1.98% |
| Federal Home Loan Bank 3.55% | 1.97% |
| Federal Home Loan Bank 3.58% | 1.44% |
| Goldman Sachs Group Inc 4.15% | 1.23% |
| Bank of America Corp 6.20% | 1.10% |
| BAT Capital Corp 4.91% | 0.96% |
| Boeing Co 6.30% | 0.79% |
| Boeing Co 2.75% | 0.79% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026157.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower Short Duration Bond Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXSDX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower Short Duration Bond Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Short Duration Bond Fund<br>(Investor Class/MXSDX) | $61 | 0.59% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 5.29%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg 1-3 Year Credit Bond Index, which returned 5.82% over the same period.

The Fund's investment portfolio is managed by Franklin Advisers, Inc ("Franklin Advisers").

Franklin Advisers Summary of Performance

Performance during the year was affected by portfolio positioning and sector exposures. Use of interest rate swaps and futures to adjust duration contributed to performance as part of overall portfolio management rather than on a standalone basis. Exposure to out-of-index mortgage credit sectors and asset-backed securities contributed to performance, while an underweight to investment grade corporate bonds and yield curve term structure positioning detracted from performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026060.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower Short Duration Bond Fund (Investor Class/MXSDX)** | 5.29% | 2.11% | 2.48% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg 1-3 Year Credit Bond Index** | 5.82% | 2.46% | 2.64% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$549M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;477 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.2M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;A2 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;5 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;1.67 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Bills 3.63% | 5.42% |
| United States Treasury Note/Bond 3.88% | 5.18% |
| Dreyfus Institutional Preferred Government Money Market Fund Institutional Class | 1.98% |
| Federal Home Loan Bank 3.55% | 1.97% |
| Federal Home Loan Bank 3.58% | 1.44% |
| Goldman Sachs Group Inc 4.15% | 1.23% |
| Bank of America Corp 6.20% | 1.10% |
| BAT Capital Corp 4.91% | 0.96% |
| Boeing Co 6.30% | 0.79% |
| Boeing Co 2.75% | 0.79% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026156.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
There were no material changes to the Fund during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower U.S. Government Securities Fund
ANNUAL SHAREHOLDER REPORT

Institutional Class / MXDQX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower U.S. Government Securities Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower U.S. Government Securities Fund<br>(Institutional Class/MXDQX) | $25 | 0.24% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 7.06%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Government/Mortgage Index, which returned 7.09% over the same period.

The Fund's investment portfolio is managed by Empower Capital Management, LLC ("ECM"), the Fund's investment adviser.

ECM Summary of Performance

During the period, the Fund maintained an overweight to agency mortgage-backed securities and an out-of-benchmark allocation to asset-backed securities, while holding an underweight to Treasuries, reflecting attractive valuations and a constructive view of market conditions. Treasury futures were used to manage interest rate risk and modestly detracted from performance. An overweight to agency mortgage-backed securities exposure was the largest contributor to performance, followed by asset-backed securities exposure which was the second largest contributor to performance over the period. Sector, duration and yield curve positioning did not have any negative impact on performance throughout the period.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026053.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower U.S. Government Securities Fund (Institutional Class/MXDQX)** | 7.06% | (0.36)% | 1.56% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg U.S. Government/Mortgage Index** | 7.09% | (0.53)% | 1.46% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$631M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;303 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;95% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;15 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.79 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 4.13% | 4.90% |
| United States Treasury Note/Bond 4.25% | 4.63% |
| United States Treasury Note/Bond 4.13% | 4.29% |
| United States Treasury Note/Bond 4.63% | 4.26% |
| United States Treasury Note/Bond 3.75% | 4.07% |
| United States Treasury Note/Bond 4.75% | 3.78% |
| United States Treasury Note/Bond 3.50% | 3.19% |
| United States Treasury Note/Bond 4.25% | 3.19% |
| United States Treasury Note/Bond 3.50% | 2.92% |
| United States Treasury Note/Bond 3.88% | 2.84% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026149.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://www.empower.com/investments/empower-funds/fund-documents or upon special request at 1-866-831-7129.

Effective January 17, 2025, Western Asset was removed as the sub-adviser of the Fund and ECM began managing the Fund's investment portfolio.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

### Empower U.S. Government Securities Fund
ANNUAL SHAREHOLDER REPORT

Investor Class / MXGMX \| December 31, 2025

![Empower Logo](images_210.jpg)

This annual shareholder report contains important information about the Empower U.S. Government Securities Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the last year ended December 31, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower U.S. Government Securities Fund<br>(Investor Class/MXGMX) | $61 | 0.59% |

---

#### Management's Discussion of Fund Performance
For the 12-month reporting period ended December 31, 2025, the Fund returned 6.60%, as compared to its broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% and an additional index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Government/Mortgage Index, which returned 7.09% over the same period.

The Fund's investment portfolio is managed by Empower Capital Management, LLC ("ECM"), the Fund's investment adviser.

ECM Summary of Performance

During the period, the Fund maintained an overweight to agency mortgage-backed securities and an out-of-benchmark allocation to asset-backed securities, while holding an underweight to Treasuries, reflecting attractive valuations and a constructive view of market conditions. Treasury futures were used to manage interest rate risk and modestly detracted from performance. An overweight to agency mortgage-backed securities exposure was the largest contributor to performance, followed by asset-backed securities exposure which was the second largest contributor to performance over the period. Sector, duration and yield curve positioning did not have any negative impact on performance throughout the period.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1026052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **Empower U.S. Government Securities Fund (Investor Class/MXGMX)** | 6.60% | (0.71)% | 1.20% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | (0.36)% | 2.01% |
| **Bloomberg U.S. Government/Mortgage Index** | 7.09% | (0.53)% | 1.46% |

---

Results include the reinvestment of all dividends and capital gains distributions. **Past performance is no guarantee of future results.** The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance does not include any fees or expenses of variable insurance contracts, IRAs, qualified retirement plans or college savings programs. If such fees and expenses were included, returns would be lower.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$631M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;303 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;95% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;15 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.79 years |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total investments of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 4.13% | 4.90% |
| United States Treasury Note/Bond 4.25% | 4.63% |
| United States Treasury Note/Bond 4.13% | 4.29% |
| United States Treasury Note/Bond 4.63% | 4.26% |
| United States Treasury Note/Bond 3.75% | 4.07% |
| United States Treasury Note/Bond 4.75% | 3.78% |
| United States Treasury Note/Bond 3.50% | 3.19% |
| United States Treasury Note/Bond 4.25% | 3.19% |
| United States Treasury Note/Bond 3.50% | 2.92% |
| United States Treasury Note/Bond 3.88% | 2.84% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_1026148.jpg)

(a) Security ratings disclosed with the exception of those labeled "Not Rated" are provided by a Nationally Recognized Statistical Ratings Organization ("NRSRO"). Our preferred vendor has been chosen based on asset coverage and historical ratings accuracy. When ratings are unavailable from our preferred vendor, other NRSROs may be utilized.

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://www.empower.com/investments/empower-funds/fund-documents or upon special request at 1-866-831-7129.

Effective January 17, 2025, Western Asset was removed as the sub-adviser of the Fund and ECM began managing the Fund's investment portfolio.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

Availability of Additional Information

![QR Code](images_212.jpg)

Scan the QR code at left or visit https://www.empower.com/investments/empower-funds/fund-documents to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-866-831-7129.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-866-831-7129 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

EMPOWER FUNDS

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
(a) As of the end of the period covered by this report, the registrant has adopted a Code of Ethics (the "Code of Ethics") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this Item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) During the period covered by this report, there have been no amendments to the registrant's Code of Ethics.

(d) During the period covered by this report, the registrant has not granted any express or implicit waivers from the provisions of the Code of Ethics.

(e) Registrant's Code of Ethics is attached hereto.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Mr. Stephen A. Lake is the audit committee financial expert and is "independent," pursuant to general instructions on Form N-CSR, Item 3.

An "audit committee financial expert" is not an "expert" for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an "audit committee financial expert." Further, the designation of a person as an "audit committee financial expert" does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the "audit committee financial expert" designation. Similarly, the designation of a person as an "audit committee financial expert" does not affect the duties, obligations, or liability of any other member of the Audit Committee or Board of Directors.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were: $1,082,655 for fiscal year 2024 and $812,365 for fiscal year 2025.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this item were: $265,941 for fiscal year 2024 and $50,574 for fiscal year 2025. The nature of the services comprising the fees disclosed under this category involved performance of 17f-2 (self custody) audits, fund administration SOC1 testing, and N1-A and N-14 reviews.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were: $0 for fiscal year 2024 and $0 for fiscal year 2025.

(d) All Other Fees. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs ((a) through (c) of this Item).

(e) (1) Audit Committee's Pre-Approval Policies and Procedures.

Pre-Approval of Audit Services. The Audit Committee must approve prior to retention all audit, review or attest engagements required under the securities laws that are provided to Empower Funds by its independent auditors. The Audit Committee will not grant such approval to any auditors that are proposed to perform an audit for Empower Funds if a chief executive officer, controller, chief financial officer, chief accounting officer or any person serving in an equivalent position for Empower Funds that is responsible for the financial reporting or operations of Empower Funds was employed by those auditors and participated in any capacity in an audit of Empower Funds during the year period (or such other period proscribed under Securities Exchange Commission rules) preceding the date of initiation of such audit.

Pre-Approval of Non-Audit Services. The Audit Committee must pre-approve any non-audit services, including tax services, to be provided to Empower Funds by its independent auditors (except those within applicable de minimis statutory or regulatory exceptions)<sup>1</sup> provided that Empower Funds' auditors will not provide the following non-audit services to Empower Funds: (a) bookkeeping or other services related to the accounting records or financial statements of Empower Funds; (b) financial information systems design and implementation; (c) appraisal or valuation services, fairness opinions, or contribution-in-kind reports; (d) actuarial services; (e) internal audit outsourcing services; (f) management functions or human resources; (g) broker-dealer, investment adviser, or investment banking services; (h) legal services; (i) expert services unrelated to the audit; and (j) any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible. <sup>2</sup>

Pre-approval with respect to Non-Empower Funds Entities. The Audit Committee must pre-approve any non-audit services that relate directly to the operations and financial reporting of Empower Funds (except those within applicable de minimis statutory or regulatory exceptions)<sup>3</sup> to be provided by Empower Funds' auditors to (a) Empower Funds' investment adviser; and (b) any entity controlling, controlled by, or under common control with the investment adviser if that entity provides ongoing services to Empower Funds.<sup>4</sup> The Audit Committee may approve audit and non-audit services on a case-by-case basis or adopt pre-approval policies and procedures that are detailed as to a particular service, provided that the Audit Committee is informed promptly of each service, or use a combination of these approaches.

Delegation. The Audit Committee may delegate pre-approval authority to one or more of the Audit Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

(f) (2) 100% of the services described pursuant to paragraphs (b) through (d) of this Item 4 of Form N-CSR were approved by the Audit Committee, and no such services were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Not Applicable.

(h) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal year 2024 equaled $2,094,252 and for fiscal year 2025 equaled $1,759,076.

(i) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 6. INVESTMENTS.
(a) The schedule is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>No pre-approval is required as to non-audit services provided to Empower Funds if: (a) the aggregate amount of all non-audit services provided to Empower Funds constitute not more than 5% of the total amount of revenues paid by Empower Funds to the independent auditors during the fiscal year in which the services are provided; (b) these services were not recognized by Empower Funds at the time of the engagement to be non-audit services; and (c) the services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>With respect to the prohibitions on (a) bookkeeping; (b) financial information systems design and implementation; (c) appraisal, valuation, fairness opinions, or contribution-in-kind reports; (d) actuarial; and (e) internal audit outsourcing, such services are permitted to be provided if it is reasonable to conclude that the results of these services will not be subject to audit procedures during an audit of the audit client's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup>For non-audit services provided to the adviser and entities in a control relationship with the adviser, no pre-approval is required if: (a) the aggregate amount of all non-audit services provided constitute not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the services are provided to Empower Funds, Empower Funds' investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser if that entity provides ongoing services to Empower Funds; (b) these services were not recognized by Empower Funds at the time of the engagement to be non-audit services; and (c) the services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup>No pre-approval is required by the Audit Committee as to non-audit services provided to any Empower Funds sub-adviser that primarily provides portfolio management services and is under the direction of another investment adviser and is not affiliated with Empower Funds' primary investment adviser.

------

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### EMPOWER FUNDS, INC. ("Empower Funds")

---

| | |
|:---|:---|
| **Empower Bond Index Fund** | &nbsp;&nbsp;&nbsp;**Empower Core Bond Fund** |
| **Institutional Class Ticker / MXCOX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXIUX** |
| **Investor Class Ticker / MXBIX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXFDX** |
| **Empower Global Bond Fund** | &nbsp;&nbsp;&nbsp;**Empower High Yield Bond Fund** |
| **Institutional Class Ticker / MXZMX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXFRX** |
| **Investor Class Ticker / MXGBX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXHYX** |
| **Empower Inflation-Protected Securities Fund** | &nbsp;&nbsp;&nbsp;**Empower Multi-Sector Bond Fund** |
| **Institutional Class Ticker / MXIOX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXUGX** |
| **Investor Class Ticker / MXIHX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXLMX** |
| **Empower Short Duration Bond Fund** | &nbsp;&nbsp;&nbsp;**Empower U.S. Government Securities Fund** |
| **Institutional Class Ticker / MXXJX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXDQX** |
| **Investor Class Ticker / MXSDX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXGMX** |

---

(the "Fund(s)")

#### Annual Report
December 31, 2025

This report and the financial statements attached are submitted for general information and are 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.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 0.37% | Non-Agency — 0.37% | Non-Agency — 0.37% |
|  | Capital One Multi-Asset Execution Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A3 Class A3 |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.06%, 08/15/2028 | &nbsp;&nbsp;&nbsp;$494640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A2 Class A2 |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.39%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 941881 |
| &nbsp;&nbsp; 2000000 | CNH Equipment Trust<br> Series 2022-B Class A4<br> 3.91%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1999221 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | Discover Card Execution Note Trust<br> Series 2023-A1 Class A<br> 4.31%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101119 |
| &nbsp;&nbsp;&nbsp;&nbsp;8584000 | Ford Credit Floorplan Master Owner Trust<br> Series 2018-4 Class A<br> 4.06%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618014 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | GM Financial Consumer Automobile Receivables Trust<br> Series 2022-3 Class A4<br> 3.71%, 12/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998971 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Nissan Auto Receivables Owner Trust<br> Series 2022-B Class A4<br> 4.45%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856729 | Toyota Auto Receivables Owner Trust<br> Series 2022-B Class A4<br> 3.11%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854702 |
| &nbsp;&nbsp;&nbsp;&nbsp;1570973 | World Omni Auto Receivables Trust<br> Series 2024-A Class A3<br> 4.86%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579479 |
| **TOTAL ASSET-BACKED SECURITIES — 0.37%<br> (Cost $17,682,300)** | **TOTAL ASSET-BACKED SECURITIES — 0.37%<br> (Cost $17,682,300)** | &nbsp;&nbsp;&nbsp;**$17793189** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 0.52% | Basic Materials — 0.52% | Basic Materials — 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Air Products & Chemicals Inc<br> 4.80%, 03/03/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019829 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Albemarle Corp<sup>(a)</sup><br> 5.05%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006742 |
|  | BHP Billiton Finance USA Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/21/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032437 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/30/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949697 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cabot Corp<br> 5.00%, 06/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015532 |
|  | CF Industries Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175780 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895408 |
|  | Dow Chemical Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1059000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052999 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Eastman Chemical Co<br> 4.65%, 10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763171 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
|  | Ecolab Inc |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/15/2028 | &nbsp;&nbsp;&nbsp;$505236 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 617326 |
| &nbsp;&nbsp; 2000000 | Freeport-McMoRan Inc<br> 4.63%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2015055 |
| &nbsp;&nbsp; 406000 | International Paper Co<br> 4.35%, 08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 328164 |
|  | LYB International Finance BV |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 863256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Mosaic Co<br> 5.45%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256857 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Newmont Corp / Newcrest Finance Pty Ltd<br> 5.35%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254309 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Nucor Corp<br> 4.65%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020907 |
|  | Nutrien Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018069 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923575 |
|  | Rio Tinto Finance USA PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083845 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/09/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026805 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030434 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Sherwin-Williams Co<br> 4.80%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Southern Copper Corp<br> 5.25%, 11/08/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479177 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Steel Dynamics Inc<br> 3.45%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266000 | Vale Overseas Ltd<br> 6.40%, 06/28/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271453 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Westlake Corp<br> 3.13%, 08/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24807110 |
| Communications — 1.94% | Communications — 1.94% | Communications — 1.94% |
|  | Alibaba Group Holding Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/09/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461256 |
|  | Alphabet Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.90%, 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766229 |
| &nbsp;&nbsp;&nbsp;&nbsp;2072000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2060<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061482 |
|  | Amazon.com Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983749 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 05/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665367 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/03/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494197 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/12/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111964 |
|  | America Movil SAB de CV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/07/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/22/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316780 |
|  | AppLovin Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103992 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
|  | AT&T Inc |  |
| $175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 06/01/2027 | &nbsp;&nbsp;&nbsp;$171000 |
| &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1802274 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1836785 |
| &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1365552 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 518428 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 168101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660079 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/09/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238492 |
| &nbsp;&nbsp;&nbsp;&nbsp;3222000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097195 |
| &nbsp;&nbsp;&nbsp;&nbsp;2134000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Bell Canada<br> 4.46%, 04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255656 |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513751 |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248733 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471234 |
|  | Cisco Systems Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016245 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659334 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575110 |
|  | Comcast Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032317 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782762 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017214 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101379 |
| &nbsp;&nbsp;&nbsp;&nbsp;1586000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927482 |
| &nbsp;&nbsp;&nbsp;&nbsp;1388000 | &nbsp;&nbsp;&nbsp;&nbsp;2.94%, 11/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.99%, 11/01/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | Corning Inc<br> 4.38%, 11/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Deutsche Telekom International Finance BV<br> 8.75%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746757 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | eBay Inc<br> 2.60%, 05/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Fox Corp<br> 5.48%, 01/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Grupo Televisa SAB<br> 5.00%, 05/13/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198556 |
|  | Meta Platforms Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012048 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008196 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670003 |
| &nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891119 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116378 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185519 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
|  | Motorola Solutions Inc |  |
| $900000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/24/2031 | &nbsp;&nbsp;&nbsp;$823415 |
| &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500059 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 826112 |
|  | Netflix Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1025226 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 230407 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Omnicom Group Inc<sup>(a)</sup><br> 2.45%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268000 | Orange SA<br> 5.50%, 02/06/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264059 |
|  | Paramount Global |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/19/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560224 |
|  | Rogers Communications Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007602 |
| &nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453041 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Telefonica Emisiones SA<br> 5.21%, 03/08/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Time Warner Cable LLC<br> 4.50%, 09/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576767 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018155 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928931 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994201 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414455 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116263 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | TWDC Enterprises 18 Corp<br> 4.13%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Uber Technologies Inc<br> 4.80%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799768 |
|  | Verizon Communications Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 03/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065711 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880236 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 03/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529599 |
| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522503 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002261 |
| &nbsp;&nbsp;&nbsp;&nbsp;1753000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086811 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/22/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834058 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.99%, 10/30/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 03/22/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118086 |
|  | Vodafone Group PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/30/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/19/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/17/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770067 |
|  | Walt Disney Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426707 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 01/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92742584 |
| Consumer, Cyclical — 1.45% | Consumer, Cyclical — 1.45% | Consumer, Cyclical — 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | American Airlines Pass<br> Series 2025-1 Class A<br> 4.90%, 05/11/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990930 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | American Honda Finance Corp |  |
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/03/2028 | &nbsp;&nbsp;&nbsp;$1212542 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1021797 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 07/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1541343 |
| &nbsp;&nbsp; 1000000 | Aptiv Swiss Holdings Ltd<br> 3.10%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 642304 |
| &nbsp;&nbsp; 175000 | AutoNation Inc<br> 2.40%, 08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 154689 |
| &nbsp;&nbsp; 500000 | AutoZone Inc<br> 5.40%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 517608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Brunswick Corp<br> 2.40%, 08/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153259 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Costco Wholesale Corp<br> 1.75%, 04/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301156 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cummins Inc<br> 5.15%, 02/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Delta Air Lines Inc<br> 4.95%, 07/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610790 |
|  | Dollar General Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/05/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/03/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483581 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Dollar Tree Inc<br> 2.65%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902411 |
|  | DR Horton Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.40%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885143 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Ford Motor Co<sup>(a)</sup><br> 6.10%, 08/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060731 |
|  | Ford Motor Credit Co LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012455 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 05/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928864 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/08/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626019 |
|  | General Motors Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/02/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405610 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347252 |
|  | General Motors Financial Co Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954922 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/04/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645918 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/06/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015844 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/08/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051805 |
|  | Home Depot Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 12/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003674 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322226 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012090 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022783 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214416 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094787 |
|  | Hyatt Hotels Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838150 |
|  | Lowe's Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/05/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974182 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228835 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991842 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 09/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718840 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 04/01/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781591 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | Marriott International Inc |  |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/15/2031 | &nbsp;&nbsp;&nbsp;$1002161 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1433156 |
|  | McDonald's Corp |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1029183 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/03/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1517173 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/09/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 928222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Mercedes-Benz Finance North America LLC<sup>(b)</sup><br> 5.10%, 08/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513080 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Nike Inc<br> 2.85%, 03/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953813 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | O'Reilly Automotive Inc<br> 4.70%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | PACCAR Financial Corp<br> 4.45%, 08/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | PVH Corp<br> 5.50%, 06/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77249 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Southwest Airlines Co<br> 4.38%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002092 |
|  | Starbucks Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496191 |
|  | Tapestry Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230035 |
|  | Target Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531140 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473775 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637763 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | TJX Cos Inc<br> 1.15%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939861 |
|  | Toyota Motor Credit Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221133 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 06/29/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012867 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026065 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932971 | 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;&nbsp;&nbsp;&nbsp;974578 |
|  | Walmart Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418323 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267285 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 06/29/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 09/22/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | WW Grainger Inc<br> 4.45%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69448594 |
| Consumer, Non-Cyclical — 4.22% | Consumer, Non-Cyclical — 4.22% | Consumer, Non-Cyclical — 4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;1448000 | Abbott Laboratories<br> 1.40%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294963 |
|  | AbbVie Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992210 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212568 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545489 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $2500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/14/2035 | &nbsp;&nbsp;&nbsp;$2453473 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/14/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1820945 |
| &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 967677 |
| &nbsp;&nbsp; 500000 | Aetna Inc<br> 3.88%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 374383 |
|  | Altria Group Inc |  |
| &nbsp;&nbsp; 1366000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/16/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1026624 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 02/04/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1059977 |
|  | Amgen Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522734 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488450 |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080879 |
| &nbsp;&nbsp;&nbsp;&nbsp;1892000 | &nbsp;&nbsp;&nbsp;&nbsp;2.77%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122575 |
|  | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058365 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849779 |
|  | Anheuser-Busch InBev Worldwide Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303633 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.44%, 10/06/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528894 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Archer-Daniels-Midland Co<br> 2.90%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919071 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Astrazeneca Finance LLC<br> 4.88%, 03/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021541 |
|  | AstraZeneca PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333366 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Automatic Data Processing Inc<br> 4.75%, 05/08/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614519 |
|  | BAT Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 04/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021408 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 03/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402320 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/16/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417902 |
|  | Baxter International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871413 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628563 |
|  | Becton Dickinson & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497910 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 06/06/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435348 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Biogen Inc<br> 3.15%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291939 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Boston Scientific Corp<br> 2.65%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940966 |
|  | Bristol-Myers Squibb Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 11/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954719 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.45%, 11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328973 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/22/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500964 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268554 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Bunge Ltd Finance Corp<br> 2.75%, 05/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459095 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | Campbell's Co |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 04/24/2030 | &nbsp;&nbsp;&nbsp;$459802 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 305556 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 483227 |
| &nbsp;&nbsp; 1000000 | Cardinal Health Inc<br> 4.37%, 06/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 827482 |
|  | Cencora Inc |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 470671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817644 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Centene Corp<br> 2.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158928 |
|  | Cigna Group |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464045 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 12/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156019 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969771 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cintas Corp No 2<br> 4.00%, 05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978467 |
|  | Coca-Cola Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/05/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359330 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/14/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349779 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Colgate-Palmolive Co<br> 3.25%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942200 |
|  | CommonSpirit Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;3.82%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;3.91%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Conagra Brands Inc<br> 5.30%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504179 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Constellation Brands Inc<br> 4.75%, 05/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004188 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CSL Finance PLC<sup>(b)</sup><br> 4.63%, 04/27/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903020 |
|  | CVS Health Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%, 08/21/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717446 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027364 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032197 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020671 |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076606 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444490 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754643 | CVS Pass Through Trust<br> 6.04%, 12/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762243 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Danaher Corp<br> 2.80%, 12/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630015 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Diageo Capital PLC<br> 5.50%, 01/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053019 |
|  | Elevance Health Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953213 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515414 |
|  | Eli Lilly & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223653 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 02/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020917 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/12/2035 | &nbsp;&nbsp;&nbsp;$1033625 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 575277 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/27/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 548182 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1006607 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/12/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 802193 |
| &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 246865 |
|  | Equifax Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155659 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Estee Lauder Cos Inc<br> 2.38%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936009 |
|  | GE HealthCare Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029433 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 11/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077192 |
|  | General Mills Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 04/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003253 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020633 |
|  | Gilead Sciences Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957878 |
| &nbsp;&nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497482 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | GlaxoSmithKline Capital Inc<br> 4.88%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212174 |
|  | Global Payments Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371698 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Haleon US Capital LLC<br> 3.63%, 03/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951292 |
|  | HCA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993218 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896591 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040380 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476466 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Hormel Foods Corp<br> 4.80%, 03/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212895 |
|  | Humana Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752576 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | IQVIA Inc<br> 6.25%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303000 | J M Smucker Co<br> 2.13%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262314 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | JBS USA Holding Lux SARL / JBS USA Foods Group Holdings Inc / JBS USA Food Co<sup>(b)</sup><br> 5.50%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524237 |
|  | JBS USA Holding Lux SARL/ JBS USA Food Co/ JBS Lux Co SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/02/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409651 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $770000 | JBS USA Lux SARL / JBS USA Food Co / JBS USA Foods Group<sup>(b)</sup><br> 5.95%, 04/20/2035 | &nbsp;&nbsp;&nbsp;$809646 |
|  | Johnson & Johnson |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1018891 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 835288 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 01/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2636357 |
| &nbsp;&nbsp; 551000 | Kaiser Foundation Hospitals<br> 3.27%, 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 384192 |
| &nbsp;&nbsp; 1000000 | Kellanova<br> 5.25%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1036846 |
|  | Kenvue Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950996 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/22/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960156 |
|  | Keurig Dr Pepper Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277066 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Kimberly-Clark Corp<br> 1.05%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956166 |
|  | Kraft Heinz Foods Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957585 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032419 |
|  | Kroger Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380920 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Laboratory Corp of America Holdings<br> 3.60%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995451 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Massachusetts Institute of Technology<br> 5.62%, 06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026271 |
|  | McCormick & Co Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | McKesson Corp<br> 4.95%, 05/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822201 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Medtronic Global Holdings SCA<br> 4.50%, 03/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Medtronic Inc<br> 4.63%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292867 |
|  | Merck & Co Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.45%, 06/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447103 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%, 12/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780568 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/17/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 12/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466000 | Molson Coors Beverage Co<br> 4.20%, 07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374122 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Mondelez International Inc<br> 2.75%, 04/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Moody's Corp<br> 5.00%, 08/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611535 |
|  | Novartis Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 09/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 09/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488783 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $636000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 09/21/2042 | &nbsp;&nbsp;&nbsp;$527656 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 445719 |
| &nbsp;&nbsp; 1500000 | PayPal Holdings Inc<br> 2.85%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1436814 |
|  | PepsiCo Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1014611 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 07/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2038417 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/06/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1886124 |
|  | Pfizer Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038178 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406877 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 05/28/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202312 |
|  | Pfizer Investment Enterprises Pte Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 05/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013258 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442656 |
| &nbsp;&nbsp;&nbsp;&nbsp;1529000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447774 |
|  | Philip Morris International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776754 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465625 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633682 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/13/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/29/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782625 |
|  | Procter & Gamble Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%, 10/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 11/03/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789557 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Quest Diagnostics Inc<br> 4.60%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011942 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Revvity Inc<br> 2.25%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431000 | Reynolds American Inc<br> 5.85%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424034 |
|  | Royalty Pharma PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153956 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 09/02/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619179 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | S&P Global Inc<br> 2.90%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921667 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Sanofi SA<br> 3.80%, 11/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000786 |
|  | Stryker Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511836 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892909 |
|  | Sysco Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990160 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032539 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846557 |
|  | Takeda Pharmaceutical Co Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 03/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 07/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784531 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Takeda US Financing Inc<br> 5.20%, 07/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018528 |
|  | Thermo Fisher Scientific Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165208 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048645 |
| &nbsp;&nbsp;&nbsp;&nbsp;2409000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782899 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $1000000 | Tyson Foods Inc<br> 5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp;$1054292 |
|  | Unilever Capital Corp |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1026670 |
| &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 163114 |
| &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 724811 |
|  | UnitedHealth Group Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1027324 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998010 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864536 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595544 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 01/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820165 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596267 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | Utah Acquisition Sub Inc<br> 3.95%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304000 | Verisk Analytics Inc<br> 4.50%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306300 |
|  | Viatris Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159963 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767644 |
|  | Zoetis Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201878842 |
| Energy — 1.69% | Energy — 1.69% | Energy — 1.69% |
|  | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.06%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467000 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371593 |
|  | BP Capital Markets America Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 11/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 11/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825299 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.77%, 11/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923501 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/17/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639650 |
|  | Canadian Natural Resources Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533295 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cenovus Energy Inc<br> 2.65%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888428 |
|  | Cheniere Corpus Christi Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.74%, 12/31/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149215 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Cheniere Energy Partners LP<br> 5.75%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044118 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Chevron Corp<br> 3.08%, 05/11/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356103 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| $43000 | Cimarex Energy Co<br> 4.38%, 03/15/2029 | &nbsp;&nbsp;&nbsp;$41628 |
|  | ConocoPhillips Co |  |
| &nbsp;&nbsp; 438000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 475384 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1013850 |
| &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.76%, 03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 956974 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 478276 |
|  | Coterra Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811995 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Devon Energy Corp<br> 5.60%, 07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967363 |
|  | Diamondback Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756030 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Eastern Energy Gas Holdings LLC<br> 5.80%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267056 |
|  | Enbridge Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419145 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658715 |
|  | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355358 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098869 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035127 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723500 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947651 |
|  | Enterprise Products Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424976 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012286 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 01/31/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140351 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/16/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969107 |
|  | EOG Resources Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | EQT Corp<br> 5.70%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515972 |
|  | Equinor ASA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 04/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674392 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/23/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886184 |
|  | Exxon Mobil Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.61%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164069 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/16/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940286 |
| &nbsp;&nbsp;&nbsp;&nbsp;2421000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 04/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Halliburton Co<br> 5.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Helmerich & Payne Inc<br> 4.65%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503875 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Hess Corp<br> 5.60%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033223 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Kinder Morgan Energy Partners LP |  |
| $175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/15/2038 | &nbsp;&nbsp;&nbsp;$196569 |
| &nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 504049 |
|  | Kinder Morgan Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1028293 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 446241 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1002290 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Marathon Petroleum Corp<br> 4.75%, 09/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427374 |
|  | MPLX LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002641 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010501 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826473 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | NOV Inc<br> 3.60%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170622 |
|  | Occidental Petroleum Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268312 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/01/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020013 |
|  | ONEOK Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038583 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | ONEOK Partners LP<br> 6.20%, 09/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684521 |
|  | Phillips 66 Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831431 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | Plains All American Pipeline LP / PAA Finance Corp<br> 4.70%, 06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280797 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Sabine Pass Liquefaction LLC<br> 4.20%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Schlumberger Holdings Corp<sup>(a)(b)</sup><br> 4.85%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501557 |
|  | Shell Finance US Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 11/07/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 12/15/2038<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/11/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Shell International Finance BV<br> 3.63%, 08/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402072 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Spectra Energy Partners LP<br> 3.38%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995483 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Suncor Energy Inc |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.80%, 05/15/2038 | &nbsp;&nbsp;&nbsp;$552098 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/04/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 124539 |
|  | Targa Resources Corp |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 957360 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 614611 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 794975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | TotalEnergies Capital International S.A.<br> 3.13%, 05/29/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336606 |
|  | TotalEnergies Capital SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038159 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 04/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160302 |
|  | TransCanada PipeLines Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429283 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Valero Energy Corp<br> 5.15%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029129 |
|  | Viper Energy Partners LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232681 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Western Midstream Operating LP<br> 5.45%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007168 |
|  | Williams Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616222 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001474 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 09/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017187 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81077761 |
| Financial — 8.05% | Financial — 8.05% | Financial — 8.05% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018906 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492771 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969489 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 10/29/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653748 |
| &nbsp;&nbsp;&nbsp;&nbsp;2528000 | Air Lease Corp<br> 1.88%, 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490535 |
|  | Alexandria Real Estate Equities Inc REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409467 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962458 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Allstate Corp<br> 5.05%, 06/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826329 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Ally Financial Inc<br> 2.20%, 11/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891702 |
|  | American Express Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602871 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.53%, 04/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 04/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685313 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 07/26/2035 | &nbsp;&nbsp;&nbsp;$824382 |
| &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 665195 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 987438 |
| &nbsp;&nbsp; 600000 | American International Group Inc<br> 3.40%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 578424 |
|  | American Tower Corp REIT |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1043929 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1476898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839641 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047132 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Ameriprise Financial Inc<br> 5.15%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038563 |
|  | Aon Corp / Aon Global Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 08/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154579 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 08/23/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Aon North America Inc<br> 5.75%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Apollo Global Management Inc<br> 5.15%, 08/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801444 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Ares Capital Corp<br> 5.95%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539697 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Arthur J Gallagher & Co<br> 5.15%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515698 |
|  | Athene Global Funding<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 08/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802212 |
|  | Athene Holding Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/19/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590718 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Australia & New Zealand Banking Group Ltd<br> 3.92%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204083 |
|  | AvalonBay Communities Inc REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 05/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 12/07/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260390 |
|  | Banco Santander SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 03/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 03/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 03/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646450 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.73%, 07/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134497 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/04/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475464 |
| &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122893 |
| &nbsp;&nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 07/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944794 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352855 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067154 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041719 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667196 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538941 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785735 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.68%, 06/19/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949315 |
| &nbsp;&nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.97%, 07/21/2052<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425136 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
|  | Bank of Montreal |  |
| $1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/27/2029 | &nbsp;&nbsp;&nbsp;$1528420 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.64%, 09/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 810127 |
|  | Bank of New York Mellon Corp |  |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2024285 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1036440 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1033255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.32%, 06/06/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517995 |
|  | Bank of Nova Scotia |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 02/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038417 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030275 |
|  | Barclays PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.84%, 09/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809385 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.48%, 11/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011036 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.69%, 03/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;5.37%, 02/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749337 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911197 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.79%, 02/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 03/12/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630479 |
|  | Berkshire Hathaway Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.45%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817497 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643232 |
|  | BlackRock Funding Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/14/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455243 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Blackrock Inc<br> 3.25%, 04/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Blackstone Private Credit Fund<br> 5.60%, 11/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807541 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Blackstone Reg Finance Co LLC<br> 5.00%, 12/06/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008716 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Boston Properties LP REIT<br> 6.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045970 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | BPCE SA<sup>(b)</sup><br> 4.75%, 07/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011553 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Brookfield Finance Inc<br> 5.33%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201710 |
|  | Brown & Brown Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/23/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166371 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Camden Property Trust REIT<br> 2.80%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943693 |
|  | Canadian Imperial Bank of Commerce |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.86%, 03/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810950 |
|  | Capital One Financial Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 11/02/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981168 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%, 06/08/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049451 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842005 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994956 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
|  | Charles Schwab Corp |  |
| $1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 03/03/2032 | &nbsp;&nbsp;&nbsp;$1373661 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.14%, 08/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1089972 |
| &nbsp;&nbsp; 1000000 | Chubb INA Holdings Inc<br> 2.85%, 12/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 636786 |
| &nbsp;&nbsp; 1000000 | Chubb INA Holdings LLC<br> 5.00%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1022853 |
|  | Citigroup Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1006433 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.07%, 02/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977101 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.64%, 05/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008118 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.52%, 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973123 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.79%, 03/04/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014328 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411133 |
| &nbsp;&nbsp;&nbsp;&nbsp;1780000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785509 |
| &nbsp;&nbsp;&nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685558 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047391 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 09/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009347 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408837 |
| &nbsp;&nbsp;&nbsp;&nbsp;3825000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827383 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Citizens Bank NA<br> 4.58%, 08/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014925 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CME Group Inc<br> 4.40%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014384 |
|  | Cooperatieve Rabobank UA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 02/24/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/04/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367334 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Corebridge Financial Inc<br> 3.90%, 04/05/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423723 |
|  | Crown Castle Inc REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014547 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015513 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010183 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CubeSmart LP REIT<br> 2.25%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948740 |
|  | Deutsche Bank AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523031 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/09/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536849 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | EPR Properties REIT<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926748 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Equinix Inc REIT<br> 3.20%, 11/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959948 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Equitable Holdings Inc<br> 5.59%, 01/11/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | ERP Operating LP REIT<br> 4.65%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494737 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Essex Portfolio LP REIT<br> 1.65%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872701 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Everest Reinsurance Holdings Inc<br> 3.13%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633717 |
|  | Extra Space Storage LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888613 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875358 |
|  | Fairfax Financial Holdings Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296737 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1000000 | Fidelity National Financial Inc<br> 2.45%, 03/15/2031 | &nbsp;&nbsp;&nbsp;$893008 |
|  | Fifth Third Bancorp |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.71%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 490455 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.06%, 04/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 999060 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1016128 |
|  | Goldman Sachs Group Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.43%, 03/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 994890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171934 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 04/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022844 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517541 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 04/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.37%, 10/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498808 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791223 |
| &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774136 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 10/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985443 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116377 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386000 | &nbsp;&nbsp;&nbsp;&nbsp;2.91%, 07/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Golub Capital BDC Inc<br> 2.50%, 08/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353000 | Hartford Insurance Group Inc<br> 3.60%, 08/19/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261249 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Healthcare Realty Holdings LP REIT<br> 3.75%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993177 |
|  | HSBC Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.59%, 05/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173274 |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/22/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361787 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.29%, 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238135 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.24%, 05/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090830 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.87%, 11/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271688 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 03/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193037 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.79%, 05/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640680 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Huntington Bancshares Inc<br> 2.49%, 08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866997 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Huntington National Bank<br> 4.87%, 04/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512378 |
|  | ING Groep NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.08%, 09/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 03/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832092 |
|  | Intercontinental Exchange Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987474 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256427 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656192 |
|  | JPMorgan Chase & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.58%, 04/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166187 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989797 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 07/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029793 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030550 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.57%, 06/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4046539 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.74%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114659 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%, 05/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943364 |
| &nbsp;&nbsp;&nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;4.26%, 10/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709797 |
| &nbsp;&nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%, 02/04/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845755 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 | &nbsp;&nbsp;&nbsp;$1036419 |
| &nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1787449 |
| &nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1609483 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;5.57%, 04/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 760640 |
| &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 424124 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 10/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 595778 |
| &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/24/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2693282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521078 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.96%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804487 |
| &nbsp;&nbsp;&nbsp;&nbsp;1364000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 01/23/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902000 | &nbsp;&nbsp;&nbsp;&nbsp;3.11%, 04/22/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612535 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | KeyBank NA<br> 4.39%, 12/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004711 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | KeyCorp<br> 4.79%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999478 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Kilroy Realty LP REIT<br> 2.65%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820441 |
|  | Kimco Realty OP LLC REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249831 |
|  | Kreditanstalt fuer Wiederaufbau |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996479 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002504 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806110 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498292 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744490 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005464 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Landwirtschaftliche Rentenbank<br> 3.88%, 09/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005057 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lincoln National Corp<br> 3.40%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926304 |
|  | Lloyds Banking Group PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 11/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 06/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741890 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048047 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 11/04/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp;&nbsp;3.37%, 12/14/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436825 |
|  | LPL Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | LXP Industrial Trust REIT<br> 2.38%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152978 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | M&T Bank Corp<br> 5.18%, 07/08/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231949 |
|  | Marsh & McLennan Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504987 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896843 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620750 |
|  | Mastercard Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/09/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/26/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469701 |
|  | MetLife Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623970 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2054 | &nbsp;&nbsp;&nbsp;$951146 |
| &nbsp;&nbsp; 750000 | Mid-America Apartments LP REIT<br> 2.88%, 09/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 476573 |
|  | Mitsubishi UFJ Financial Group Inc |  |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.54%, 07/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1972009 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 02/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1028590 |
| &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 762649 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 01/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 906956 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.19%, 09/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016009 |
|  | Mizuho Financial Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.78%, 07/06/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 05/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863902 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.98%, 09/08/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897710 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.56%, 09/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895665 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/08/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540893 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1574000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 07/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;1.51%, 07/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887198 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427566 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041666 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031949 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.24%, 07/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044091 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.51%, 10/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896859 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.94%, 01/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 07/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;5.83%, 04/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621654 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405133 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574498 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758627 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052318 |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 07/22/2038<sup>(c)</sup><br> 3-mo. SOFR + 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622214 |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/22/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967033 |
| &nbsp;&nbsp;&nbsp;&nbsp;1502000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955405 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Morgan Stanley Bank NA<br> 5.50%, 05/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019951 |
|  | Morgan Stanley Private Bank NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.47%, 07/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006736 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.73%, 07/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622000 | Nasdaq Inc<br> 3.95%, 03/07/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475505 |
|  | National Australia Bank Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024406 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.53%, 06/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018043 |
|  | NatWest Group PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 09/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025447 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642405 |
|  | Nomura Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.61%, 07/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903511 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.78%, 07/03/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055433 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Northern Trust Corp<br> 6.13%, 11/02/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090465 |
|  | Oesterreichische Kontrollbank AG |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/09/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000678 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/18/2029 | &nbsp;&nbsp;&nbsp;$1013440 |
|  | PNC Financial Services Group Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 12/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1025271 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 05/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1041218 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 10/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1017675 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1448094 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1042621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.37%, 07/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Principal Financial Group Inc<br> 5.38%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522214 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Principal Life Global Funding II<sup>(b)</sup><br> 1.50%, 11/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959266 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Private Export Funding Corp<br> 3.90%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001584 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Progressive Corp<br> 4.95%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025242 |
|  | Prologis LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760150 |
|  | Prudential Financial Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/10/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555662 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930138 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Public Storage Operating Co REIT<sup>(a)</sup><br> 5.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Raymond James Financial Inc<br> 3.75%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366881 |
|  | Realty Income Corp REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496735 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.80%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830111 |
|  | Royal Bank of Canada |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017073 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000655 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 05/02/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022448 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 08/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215428 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042341 |
|  | Santander UK Group Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%, 06/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494411 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.86%, 09/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011945 |
|  | Simon Property Group LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479267 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/13/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120544 |
|  | State Street Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.83%, 04/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029531 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 03/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169758 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.68%, 10/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018941 |
|  | Sumitomo Mitsui Financial Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 01/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059904 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041528 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 01/13/2033 | &nbsp;&nbsp;&nbsp;$1064951 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 814611 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.56%, 07/09/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1051195 |
| &nbsp;&nbsp; 791000 | &nbsp;&nbsp;&nbsp;&nbsp;2.93%, 09/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 580292 |
| &nbsp;&nbsp; 1000000 | Sun Communities Operating LP REIT<br> 2.30%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 951563 |
| &nbsp;&nbsp; 1000000 | Synchrony Bank<br> 5.63%, 08/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1019840 |
| &nbsp;&nbsp; 500000 | Synchrony Financial<br> 2.88%, 10/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 448580 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Tanger Properties LP REIT<br> 2.75%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904907 |
|  | Toronto-Dominion Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.57%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006177 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283314 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/05/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615099 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 06/03/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041015 |
|  | Travelers Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 05/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492708 |
| &nbsp;&nbsp;&nbsp;&nbsp;1362000 | Truist Bank<br> 4.42%, 07/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369801 |
|  | Truist Financial Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502861 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 01/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051920 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | UBS AG<br> 4.86%, 01/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260478 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | UBS Group AG<sup>(b)</sup><br> 5.62%, 09/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044033 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Unum Group<br> 4.13%, 06/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758900 |
|  | US Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 04/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997449 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.22%, 01/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964296 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235671 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055903 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 02/12/2036<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039330 |
|  | Ventas Realty LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800980 |
|  | VICI Properties LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825598 |
|  | Visa Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336194 |
|  | Wells Fargo & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752923 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.53%, 03/24/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973996 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 04/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665469 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046664 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080864 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043370 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996877 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/14/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671044 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.01%, 04/04/2051 | &nbsp;&nbsp;&nbsp;$1096634 |
| &nbsp;&nbsp; 1000000 | Welltower OP LLC REIT<br> 5.13%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1020583 |
|  | Westpac Banking Corp |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1006202 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1034232 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 08/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1032684 |
| &nbsp;&nbsp; 1000000 | Weyerhaeuser Co REIT<br> 3.38%, 03/09/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 915427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Willis North America Inc<br> 5.90%, 03/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499107 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | WP Carey Inc REIT<br> 2.45%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385371888 |
| Industrial — 1.81% | Industrial — 1.81% | Industrial — 1.81% |
|  | 3M Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565627 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744394 |
|  | Amphenol Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Berry Global Inc<br> 5.65%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520924 |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615610 |
| &nbsp;&nbsp;&nbsp;&nbsp;1596000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512082 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020778 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071003 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171597 |
|  | Burlington Northern Santa Fe LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484142 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 01/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510493 |
|  | Canadian Pacific Railway Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/02/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259151 |
|  | Carlisle Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 09/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293883 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | Carrier Global Corp<br> 3.38%, 04/05/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019962 |
|  | Caterpillar Financial Services Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033167 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025977 |
|  | Caterpillar Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/19/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/09/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244503 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | CRH America Finance Inc<br> 5.00%, 02/09/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505179 |
|  | CSX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041018 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/30/2042 | &nbsp;&nbsp;&nbsp;$230808 |
| &nbsp;&nbsp; 453000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 318452 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 848490 |
|  | Eaton Corp |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 492005 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 08/23/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 445134 |
| &nbsp;&nbsp; 1000000 | Emerson Electric Co<br> 5.00%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1025183 |
|  | FedEx Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750917 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 02/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Fortune Brands Innovations Inc<sup>(a)</sup><br> 5.88%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633964 |
|  | GATX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001138 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024720 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | General Dynamics Corp<br> 4.25%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | General Electric Co<br> 4.30%, 07/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363059 |
|  | Honeywell International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021976 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Howmet Aerospace Inc<br> 4.85%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282000 | Illinois Tool Works Inc<br> 3.90%, 09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Ingersoll Rand Inc<br> 5.31%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627098 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Jabil Inc<br> 4.25%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001390 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Jacobs Engineering Group Inc<br> 6.35%, 08/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051964 |
|  | John Deere Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 01/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489519 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 06/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525096 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/07/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 06/07/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667231 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Johnson Controls International PLC / Tyco Fire & Security Finance SCA<br> 5.50%, 04/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039982 |
|  | L3Harris Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621101 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Lennox International Inc<br> 5.50%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031930 |
|  | Lockheed Martin Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009608 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.09%, 09/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396268 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008868 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Martin Marietta Materials Inc<br> 3.20%, 07/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791250 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $1000000 | Mohawk Industries Inc<br> 5.85%, 09/18/2028 | &nbsp;&nbsp;&nbsp;$1040068 |
|  | Norfolk Southern Corp |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 997294 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 612822 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 656859 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 477633 |
|  | Northrop Grumman Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987169 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754959 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Otis Worldwide Corp<br> 2.29%, 04/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979584 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Owens Corning<br> 5.70%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261401 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Packaging Corp of America<br> 3.05%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650535 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Parker-Hannifin Corp<br> 4.20%, 11/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969717 |
|  | Republic Services Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873171 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033927 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Rockwell Automation Inc<br> 1.75%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028958 |
|  | RTX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 05/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.90%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153621 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762677 |
| &nbsp;&nbsp;&nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.82%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980112 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Ryder System Inc<br> 1.75%, 09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Sonoco Products Co<br> 4.60%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604813 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Trane Technologies Financing Ltd<br> 5.25%, 03/03/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041418 |
|  | Union Pacific Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%, 02/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/14/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393209 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/10/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/09/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32957 | Union Pacific Railroad Co Pass Through Trust<br> Series 2006-1<br> 5.87%, 07/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34285 |
|  | United Parcel Service Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494208 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/14/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036381 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166280 |
|  | Vulcan Materials Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820849 |
|  | Waste Connections Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828009 |
|  | Waste Management Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817944 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625013 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $1000000 | Westinghouse Air Brake Technologies Corp<br> 4.90%, 05/29/2030 | &nbsp;&nbsp;&nbsp;$1023178 |
| &nbsp;&nbsp; 1250000 | WRKCo Inc<br> 3.90%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1243477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86695614 |
| Technology — 1.75% | Technology — 1.75% | Technology — 1.75% |
| &nbsp;&nbsp; 1000000 | Accenture Capital Inc<br> 4.25%, 10/04/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000784 |
| &nbsp;&nbsp; 1500000 | Adobe Inc<br> 2.30%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1404448 |
|  | Analog Devices Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013567 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/01/2034<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033413 |
|  | Apple Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.20%, 02/08/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952000 | &nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899490 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 08/05/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614845 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 05/04/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267001 |
| &nbsp;&nbsp;&nbsp;&nbsp;1723000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 09/11/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151362 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937706 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 08/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593250 |
| &nbsp;&nbsp;&nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/08/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475933 |
|  | Applied Materials Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492365 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Autodesk Inc<br> 2.40%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888959 |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805223 |
| &nbsp;&nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419159 |
| &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 05/15/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Cadence Design Systems Inc<br> 4.30%, 09/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804093 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CDW LLC / CDW Finance Corp<br> 2.67%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986717 |
|  | Dell International LLC / EMC Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/06/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92091 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;8.35%, 07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Fidelity National Information Services Inc<br> 3.10%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444951 |
|  | Fiserv Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170317 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496135 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/11/2035 | &nbsp;&nbsp;&nbsp;$997761 |
|  | Hewlett Packard Enterprise Co |  |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 804596 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 366749 |
| &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 10/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 232718 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 463250 |
| &nbsp;&nbsp; 2291000 | HP Inc<br> 2.65%, 06/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2065751 |
|  | IBM International Capital Pte Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009251 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/05/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965506 |
|  | Intel Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.60%, 08/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153467 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018884 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 08/12/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820686 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/10/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107613 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/05/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487296 |
|  | International Business Machines Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 07/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010537 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027220 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837831 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Intuit Inc<br> 5.13%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | KLA Corp<br> 4.95%, 07/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453733 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Leidos Inc<br> 2.30%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | Marvell Technology Inc<br> 4.75%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258332 |
|  | Micron Technology Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076241 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066901 |
|  | Microsoft Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 08/08/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262929 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.53%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610549 |
| &nbsp;&nbsp;&nbsp;&nbsp;2547000 | &nbsp;&nbsp;&nbsp;&nbsp;2.92%, 03/17/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668379 |
|  | NVIDIA Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1.55%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370024 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | NXP BV / NXP Funding LLC / NXP USA Inc<br> 2.65%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898238 |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004979 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521205 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/03/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335328 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586858 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188559 |
| &nbsp;&nbsp;&nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018990 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $1385000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp;&nbsp;$862731 |
| &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 773102 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/27/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 404387 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 886014 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 611048 |
|  | QUALCOMM Inc |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%, 05/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 943497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508264 |
|  | Roper Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503802 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | Salesforce Inc<br> 2.70%, 07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852306 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635216 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Take-Two Interactive Software Inc<br> 4.95%, 03/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019370 |
|  | Texas Instruments Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 05/04/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/08/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512683 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/08/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | TSMC Arizona Corp<br> 3.25%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259106 |
|  | VMware LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172414 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888555 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Workday Inc<br> 3.80%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83653940 |
| Utilities — 2.23% | Utilities — 2.23% | Utilities — 2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | AEP Texas Inc<br> 2.10%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910757 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | AEP Transmission Co LLC<br> 2.75%, 08/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723388 |
|  | Alabama Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800477 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992196 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Ameren Illinois Co<br> 4.95%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021587 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | American Electric Power Co Inc<br> 5.63%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050196 |
|  | American Water Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824695 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801045 |
|  | Appalachian Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158452 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725359 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Arizona Public Service Co<br> 5.70%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051230 |
|  | Atmos Energy Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179168 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842352 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| $410000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 02/15/2052 | &nbsp;&nbsp;&nbsp;$254007 |
| &nbsp;&nbsp; 175000 | Avangrid Inc<br> 3.80%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 172710 |
| &nbsp;&nbsp; 412000 | Baltimore Gas & Electric Co<br> 2.90%, 06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 263534 |
|  | Berkshire Hathaway Energy Co |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 491594 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 187594 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 168024 |
| &nbsp;&nbsp;&nbsp;&nbsp;2735000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Boston Gas Co<sup>(b)</sup><br> 3.15%, 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493155 |
|  | CenterPoint Energy Houston Electric LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558000 | CenterPoint Energy Inc<br> 5.40%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577897 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CenterPoint Energy Resources Corp<br> 4.40%, 07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989341 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CMS Energy Corp<br> 4.88%, 03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893397 |
|  | Commonwealth Edison Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594974 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Connecticut Light & Power Co<br> 5.25%, 01/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946655 |
|  | Consolidated Edison Co of New York Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988096 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573784 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196124 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Constellation Energy Generation LLC<br> 5.75%, 03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992258 |
|  | Consumers Energy Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286168 |
|  | Dominion Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771870 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 02/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565385 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Dominion Energy South Carolina Inc<br> 2.30%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892378 |
|  | DTE Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039190 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766695 |
|  | DTE Energy Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031777 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998163 |
|  | Duke Energy Carolinas LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937763 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| $800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2035 | &nbsp;&nbsp;&nbsp;$826748 |
| &nbsp;&nbsp; 476000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 374047 |
| &nbsp;&nbsp; 522000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 04/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 370212 |
|  | Duke Energy Corp |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1009302 |
| &nbsp;&nbsp; 824000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 750333 |
| &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 121196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371000 | Duke Energy Florida LLC<br> 3.00%, 12/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119000 | Duke Energy Florida Project Finance LLC<br> 2.86%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110735 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Duke Energy Ohio Inc<br> 5.25%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035884 |
|  | Duke Energy Progress LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813428 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166095 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383092 | Elm Road Generating Station Supercritical LLC<sup>(b)</sup><br> 4.67%, 01/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Entergy Corp<br> 2.80%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163866 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Entergy Louisiana LLC<br> 5.70%, 03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191931 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Entergy Texas Inc<br> 5.25%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230735 |
|  | Eversource Energy |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616673 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 01/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709307 |
|  | Exelon Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032348 |
| &nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817095 |
|  | Florida Power & Light Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820207 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.96%, 04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150991 |
| &nbsp;&nbsp;&nbsp;&nbsp;1209000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547882 |
|  | Georgia Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005530 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026360 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | IPALCO Enterprises Inc<br> 4.25%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171052 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | ITC Holdings Corp<sup>(b)</sup><br> 4.95%, 09/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013303 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Jersey Central Power & Light Co<br> 5.10%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011232 |
|  | Kentucky Utilities Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246890 |
|  | MidAmerican Energy Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043925 |
| &nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718048 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
|  | National Rural Utilities Cooperative Finance Corp |  |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 09/15/2028 | &nbsp;&nbsp;&nbsp;$1025985 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 901983 |
|  | NextEra Energy Capital Holdings Inc |  |
| &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465466 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/04/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1527479 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 02/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 818759 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861926 |
|  | NiSource Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Northern States Power Co<br> 5.65%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358000 | Oglethorpe Power Corp<br> 3.75%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256571 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Oklahoma Gas & Electric Co<br> 5.40%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046534 |
|  | Oncor Electric Delivery Co LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393987 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 11/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193132 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | ONE Gas Inc<br> 4.25%, 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984812 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822452 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307099 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183325 |
| &nbsp;&nbsp;&nbsp;&nbsp;1261000 | PacifiCorp<br> 2.90%, 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738479 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | PECO Energy Co<br> 4.38%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823730 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | PPL Electric Utilities Corp<br> 5.25%, 05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Progress Energy Inc<br> 7.75%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200322 |
|  | Public Service Co of Colorado |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237777 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000806 |
|  | Public Service Electric & Gas Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764487 |
|  | Public Service Enterprise Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;1.60%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155103 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Puget Sound Energy Inc<br> 2.89%, 09/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | San Diego Gas & Electric Co<br> 5.40%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828051 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
|  | Southern California Edison Co |  |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/01/2029 | &nbsp;&nbsp;&nbsp;$510912 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1034066 |
| &nbsp;&nbsp; 897000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 672657 |
| &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1312551 |
|  | Southern California Gas Co |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 520812 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978741 |
|  | Southern Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231375 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421808 |
|  | Southern Co Gas Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619375 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Southwest Gas Corp<br> 5.80%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Tampa Electric Co<br> 5.00%, 07/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452709 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Union Electric Co<br> 5.20%, 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235613 |
|  | Virginia Electric & Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499031 |
| &nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 09/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382657 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Wisconsin Electric Power Co<br> 4.60%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792497 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Wisconsin Power & Light Co<br> 3.95%, 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963467 |
|  | Xcel Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164326 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106972668 |
| **TOTAL CORPORATE BONDS AND NOTES — 23.66%<br> (Cost $1,166,980,902)** | **TOTAL CORPORATE BONDS AND NOTES — 23.66%<br> (Cost $1,166,980,902)** | &nbsp;&nbsp;&nbsp;**$1132649001** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | African Development Bank<br> 4.38%, 03/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508156 |
|  | Asian Development Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000049 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012537 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003784 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/25/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023091 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947273 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421365 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988428 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Asian Infrastructure Investment Bank<br> 4.13%, 01/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014979 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Canada Government International Bond<br> 4.00%, 03/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010428 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
|  | Chile Government International Bond |  |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 | &nbsp;&nbsp;&nbsp;$1008150 |
| &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1828625 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/21/2071 | &nbsp;&nbsp;&nbsp;&nbsp; 308725 |
|  | Corp Andina de Fomento |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1002925 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 413788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Council of Europe Development Bank<br> 4.13%, 01/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506766 |
|  | European Bank for Reconstruction & Development |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016036 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013928 |
|  | European Investment Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948135 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995015 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012935 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007425 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943828 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544773 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994398 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004457 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015072 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983392 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/13/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001250 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Export Development Canada<br> 3.88%, 02/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005728 |
|  | Export-Import Bank of Korea |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 05/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994652 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/07/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020457 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Hungary Government International Bond<sup>(b)</sup><br> 3.13%, 09/21/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615086 |
|  | Indonesia Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990567 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006461 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/15/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056442 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/11/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014244 |
|  | Inter-American Development Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/01/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007573 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 07/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880830 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014586 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999318 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/12/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/13/2033<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513658 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Inter-American Investment Corp<br> 4.75%, 09/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026811 |
|  | International Bank for Reconstruction & Development |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 09/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903535 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/20/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014881 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 08/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436011 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
| $1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/28/2030 | &nbsp;&nbsp;&nbsp;$1482145 |
| &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 02/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1763368 |
| &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1554727 |
| &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/06/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1131723 |
| &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.36%, 09/23/2032<sup>(c)</sup><br> 1-mo. SOFR + 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 1201013 |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1011530 |
|  | International Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510949 |
|  | Israel Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034319 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980202 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 02/19/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252279 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Japan Bank for International Cooperation<br> 2.25%, 11/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950059 |
|  | Korea Development Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 04/25/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455736 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017010 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/08/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003425 |
|  | Mexico Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/07/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/23/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401750 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 05/04/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952500 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.77%, 05/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615500 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Nordic Investment Bank<br> 3.38%, 09/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996343 |
|  | Panama Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.16%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123320 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.85%, 03/28/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832742 |
|  | Peruvian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434695 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019600 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/08/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316656 |
|  | Philippine Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958900 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026159 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/04/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058604 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 05/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403852 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Province of Alberta Canada<br> 4.50%, 01/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010759 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
|  | Province of British Columbia Canada |  |
| $3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%, 01/29/2031 | &nbsp;&nbsp;&nbsp;$2637010 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 06/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 816214 |
|  | Province of Manitoba Canada |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 06/22/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 495754 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 497667 |
|  | Province of Ontario Canada |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 01/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998227 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 10/07/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880208 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.80%, 10/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 06/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822338 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200000 | Province of Quebec Canada<br> 1.35%, 05/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874757 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Republic of Italy Government International Bond<br> 3.88%, 05/06/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734042 |
|  | Republic of Poland Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072626 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036648 |
|  | Svensk Exportkredit AB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010980 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/04/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044652 |
|  | Uruguay Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506300 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 02/14/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 04/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455375 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 2.64%<br> (Cost $129,326,373)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 2.64%<br> (Cost $129,326,373)** | &nbsp;&nbsp;&nbsp;**$126340235** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 0.64% | Non-Agency — 0.64% | Non-Agency — 0.64% |
|  | BANK |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK7 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.44%, 09/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN10 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.69%, 02/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20 Class ASB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1652275 | &nbsp;&nbsp;&nbsp;&nbsp;2.93%, 09/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BNK48 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016711 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | Bank of America Merrill Lynch Commercial Mortgage Trust<br> Series 2017-BNK3 Class A4<br> 3.57%, 02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973032 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Barclays Commercial Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C10 Class A5 |  |
| $1490435 | &nbsp;&nbsp;&nbsp;&nbsp;2.49%, 07/15/2054 | &nbsp;&nbsp;&nbsp;$1359884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C11 Class A5 |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.32%, 09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 891645 |
|  | Benchmark Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B4 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.12%, 07/15/2051<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B7 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.24%, 05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B9 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590838 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-IG1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;2.69%, 09/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899132 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | CFCRE Commercial Mortgage Trust<br> Series 2017-C8 Class A4<br> 3.57%, 06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989804 |
|  | Citigroup Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC31 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164919 | &nbsp;&nbsp;&nbsp;&nbsp;3.76%, 06/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C6 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;4.41%, 11/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | COMM Mortgage Trust<br> Series 2018-COR3 Class A3<br> 4.23%, 05/10/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234437 |
| &nbsp;&nbsp;&nbsp;&nbsp;1825000 | CSAIL Commercial Mortgage Trust<br> Series 2016-C7 Class A5<br> 3.50%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811559 |
|  | GS Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-GS4 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.44%, 11/10/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GC42 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/10/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | JPMCC Commercial Mortgage Securities Trust<br> Series 2019-COR4 Class AS<br> 4.29%, 03/10/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620249 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | Morgan Stanley Bank of America Merrill Lynch Trust<br> Series 2016-C32 Class A4<br> 3.72%, 12/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537620 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Morgan Stanley Capital I Trust<br> Series 2018-H3 Class A5<br> 4.18%, 07/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998446 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C52 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276536 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C55 Class A5 |  |
| $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 02/15/2053 | &nbsp;&nbsp;&nbsp;$937154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30401842 |
| U.S. Government Agency — 24.58% | U.S. Government Agency — 24.58% | U.S. Government Agency — 24.58% |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp; 10873 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 10856 |
| &nbsp;&nbsp; 14262 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92532 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56178 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226744 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800763 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140187 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89782 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23899 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139119 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84613 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113676 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165233 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654102 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87367 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174446 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145401 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234895 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470440 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570915 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144429 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393137 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358116 |
| &nbsp;&nbsp;&nbsp;&nbsp;1246037 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366342 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536042 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215744 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986244 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898361 |
| &nbsp;&nbsp;&nbsp;&nbsp;1223346 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134950 |
| &nbsp;&nbsp;&nbsp;&nbsp;1154232 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113400 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105254 |
| &nbsp;&nbsp;&nbsp;&nbsp;1173297 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089011 |
| &nbsp;&nbsp;&nbsp;&nbsp;1057091 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366461 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339452 |
| &nbsp;&nbsp;&nbsp;&nbsp;1148417 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225966 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431511 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398283 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361548 |
| &nbsp;&nbsp;&nbsp;&nbsp;1725287 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210831 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23476 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990174 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187082 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637454 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582337 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471512 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538510 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487424 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $2518196 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2036 | &nbsp;&nbsp;&nbsp;$2332485 |
| &nbsp;&nbsp; 1623846 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1536820 |
| &nbsp;&nbsp; 1907798 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1727050 |
| &nbsp;&nbsp; 814007 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 736786 |
| &nbsp;&nbsp; 303143 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 274385 |
| &nbsp;&nbsp; 1084162 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1004882 |
| &nbsp;&nbsp; 878826 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 813481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339761 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307529 |
| &nbsp;&nbsp;&nbsp;&nbsp;1042955 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272553 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311231 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142640 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155693 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438116 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456956 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243830 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209326 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192951 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66773 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210306 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426294 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632946 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330600 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478623 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53672 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562328 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524597 |
| &nbsp;&nbsp;&nbsp;&nbsp;1073060 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118816 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684627 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105944 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187979 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891113 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162593 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622739 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981979 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312680 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410032 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620366 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459869 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614559 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79460 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206506 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175757 |
| &nbsp;&nbsp;&nbsp;&nbsp;1076501 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287215 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428891 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372938 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400345 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505579 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539469 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591889 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395730 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248236 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203688 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301592 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295601 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894566 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681767 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686018 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $523555 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;$479510 |
| &nbsp;&nbsp; 321816 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 321789 |
| &nbsp;&nbsp; 321683 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 305693 |
| &nbsp;&nbsp; 841895 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 797564 |
| &nbsp;&nbsp; 1592750 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1446766 |
| &nbsp;&nbsp; 2665360 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2407586 |
| &nbsp;&nbsp; 2073024 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1881810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866915 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795103 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428309 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923940 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957763 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408085 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399115 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225003 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874962 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299251 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931232 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165272 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105868 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118737 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114788 |
| &nbsp;&nbsp;&nbsp;&nbsp;2403183 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52338 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911510 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905933 |
| &nbsp;&nbsp;&nbsp;&nbsp;1429008 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346732 |
| &nbsp;&nbsp;&nbsp;&nbsp;3395555 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390784 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302251 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409692 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415118 |
| &nbsp;&nbsp;&nbsp;&nbsp;1274502 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379251 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641336 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273134 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56212 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139886 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768123 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761961 |
| &nbsp;&nbsp;&nbsp;&nbsp;1532922 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312696 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295045 |
| &nbsp;&nbsp;&nbsp;&nbsp;1177017 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115497 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139926 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311209 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462980 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433879 |
| &nbsp;&nbsp;&nbsp;&nbsp;1375613 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539017 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519527 |
| &nbsp;&nbsp;&nbsp;&nbsp;1914142 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566187 |
| &nbsp;&nbsp;&nbsp;&nbsp;3170540 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80803 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643375 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632776 |
| &nbsp;&nbsp;&nbsp;&nbsp;1073183 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873928 |
| &nbsp;&nbsp;&nbsp;&nbsp;2413224 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155073 |
| &nbsp;&nbsp;&nbsp;&nbsp;5046273 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122998 |
| &nbsp;&nbsp;&nbsp;&nbsp;2390725 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042318 |
| &nbsp;&nbsp;&nbsp;&nbsp;2883222 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151173 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79823 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774968 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813588 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694232 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $2942372 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2050 | &nbsp;&nbsp;&nbsp;$2625052 |
| &nbsp;&nbsp; 1998219 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1541786 |
| &nbsp;&nbsp; 6109163 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4986287 |
| &nbsp;&nbsp; 806810 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 696555 |
| &nbsp;&nbsp; 1656530 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1278513 |
| &nbsp;&nbsp; 4253441 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3469869 |
| &nbsp;&nbsp; 392801 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 350440 |
| &nbsp;&nbsp;&nbsp;&nbsp;6310208 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5150373 |
| &nbsp;&nbsp;&nbsp;&nbsp;6009552 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107588 |
| &nbsp;&nbsp;&nbsp;&nbsp;3763668 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904678 |
| &nbsp;&nbsp;&nbsp;&nbsp;7527804 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738838 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570464 |
| &nbsp;&nbsp;&nbsp;&nbsp;2132934 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485009 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413582 |
| &nbsp;&nbsp;&nbsp;&nbsp;5975272 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4856495 |
| &nbsp;&nbsp;&nbsp;&nbsp;3770382 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222058 |
| &nbsp;&nbsp;&nbsp;&nbsp;1562973 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883303 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821928 |
| &nbsp;&nbsp;&nbsp;&nbsp;3009172 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446664 |
| &nbsp;&nbsp;&nbsp;&nbsp;1253144 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067335 |
| &nbsp;&nbsp;&nbsp;&nbsp;3808479 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259606 |
| &nbsp;&nbsp;&nbsp;&nbsp;2798977 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160112 |
| &nbsp;&nbsp;&nbsp;&nbsp;9837741 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989584 |
| &nbsp;&nbsp;10233678 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8723762 |
| &nbsp;&nbsp;&nbsp;&nbsp;8483614 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897436 |
| &nbsp;&nbsp;&nbsp;&nbsp;5758277 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903752 |
| &nbsp;&nbsp;&nbsp;&nbsp;4789259 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891152 |
| &nbsp;&nbsp;&nbsp;&nbsp;3412363 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905428 |
| &nbsp;&nbsp;&nbsp;&nbsp;3194558 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843678 |
| &nbsp;&nbsp;&nbsp;&nbsp;1969576 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595561 |
| &nbsp;&nbsp;&nbsp;&nbsp;5738770 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740694 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634725 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513336 |
| &nbsp;&nbsp;&nbsp;&nbsp;1883380 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613295 |
| &nbsp;&nbsp;&nbsp;&nbsp;3354149 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734367 |
| &nbsp;&nbsp;&nbsp;&nbsp;2665944 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324238 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301678 |
| &nbsp;&nbsp;&nbsp;&nbsp;4140063 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3522855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263282 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236617 |
| &nbsp;&nbsp;&nbsp;&nbsp;1817788 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686925 |
| &nbsp;&nbsp;&nbsp;&nbsp;5712342 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071013 |
| &nbsp;&nbsp;&nbsp;&nbsp;1108834 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829189 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741668 |
| &nbsp;&nbsp;&nbsp;&nbsp;3963790 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462851 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453741 |
| &nbsp;&nbsp;&nbsp;&nbsp;1825688 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318551 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521121 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223058 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585019 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546708 |
| &nbsp;&nbsp;&nbsp;&nbsp;3679349 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511401 |
| &nbsp;&nbsp;&nbsp;&nbsp;2532392 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451289 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433673 |
| &nbsp;&nbsp;&nbsp;&nbsp;6263122 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150293 |
| &nbsp;&nbsp;&nbsp;&nbsp;2287020 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294077 |
| &nbsp;&nbsp;&nbsp;&nbsp;2897441 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685253 |
| &nbsp;&nbsp;&nbsp;&nbsp;1885809 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398404 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393341 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $435597 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;$439421 |
| &nbsp;&nbsp; 346603 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 352895 |
| &nbsp;&nbsp; 224007 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 230997 |
| &nbsp;&nbsp; 450659 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 448098 |
| &nbsp;&nbsp; 2026300 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2031318 |
| &nbsp;&nbsp; 490304 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 499909 |
| &nbsp;&nbsp; 646031 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 633115 |
| &nbsp;&nbsp;&nbsp;&nbsp;2698617 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788015 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353734 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467707 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918622 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938266 |
| &nbsp;&nbsp;&nbsp;&nbsp;1343919 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577562 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198803 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620005 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486076 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548758 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965191 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684830 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689834 |
| &nbsp;&nbsp;&nbsp;&nbsp;2444763 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591663 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613020 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679897 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694428 |
| &nbsp;&nbsp;&nbsp;&nbsp;1126306 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374441 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534702 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550889 |
| &nbsp;&nbsp;&nbsp;&nbsp;1841174 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353472 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825721 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283652 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338595 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552743 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578726 |
| &nbsp;&nbsp;&nbsp;&nbsp;1464014 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487161 |
| &nbsp;&nbsp;&nbsp;&nbsp;4940751 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624973 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649987 |
| &nbsp;&nbsp;&nbsp;&nbsp;1014331 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500983 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323142 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705563 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743056 |
| &nbsp;&nbsp;&nbsp;&nbsp;1022379 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038743 |
| &nbsp;&nbsp;&nbsp;&nbsp;2620993 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405542 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431880 |
| &nbsp;&nbsp;&nbsp;&nbsp;1358409 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400241 |
| &nbsp;&nbsp;&nbsp;&nbsp;2315915 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350232 |
| &nbsp;&nbsp;&nbsp;&nbsp;1306751 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258798 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272576 |
| &nbsp;&nbsp;&nbsp;&nbsp;4532946 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4597331 |
| &nbsp;&nbsp;&nbsp;&nbsp;3762087 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910264 |
| &nbsp;&nbsp;&nbsp;&nbsp;2317585 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351690 |
| &nbsp;&nbsp;&nbsp;&nbsp;1406783 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403291 |
| &nbsp;&nbsp;14721242 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15124008 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650552 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714564 |
| &nbsp;&nbsp;&nbsp;&nbsp;6568867 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666849 |
| &nbsp;&nbsp;&nbsp;&nbsp;2899003 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681915 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912212 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909948 |
| &nbsp;&nbsp;&nbsp;&nbsp;2244680 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277024 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $4745927 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;$4873439 |
| &nbsp;&nbsp; 655187 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 680597 |
| &nbsp;&nbsp; 6102221 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6092416 |
| &nbsp;&nbsp; 6995517 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7094884 |
| &nbsp;&nbsp; 778430 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 799344 |
| &nbsp;&nbsp; 2548045 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2488134 |
| &nbsp;&nbsp; 3770046 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3761950 |
| &nbsp;&nbsp;&nbsp;&nbsp;6659781 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6754380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178494 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774234 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713870 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426081 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442606 |
| &nbsp;&nbsp;&nbsp;&nbsp;2156118 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150821 |
| &nbsp;&nbsp;&nbsp;&nbsp;1371368 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635583 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668219 |
| &nbsp;&nbsp;&nbsp;&nbsp;3589285 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686951 |
| &nbsp;&nbsp;&nbsp;&nbsp;2455866 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551068 |
| &nbsp;&nbsp;&nbsp;&nbsp;1062267 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007925 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K061 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1793081 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 11/25/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783082 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K067 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.19%, 07/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090189 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K077 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 05/25/2028<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750057 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K084 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.78%, 10/25/2028<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K087 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1520642 | &nbsp;&nbsp;&nbsp;&nbsp;3.77%, 12/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K092 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111253 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K095 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.79%, 06/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K098 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.43%, 08/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K100 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2007000 | &nbsp;&nbsp;&nbsp;&nbsp;2.67%, 09/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920393 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K104 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K127 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.11%, 01/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K130 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1.72%, 06/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593812 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K154 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K-157 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2954000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925316 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KJ37 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.33%, 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470404 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341096 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88489 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62456 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39472 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39227 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $4000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 08/05/2030 | &nbsp;&nbsp;&nbsp;$3529145 |
| &nbsp;&nbsp; 69156 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 68944 |
| &nbsp;&nbsp; 202670 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 199129 |
| &nbsp;&nbsp; 21779 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 22174 |
| &nbsp;&nbsp; 522900 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 506987 |
| &nbsp;&nbsp; 133430 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 127863 |
| &nbsp;&nbsp; 66117 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 65169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456365 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20774 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211874 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15506 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647311 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54569 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152478 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238888 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56241 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260579 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12037 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12230 |
| &nbsp;&nbsp;&nbsp;&nbsp;1003333 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14985 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95392 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140595 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48308 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53341 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123030 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129199 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135344 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16119 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204971 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578840 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171387 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511512 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521289 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206070 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211472 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196424 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375213 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145109 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38762 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841282 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39476 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31567 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30412 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31796 |
| &nbsp;&nbsp;&nbsp;&nbsp;1301141 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612866 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602333 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627366 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569519 |
| &nbsp;&nbsp;&nbsp;&nbsp;1760488 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287104 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29679 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645942 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585412 |
| &nbsp;&nbsp;&nbsp;&nbsp;1221359 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500618 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474736 |
| &nbsp;&nbsp;&nbsp;&nbsp;1480724 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371555 |
| &nbsp;&nbsp;&nbsp;&nbsp;3164123 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791558 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509783 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472196 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $266902 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2036 | &nbsp;&nbsp;&nbsp;$252452 |
| &nbsp;&nbsp; 216786 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 197468 |
| &nbsp;&nbsp; 371467 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 344767 |
| &nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3198 |
| &nbsp;&nbsp; 1169873 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1060904 |
| &nbsp;&nbsp; 1667973 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1544975 |
| &nbsp;&nbsp; 132010 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 116137 |
| &nbsp;&nbsp;&nbsp;&nbsp;2347958 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564491 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286189 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968364 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877583 |
| &nbsp;&nbsp;&nbsp;&nbsp;3177497 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285725 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23339 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614453 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378374 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399005 |
| &nbsp;&nbsp;&nbsp;&nbsp;1484562 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343905 |
| &nbsp;&nbsp;&nbsp;&nbsp;2339964 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565130 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541874 |
| &nbsp;&nbsp;&nbsp;&nbsp;1106882 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965097 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757445 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739075 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262995 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442805 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339453 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98357 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500371 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357560 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302587 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179320 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435820 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82414 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41162 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241560 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27486 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25525 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177528 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218712 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661956 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621999 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92504 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458675 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546412 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242554 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242695 |
| &nbsp;&nbsp;&nbsp;&nbsp;1466973 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133747 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108753 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396586 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219615 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492369 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391628 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743161 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68486 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100663 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252326 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443544 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389579 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $908585 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2041 | &nbsp;&nbsp;&nbsp;$889446 |
| &nbsp;&nbsp; 368572 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 370926 |
| &nbsp;&nbsp; 359956 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 317521 |
| &nbsp;&nbsp; 796387 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 694097 |
| &nbsp;&nbsp; 269877 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 277532 |
| &nbsp;&nbsp; 281467 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 245550 |
| &nbsp;&nbsp; 676355 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 588930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469031 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912705 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631113 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851848 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758061 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131111 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131909 |
| &nbsp;&nbsp;&nbsp;&nbsp;1174647 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990534 |
| &nbsp;&nbsp;&nbsp;&nbsp;1831017 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366014 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354256 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775370 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980379 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381929 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366479 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229136 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594350 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617441 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277030 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264235 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483249 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459386 |
| &nbsp;&nbsp;&nbsp;&nbsp;1081703 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124721 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480384 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274270 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125111 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287252 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471190 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88364 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162956 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806329 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167567 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162220 |
| &nbsp;&nbsp;&nbsp;&nbsp;1216755 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055568 |
| &nbsp;&nbsp;&nbsp;&nbsp;1007865 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350099 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696220 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548261 |
| &nbsp;&nbsp;&nbsp;&nbsp;1034195 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579495 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563157 |
| &nbsp;&nbsp;&nbsp;&nbsp;1080766 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983671 |
| &nbsp;&nbsp;&nbsp;&nbsp;1282673 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883978 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282366 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245751 |
| &nbsp;&nbsp;&nbsp;&nbsp;1132602 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228632 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643498 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311578 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293824 |
| &nbsp;&nbsp;&nbsp;&nbsp;1029688 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175653 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275407 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214838 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236539 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234934 |
| &nbsp;&nbsp;&nbsp;&nbsp;3723783 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499164 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $658896 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2047 | &nbsp;&nbsp;&nbsp;$636534 |
| &nbsp;&nbsp; 4245153 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3990247 |
| &nbsp;&nbsp; 846901 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 795579 |
| &nbsp;&nbsp; 776542 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 771113 |
| &nbsp;&nbsp; 547588 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 494590 |
| &nbsp;&nbsp; 582512 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 546240 |
| &nbsp;&nbsp; 267134 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 265723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257019 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276795 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267332 |
| &nbsp;&nbsp;&nbsp;&nbsp;1983809 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235958 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239300 |
| &nbsp;&nbsp;&nbsp;&nbsp;1005451 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272979 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458772 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700032 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905545 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852719 |
| &nbsp;&nbsp;&nbsp;&nbsp;1716385 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827554 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778511 |
| &nbsp;&nbsp;&nbsp;&nbsp;2221779 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707111 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699690 |
| &nbsp;&nbsp;&nbsp;&nbsp;1152282 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772475 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319740 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736969 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256299 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598726 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998110 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942966 |
| &nbsp;&nbsp;&nbsp;&nbsp;3125398 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884079 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829524 |
| &nbsp;&nbsp;&nbsp;&nbsp;2101842 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619977 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304429 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291233 |
| &nbsp;&nbsp;&nbsp;&nbsp;2845705 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395856 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390121 |
| &nbsp;&nbsp;&nbsp;&nbsp;2289789 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500873 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746046 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385510 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344654 |
| &nbsp;&nbsp;&nbsp;&nbsp;1097268 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098865 |
| &nbsp;&nbsp;&nbsp;&nbsp;1199306 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594576 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555125 |
| &nbsp;&nbsp;&nbsp;&nbsp;6461911 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270435 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125276 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331515 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283378 |
| &nbsp;&nbsp;&nbsp;&nbsp;2769449 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436730 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418864 |
| &nbsp;&nbsp;&nbsp;&nbsp;3501704 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857139 |
| &nbsp;&nbsp;&nbsp;&nbsp;3327338 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505874 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488234 |
| &nbsp;&nbsp;&nbsp;&nbsp;2152236 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914496 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781514 |
| &nbsp;&nbsp;&nbsp;&nbsp;1081545 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383707 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296066 |
| &nbsp;&nbsp;&nbsp;&nbsp;2884242 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872269 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788553 |
| &nbsp;&nbsp;&nbsp;&nbsp;2464452 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901546 |
| &nbsp;&nbsp;&nbsp;&nbsp;3809173 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123379 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $522319 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;$447564 |
| &nbsp;&nbsp; 909023 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 881054 |
| &nbsp;&nbsp; 4580955 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3741849 |
| &nbsp;&nbsp; 691819 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 587067 |
| &nbsp;&nbsp; 2491466 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2232605 |
| &nbsp;&nbsp; 68576 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 65559 |
| &nbsp;&nbsp; 3458695 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2668670 |
| &nbsp;&nbsp;15184162 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12390103 |
| &nbsp;&nbsp;&nbsp;&nbsp;1727819 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452058 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422034 |
| &nbsp;&nbsp;&nbsp;&nbsp;9074298 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403117 |
| &nbsp;&nbsp;&nbsp;&nbsp;1919321 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229569 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222060 |
| &nbsp;&nbsp;&nbsp;&nbsp;3264116 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383020 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971982 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752324 |
| &nbsp;&nbsp;&nbsp;&nbsp;4776470 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100169 |
| &nbsp;&nbsp;&nbsp;&nbsp;2093612 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295678 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228507 |
| &nbsp;&nbsp;&nbsp;&nbsp;2989697 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433646 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022586 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743335 |
| &nbsp;&nbsp;&nbsp;&nbsp;6405867 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632337 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399004 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322696 |
| &nbsp;&nbsp;&nbsp;&nbsp;4998543 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677143 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613508 |
| &nbsp;&nbsp;15345867 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12491269 |
| &nbsp;&nbsp;&nbsp;&nbsp;5332726 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338958 |
| &nbsp;&nbsp;&nbsp;&nbsp;2086154 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594990 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528916 |
| &nbsp;&nbsp;&nbsp;&nbsp;2579255 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995431 |
| &nbsp;&nbsp;&nbsp;&nbsp;8736087 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100332 |
| &nbsp;&nbsp;15124826 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12898406 |
| &nbsp;&nbsp;&nbsp;&nbsp;1658041 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279919 |
| &nbsp;&nbsp;14344787 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11734390 |
| &nbsp;&nbsp;16486138 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14138962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728458 |
| &nbsp;&nbsp;&nbsp;&nbsp;3043331 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595605 |
| &nbsp;&nbsp;&nbsp;&nbsp;4758990 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438367 |
| &nbsp;&nbsp;&nbsp;&nbsp;6334451 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668507 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569194 |
| &nbsp;&nbsp;12947961 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10524355 |
| &nbsp;&nbsp;&nbsp;&nbsp;3053289 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604097 |
| &nbsp;&nbsp;&nbsp;&nbsp;1825275 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629461 |
| &nbsp;&nbsp;10940716 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905807 |
| &nbsp;&nbsp;&nbsp;&nbsp;2441626 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072539 |
| &nbsp;&nbsp;&nbsp;&nbsp;2202673 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482826 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460976 |
| &nbsp;&nbsp;&nbsp;&nbsp;3629978 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981689 |
| &nbsp;&nbsp;&nbsp;&nbsp;1898229 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639595 |
| &nbsp;&nbsp;&nbsp;&nbsp;1217708 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078569 |
| &nbsp;&nbsp;&nbsp;&nbsp;3041989 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466216 |
| &nbsp;&nbsp;&nbsp;&nbsp;3694105 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3153371 |
| &nbsp;&nbsp;&nbsp;&nbsp;2996068 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375734 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924347 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610654 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503450 |
| &nbsp;&nbsp;&nbsp;&nbsp;1165574 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969089 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $800962 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;$709856 |
| &nbsp;&nbsp; 3039132 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2822288 |
| &nbsp;&nbsp; 2517162 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2399866 |
| &nbsp;&nbsp; 898151 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 795877 |
| &nbsp;&nbsp; 2947004 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2741211 |
| &nbsp;&nbsp; 6131386 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 5861199 |
| &nbsp;&nbsp; 5195227 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4609277 |
| &nbsp;&nbsp;&nbsp;&nbsp;6481482 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922073 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499473 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462895 |
| &nbsp;&nbsp;&nbsp;&nbsp;4045578 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942695 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487118 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489349 |
| &nbsp;&nbsp;&nbsp;&nbsp;1557044 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588531 |
| &nbsp;&nbsp;&nbsp;&nbsp;2160126 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124052 |
| &nbsp;&nbsp;&nbsp;&nbsp;1906115 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798955 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788212 |
| &nbsp;&nbsp;&nbsp;&nbsp;2879101 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699571 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716439 |
| &nbsp;&nbsp;&nbsp;&nbsp;1061294 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007922 |
| &nbsp;&nbsp;&nbsp;&nbsp;2573550 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632914 |
| &nbsp;&nbsp;&nbsp;&nbsp;1780582 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654664 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958086 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938833 |
| &nbsp;&nbsp;&nbsp;&nbsp;1375324 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447532 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430320 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711521 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401800 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248232 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579216 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602967 |
| &nbsp;&nbsp;&nbsp;&nbsp;1961614 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964027 |
| &nbsp;&nbsp;&nbsp;&nbsp;1348708 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609184 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204980 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405916 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386807 |
| &nbsp;&nbsp;&nbsp;&nbsp;1473271 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793486 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806638 |
| &nbsp;&nbsp;&nbsp;&nbsp;1890231 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778153 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811563 |
| &nbsp;&nbsp;&nbsp;&nbsp;1035794 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983467 |
| &nbsp;&nbsp;&nbsp;&nbsp;1717095 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639525 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810055 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562531 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575636 |
| &nbsp;&nbsp;&nbsp;&nbsp;1020645 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824143 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857605 |
| &nbsp;&nbsp;&nbsp;&nbsp;4815719 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366844 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580382 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581591 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595679 |
| &nbsp;&nbsp;&nbsp;&nbsp;2380692 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562920 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579953 |
| &nbsp;&nbsp;&nbsp;&nbsp;1483785 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545787 |
| &nbsp;&nbsp;&nbsp;&nbsp;2206187 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966022 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991325 |
| &nbsp;&nbsp;&nbsp;&nbsp;1297803 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347084 |
| &nbsp;&nbsp;&nbsp;&nbsp;2492769 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594471 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $3877881 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;$3993734 |
| &nbsp;&nbsp; 1356323 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1411016 |
| &nbsp;&nbsp; 443027 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 466362 |
| &nbsp;&nbsp; 329099 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 334140 |
| &nbsp;&nbsp; 1269728 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1320164 |
| &nbsp;&nbsp; 2273599 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2406652 |
| &nbsp;&nbsp; 127023 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 134858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659744 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644235 |
| &nbsp;&nbsp;&nbsp;&nbsp;1106231 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467413 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214177 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227091 |
| &nbsp;&nbsp;&nbsp;&nbsp;3817171 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695701 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734053 |
| &nbsp;&nbsp;&nbsp;&nbsp;1042295 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652643 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517072 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504915 |
| &nbsp;&nbsp;&nbsp;&nbsp;4649477 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774373 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250188 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298673 |
| &nbsp;&nbsp;&nbsp;&nbsp;5138453 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293843 |
| &nbsp;&nbsp;&nbsp;&nbsp;3255261 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302167 |
| &nbsp;&nbsp;&nbsp;&nbsp;1419612 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416600 |
| &nbsp;&nbsp;&nbsp;&nbsp;1063664 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011883 |
| &nbsp;&nbsp;&nbsp;&nbsp;2582812 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576400 |
| &nbsp;&nbsp;&nbsp;&nbsp;3819347 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873599 |
| &nbsp;&nbsp;&nbsp;&nbsp;7369491 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7569048 |
| &nbsp;&nbsp;&nbsp;&nbsp;1747468 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751689 |
| &nbsp;&nbsp;&nbsp;&nbsp;3893064 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948364 |
| &nbsp;&nbsp;&nbsp;&nbsp;1827808 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730947 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759282 |
| &nbsp;&nbsp;&nbsp;&nbsp;1026801 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750779 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635847 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668498 |
|  | Federal National Mortgage Association Alternative Credit Enhancement Security |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-M4 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661957 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 12/25/2026<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-M5 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332480 | &nbsp;&nbsp;&nbsp;&nbsp;3.02%, 04/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M12 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348657 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M14 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1318705 | &nbsp;&nbsp;&nbsp;&nbsp;3.58%, 08/25/2028<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306431 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1413408 | &nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/25/2028<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M22 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1917163 | &nbsp;&nbsp;&nbsp;&nbsp;2.52%, 08/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;2.44%, 10/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611626 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 21-M12 Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 05/25/2033<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854082 |
|  | Government National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55208 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10855 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31654 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33218 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $35858 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/20/2036 | &nbsp;&nbsp;&nbsp;$37148 |
| &nbsp;&nbsp; 209660 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 199668 |
| &nbsp;&nbsp; 97489 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 90734 |
| &nbsp;&nbsp; 138840 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 129893 |
| &nbsp;&nbsp; 218301 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 224566 |
| &nbsp;&nbsp; 71554 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 69856 |
| &nbsp;&nbsp; 62451 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 62902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60666 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247866 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382319 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113348 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24736 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493510 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138870 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995386 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552890 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519709 |
| &nbsp;&nbsp;&nbsp;&nbsp;1465807 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547111 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438626 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581264 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536515 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759867 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412096 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418883 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946929 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379678 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398540 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130953 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540271 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498954 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454098 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650933 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503473 |
| &nbsp;&nbsp;&nbsp;&nbsp;1357588 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263389 |
| &nbsp;&nbsp;&nbsp;&nbsp;2021501 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734566 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682204 |
| &nbsp;&nbsp;&nbsp;&nbsp;2742408 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881174 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877756 |
| &nbsp;&nbsp;&nbsp;&nbsp;3540327 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399215 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449749 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481193 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473579 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346205 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340501 |
| &nbsp;&nbsp;&nbsp;&nbsp;1721803 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280494 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511388 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431581 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102396 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104043 |
| &nbsp;&nbsp;&nbsp;&nbsp;1956905 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985028 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360541 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203545 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709142 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256958 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237427 |
| &nbsp;&nbsp;&nbsp;&nbsp;1463296 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114488 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430538 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507070 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440137 |
| &nbsp;&nbsp;&nbsp;&nbsp;1293650 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168966 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $1537749 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2049 | &nbsp;&nbsp;&nbsp;$1388070 |
| &nbsp;&nbsp; 110456 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 112302 |
| &nbsp;&nbsp; 470698 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 424572 |
| &nbsp;&nbsp; 1047370 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 927328 |
| &nbsp;&nbsp; 346649 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 300186 |
| &nbsp;&nbsp; 813817 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 733463 |
| &nbsp;&nbsp; 2877858 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2495350 |
| &nbsp;&nbsp;&nbsp;&nbsp;1314073 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224786 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228534 |
| &nbsp;&nbsp;&nbsp;&nbsp;1487807 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875981 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623711 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562059 |
| &nbsp;&nbsp;&nbsp;&nbsp;2343098 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941965 |
| &nbsp;&nbsp;&nbsp;&nbsp;5068574 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379177 |
| &nbsp;&nbsp;&nbsp;&nbsp;1476230 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329856 |
| &nbsp;&nbsp;&nbsp;&nbsp;1665102 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146786 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347321 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491199 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452558 |
| &nbsp;&nbsp;&nbsp;&nbsp;3341780 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769534 |
| &nbsp;&nbsp;&nbsp;&nbsp;1115292 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964778 |
| &nbsp;&nbsp;&nbsp;&nbsp;2288386 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065828 |
| &nbsp;&nbsp;&nbsp;&nbsp;1676448 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934086 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861379 |
| &nbsp;&nbsp;&nbsp;&nbsp;5275397 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370361 |
| &nbsp;&nbsp;&nbsp;&nbsp;2959536 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555150 |
| &nbsp;&nbsp;&nbsp;&nbsp;1523256 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909199 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877607 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620165 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593336 |
| &nbsp;&nbsp;&nbsp;&nbsp;1408084 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103137 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89045 |
| &nbsp;&nbsp;&nbsp;&nbsp;3306330 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739103 |
| &nbsp;&nbsp;&nbsp;&nbsp;2209916 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768958 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607678 |
| &nbsp;&nbsp;&nbsp;&nbsp;1639836 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852085 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534406 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480804 |
| &nbsp;&nbsp;&nbsp;&nbsp;1787734 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362023 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609984 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548802 |
| &nbsp;&nbsp;&nbsp;&nbsp;1011667 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613313 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529311 |
| &nbsp;&nbsp;&nbsp;&nbsp;1631071 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467473 |
| &nbsp;&nbsp;&nbsp;&nbsp;4259711 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528924 |
| &nbsp;&nbsp;&nbsp;&nbsp;5166946 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459244 |
| &nbsp;&nbsp;&nbsp;&nbsp;1023693 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848070 |
| &nbsp;&nbsp;&nbsp;&nbsp;2196821 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895926 |
| &nbsp;&nbsp;&nbsp;&nbsp;1014601 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79074 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79715 |
| &nbsp;&nbsp;&nbsp;&nbsp;2127337 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979182 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845063 |
| &nbsp;&nbsp;&nbsp;&nbsp;1476683 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328570 |
| &nbsp;&nbsp;&nbsp;&nbsp;1274861 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170412 |
| &nbsp;&nbsp;&nbsp;&nbsp;4874352 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038119 |
| &nbsp;&nbsp;10374451 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8953437 |
| &nbsp;&nbsp;&nbsp;&nbsp;8295927 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6872696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597136 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515346 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $1577244 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/20/2052 | &nbsp;&nbsp;&nbsp;$1420250 |
| &nbsp;&nbsp; 1865563 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1545511 |
| &nbsp;&nbsp; 837007 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 722361 |
| &nbsp;&nbsp; 1326400 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1193360 |
| &nbsp;&nbsp; 3497331 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2897336 |
| &nbsp;&nbsp; 285620 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 256972 |
| &nbsp;&nbsp; 995018 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 916899 |
| &nbsp;&nbsp;&nbsp;&nbsp;3744669 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231751 |
| &nbsp;&nbsp;&nbsp;&nbsp;2583981 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797388 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732236 |
| &nbsp;&nbsp;&nbsp;&nbsp;1743023 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660776 |
| &nbsp;&nbsp;&nbsp;&nbsp;1641590 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476937 |
| &nbsp;&nbsp;&nbsp;&nbsp;1340829 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234998 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350438 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241768 |
| &nbsp;&nbsp;&nbsp;&nbsp;2179850 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077662 |
| &nbsp;&nbsp;&nbsp;&nbsp;2103217 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065142 |
| &nbsp;&nbsp;&nbsp;&nbsp;1515355 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867460 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224985 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220877 |
| &nbsp;&nbsp;&nbsp;&nbsp;2498880 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387333 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357719 |
| &nbsp;&nbsp;&nbsp;&nbsp;1677170 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597679 |
| &nbsp;&nbsp;&nbsp;&nbsp;1443325 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306091 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311527 |
| &nbsp;&nbsp;&nbsp;&nbsp;1057250 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005725 |
| &nbsp;&nbsp;&nbsp;&nbsp;2364543 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320275 |
| &nbsp;&nbsp;&nbsp;&nbsp;1216090 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218821 |
| &nbsp;&nbsp;&nbsp;&nbsp;1402878 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737683 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701732 |
| &nbsp;&nbsp;&nbsp;&nbsp;1553834 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454542 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699382 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277176 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271851 |
| &nbsp;&nbsp;&nbsp;&nbsp;1397542 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400178 |
| &nbsp;&nbsp;&nbsp;&nbsp;1016408 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330941 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339975 |
| &nbsp;&nbsp;&nbsp;&nbsp;1041321 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991901 |
| &nbsp;&nbsp;&nbsp;&nbsp;1117574 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119104 |
| &nbsp;&nbsp;&nbsp;&nbsp;1547757 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420421 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970473 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476010 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216800 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782113 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783324 |
| &nbsp;&nbsp;&nbsp;&nbsp;3211143 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177827 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182395 |
| &nbsp;&nbsp;&nbsp;&nbsp;1849274 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811253 |
| &nbsp;&nbsp;&nbsp;&nbsp;2669168 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155168 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296335 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296086 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205205 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808379 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428048 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444168 |
| &nbsp;&nbsp;&nbsp;&nbsp;2017858 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021331 |
| &nbsp;&nbsp;&nbsp;&nbsp;1958304 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867442 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441666 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458177 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $348315 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/2053 | &nbsp;&nbsp;&nbsp;$341146 |
| &nbsp;&nbsp; 335006 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 335575 |
| &nbsp;&nbsp; 1344734 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1381310 |
| &nbsp;&nbsp; 2857459 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2906838 |
| &nbsp;&nbsp; 1820202 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1863251 |
| &nbsp;&nbsp; 153148 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 158788 |
| &nbsp;&nbsp; 1315126 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1342339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174959 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326287 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96017 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352465 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315378 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485583 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364404 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906060 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818134 |
| &nbsp;&nbsp;&nbsp;&nbsp;1564678 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455867 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472185 |
| &nbsp;&nbsp;&nbsp;&nbsp;1968400 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905786 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119062 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857263 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515700 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533923 |
| &nbsp;&nbsp;&nbsp;&nbsp;1307922 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744302 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769898 |
| &nbsp;&nbsp;&nbsp;&nbsp;3075320 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652743 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913606 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912654 |
| &nbsp;&nbsp;&nbsp;&nbsp;2425358 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453549 |
| &nbsp;&nbsp;&nbsp;&nbsp;3449350 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282742 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927482 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956880 |
| &nbsp;&nbsp;&nbsp;&nbsp;1053542 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978268 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953892 |
| &nbsp;&nbsp;&nbsp;&nbsp;2955434 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952049 |
| &nbsp;&nbsp;&nbsp;&nbsp;5708847 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775204 |
| &nbsp;&nbsp;&nbsp;&nbsp;1681631 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714865 |
| &nbsp;&nbsp;&nbsp;&nbsp;1005234 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980187 |
| &nbsp;&nbsp;&nbsp;&nbsp;2956456 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951482 |
| &nbsp;&nbsp;&nbsp;&nbsp;1739895 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761745 |
| &nbsp;&nbsp;&nbsp;&nbsp;1136766 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175976 |
| &nbsp;&nbsp;&nbsp;&nbsp;2038467 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987674 |
| &nbsp;&nbsp;&nbsp;&nbsp;4497406 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492024 |
| &nbsp;&nbsp;&nbsp;&nbsp;7845934 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7937133 |
| &nbsp;&nbsp;&nbsp;&nbsp;4877816 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974217 |
| &nbsp;&nbsp;&nbsp;&nbsp;1569945 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990677 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989466 |
| &nbsp;&nbsp;&nbsp;&nbsp;1645337 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345780 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476953 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997544 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973853 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958297 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1176625959 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 25.22%<br> (Cost $1,266,886,225)** | **TOTAL MORTGAGE-BACKED SECURITIES — 25.22%<br> (Cost $1,266,886,225)** | &nbsp;&nbsp;&nbsp;**$1207027801** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** |
| $750000 | City of Houston Texas Combined Utility System Revenue Series B, RB<br> 3.83%, 05/15/2028 | &nbsp;&nbsp;&nbsp;$751767 |
| &nbsp;&nbsp; 2000000 | Port of Morrow Oregon, RB<br> 2.99%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1731545 |
| &nbsp;&nbsp; 794020 | State of Illinois, GO<br> 5.10%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 813767 |
| &nbsp;&nbsp; 990000 | University of North Carolina at Chapel Hill, RB<br> 3.85%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 961035 |
| **TOTAL MUNICIPAL BONDS AND NOTES — 0.09%<br> (Cost $4,549,015)** | **TOTAL MUNICIPAL BONDS AND NOTES — 0.09%<br> (Cost $4,549,015)** | &nbsp;&nbsp;&nbsp;**$4258114** |
| **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** |
|  | Federal Home Loan Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922362 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978411 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/16/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971268 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | Federal Home Loan Mortgage Corp<br> 4.55%, 02/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001546 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | Federal National Mortgage Association<br> 2.13%, 04/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977002 |
|  | Tennessee Valley Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/15/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878134 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241551 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850032 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.41%<br> (Cost $20,143,598)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.41%<br> (Cost $20,143,598)** | &nbsp;&nbsp;&nbsp;**$19820306** |
| **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;7028000 | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899424 |
| &nbsp;&nbsp;25000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24669677 |
| &nbsp;&nbsp;31000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30313396 |
| &nbsp;&nbsp;24500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23976503 |
| &nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 03/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10716270 |
| &nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10576758 |
| &nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16743672 |
| &nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18092109 |
| &nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11961426 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986250 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805469 |
| &nbsp;&nbsp;25200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25304344 |
| &nbsp;&nbsp;27000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25591992 |
| &nbsp;&nbsp;12600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12602461 |
| &nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14213086 |
| &nbsp;&nbsp;12900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13047141 |
| &nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12289063 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7879375 |
| &nbsp;&nbsp;26000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24729453 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &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)** |
| $22500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 04/30/2028 | &nbsp;&nbsp;&nbsp;$21375000 |
| &nbsp;&nbsp;14300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 14297766 |
| &nbsp;&nbsp;18800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18531953 |
| &nbsp;&nbsp;27000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25599375 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9464453 |
| &nbsp;&nbsp;17900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18109766 |
| &nbsp;&nbsp;36500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 07/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 34247266 |
| &nbsp;&nbsp;30500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30955117 |
| &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6516504 |
| &nbsp;&nbsp;30474000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 08/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28627704 |
| &nbsp;&nbsp;31000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31876719 |
| &nbsp;&nbsp;32000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33133750 |
| &nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754218 |
| &nbsp;&nbsp;33000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30982617 |
| &nbsp;&nbsp;28500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28862930 |
| &nbsp;&nbsp;29700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28878609 |
| &nbsp;&nbsp;37000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35647188 |
| &nbsp;&nbsp;41000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41679063 |
| &nbsp;&nbsp;29500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28363789 |
| &nbsp;&nbsp;29000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28222890 |
| &nbsp;&nbsp;18500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18288984 |
| &nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15316992 |
| &nbsp;&nbsp;24600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24918070 |
| &nbsp;&nbsp;34630000 | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32326293 |
| &nbsp;&nbsp;28500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019062 |
| &nbsp;&nbsp;&nbsp;&nbsp;7100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7098891 |
| &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157032 |
| &nbsp;&nbsp;49000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49415351 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106875 |
| &nbsp;&nbsp;41700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42231024 |
| &nbsp;&nbsp;34500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34769531 |
| &nbsp;&nbsp;43760000 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38401109 |
| &nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11527402 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7254281 |
| &nbsp;&nbsp;45928000 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39964537 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386852 |
| &nbsp;&nbsp;41020000 | &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35858851 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9899219 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005078 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034570 |
| &nbsp;&nbsp;16100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16757836 |
| &nbsp;&nbsp;13000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13294531 |
| &nbsp;&nbsp;15700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15955125 |
| &nbsp;&nbsp;19300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16814371 |
| &nbsp;&nbsp;15350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 08/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15299033 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742109 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243906 |
| &nbsp;&nbsp;23200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23845250 |
| &nbsp;&nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7580605 |
| &nbsp;&nbsp;29300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29489992 |
| &nbsp;&nbsp;15800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14897672 |
| &nbsp;&nbsp;40500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40711992 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660742 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990742 |
| &nbsp;&nbsp;23800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23129695 |
| &nbsp;&nbsp;26000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24995547 |
| &nbsp;&nbsp;11900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800988 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &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)** |
| $17200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;&nbsp;$17759672 |
| &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6978125 |
| &nbsp;&nbsp;11100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 11343246 |
| &nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 8664563 |
| &nbsp;&nbsp;12600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 12732399 |
| &nbsp;&nbsp;13100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 13597902 |
| &nbsp;&nbsp;13900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 14015109 |
| &nbsp;&nbsp;37410000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37678884 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928125 |
| &nbsp;&nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027676 |
| &nbsp;&nbsp;15300000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609118 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867969 |
| &nbsp;&nbsp;21500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15019766 |
| &nbsp;&nbsp;35901000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24223358 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791719 |
| &nbsp;&nbsp;14500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10673360 |
| &nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845703 |
| &nbsp;&nbsp;22500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19012500 |
| &nbsp;&nbsp;22500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18197754 |
| &nbsp;&nbsp;11400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10226602 |
| &nbsp;&nbsp;&nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900926 |
| &nbsp;&nbsp;&nbsp;&nbsp;7400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7265297 |
| &nbsp;&nbsp;23100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200566 |
| &nbsp;&nbsp;27400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21190047 |
| &nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861852 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082031 |
| &nbsp;&nbsp;14320000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14247281 |
| &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16155000 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885938 |
| &nbsp;&nbsp;28870000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20104120 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387832 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496004 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4425117 |
| &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 |
| &nbsp;&nbsp;12500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985351 |
| &nbsp;&nbsp;28976000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16598947 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 11/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210938 |
| &nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280625 |
| &nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529375 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &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)** |
| $31400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp;&nbsp;$22489023 |
| &nbsp;&nbsp;21500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 17406602 |
| &nbsp;&nbsp;22000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 17796797 |
| &nbsp;&nbsp;16500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 14606367 |
| &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3706656 |
| &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3659727 |
| &nbsp;&nbsp;18000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 16274531 |
| &nbsp;&nbsp;12700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11978680 |
| &nbsp;&nbsp;17750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17173125 |
| &nbsp;&nbsp;17600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17294751 |
| &nbsp;&nbsp;14311000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14132113 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817188 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 44.57%<br> (Cost $2,217,324,291)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 44.57%<br> (Cost $2,217,324,291)** | &nbsp;&nbsp;&nbsp;**$2133429043** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;17546786 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(e)</sup>, 3.71%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17546786 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.37%<br> (Cost $17,546,786)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.37%<br> (Cost $17,546,786)** | &nbsp;&nbsp;&nbsp;**$17546786** |
| **TOTAL INVESTMENTS — 97.33%<br> (Cost $4,840,439,490)** | **TOTAL INVESTMENTS — 97.33%<br> (Cost $4,840,439,490)** | &nbsp;&nbsp;&nbsp;**$4658864475** |
| **OTHER ASSETS & LIABILITIES, NET — 2.67%** | **OTHER ASSETS & LIABILITIES, NET — 2.67%** | &nbsp;&nbsp;&nbsp;**$127802117** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$4786666592** |

---

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

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $16,356,212, representing 0.34% 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 December 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. Interest rate shown reflects the rate in effect as of December 31, 2025.

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

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

<sup>GO</sup> General Obligation Bonds

<sup>LP</sup> Limited Partnership

<sup>RB</sup> Revenue Bonds

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

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

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Municipal Bonds And Notes — 0.05% | Municipal Bonds And Notes — 0.05% | Municipal Bonds And Notes — 0.05% |
| &nbsp;&nbsp;&nbsp;345000 | Louisiana Local Government Environmental Facilities & Community Development Authority, RB<br> 4.28%, 02/01/2036 | &nbsp;&nbsp;&nbsp;$342248 |
| Non-Agency — 7.43% | Non-Agency — 7.43% | Non-Agency — 7.43% |
|  | Affirm Asset Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A |  |
| &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;5.61%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 180278 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;4.62%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8234 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8235 |
| &nbsp;&nbsp;&nbsp;385000 | Affirm Master Trust<sup>(b)</sup><br> Series 2025-2A Class A<br> 4.67%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387603 |
|  | AGL Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-34A Class A1 |  |
| 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/22/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-44A Class A |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/22/2037<br> 3-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498614 |
| &nbsp;&nbsp;&nbsp;255000 | Aligned Data Centers Issuer LLC<sup>(b)</sup><br> Series 2023-1A Class A2<br> 6.00%, 08/17/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256877 |
| &nbsp;&nbsp;&nbsp;925000 | American Express Credit Account Master Trust<br> Series 2025-3 Class A<br> 4.51%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945036 |
| &nbsp;&nbsp;&nbsp;195000 | AMSR Trust<sup>(b)</sup><br> Series 2024-SFR2 Class A<br> 4.15%, 11/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192446 |
| &nbsp;&nbsp;&nbsp;100000 | Amur Equipment Finance Receivables XIII LLC<sup>(b)</sup><br> Series 2024-1A Class B<br> 5.37%, 01/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102085 |
| &nbsp;&nbsp;&nbsp;290000 | Amur Equipment Finance Receivables XV LLC<sup>(b)</sup><br> Series 2025-1A Class B<br> 5.18%, 11/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296133 |
| &nbsp;&nbsp;&nbsp;250000 | Ares European XXI Designated Activity Co<sup>(b)(c)</sup><br> Series 21A Class B<br> EUR, 3.71%, 04/15/2038<br> 3-mo. EURIBOR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292328 |
| &nbsp;&nbsp;&nbsp;500000 | Arini European VII Designated Activity Co<sup>(b)(c)</sup><br> Series 7A Class B<br> EUR, 3.90%, 01/15/2039<br> 3-mo. EURIBOR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587534 |
| &nbsp;&nbsp;&nbsp;195000 | Auxilior Term Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A3<br> 5.49%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198525 |
| &nbsp;&nbsp;&nbsp;245000 | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup><br> Series 2024-3A Class A<br> 5.23%, 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252596 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Barclays Dryrock Issuance Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.72%, 02/15/2029 | &nbsp;&nbsp;&nbsp;$1102556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A |  |
| &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 726653 |
| &nbsp;&nbsp;&nbsp;360000 | Barings Ltd<sup>(b)(c)</sup><br> Series 2024-1A Class B<br> 5.98%, 01/20/2037<br> 3-mo. SOFR + 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; 360518 |
| &nbsp;&nbsp;&nbsp;455000 | Battalion XXV Ltd<sup>(b)(c)</sup><br> Series 2024-25A Class B<br> 6.08%, 03/13/2037<br> 3-mo. SOFR + 2.20% | &nbsp;&nbsp;&nbsp;&nbsp; 455869 |
| &nbsp;&nbsp;&nbsp;275000 | Benefit Street Partners XXXI Ltd<sup>(b)(c)</sup><br> Series 2023-31A Class BR<br> 5.61%, 04/25/2038<br> 3-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275782 |
| &nbsp;&nbsp;&nbsp;410000 | BlueMountain XXIV Ltd<sup>(b)(c)</sup><br> Series 2019-24A Class AR<br> 5.25%, 04/20/2034<br> 3-mo. SOFR + 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410510 |
| &nbsp;&nbsp;&nbsp;375000 | Bridgecrest Lending Auto Securitization Trust<br> Series 2025-4 Class B<br> 4.30%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375158 |
|  | Carlyle Global Market Strategies Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A1AR |  |
| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 01/15/2040<br> 3-mo. SOFR + 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551989 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8A Class A1R |  |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/15/2038<br> 3-mo. SOFR + 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class B |  |
| &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 04/25/2037<br> 3-mo. SOFR + 2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701877 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class A |  |
| 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 07/25/2038<br> 3-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354982 |
| 1520000 | CarVal IV Ltd<sup>(b)(c)</sup><br> Series 2021-1A Class A1R<br> 5.18%, 03/31/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522058 |
| &nbsp;&nbsp;&nbsp;&nbsp;67359 | Cascade MH Asset Trust<sup>(b)</sup><br> Series 2021-MH1 Class A1<br> 1.75%, 02/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61474 |
|  | CBAMR Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A Class A1R |  |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/31/2038<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-12A Class A1R2 |  |
| &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;4.92%, 01/20/2039<br> 3-mo. SOFR + 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 |
| &nbsp;&nbsp;&nbsp;520000 | CCG Receivables Trust<sup>(b)</sup><br> Series 2025-2 Class B<br> 4.58%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521097 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 435000 | Cedar Funding IX Ltd<sup>(b)(c)</sup><br> Series 2018-9A Class AR<br> 5.30%, 07/20/2037<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;$436128 |
|  | CF Hippolyta Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A1 |  |
| 107372 | &nbsp;&nbsp;&nbsp;&nbsp;1.69%, 07/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 90341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2 |  |
| &nbsp;&nbsp;85819 | &nbsp;&nbsp;&nbsp;&nbsp;1.99%, 07/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 71953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A1 |  |
| &nbsp;&nbsp;93133 | &nbsp;&nbsp;&nbsp;&nbsp;1.53%, 03/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A1 |  |
| &nbsp;&nbsp;96560 | &nbsp;&nbsp;&nbsp;&nbsp;5.97%, 08/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94987 |
| 625000 | Citibank Credit Card Issuance Trust<br> Series 2025-A2 Class A<br> 4.49%, 06/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637078 |
| 104522 | Commercial Equipment Finance LLC<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.97%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105649 |
| 425000 | Credit Acceptance Auto Loan Trust<sup>(b)</sup><br> Series 2024-2A Class B<br> 6.11%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435082 |
| 600000 | CVC Cordatus Loan Fund III Designated Activity Co<sup>(b)(c)</sup><br> Series 3A Class B1R3<br> EUR, 3.71%, 05/26/2038<br> 3-mo. EURIBOR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696047 |
| 511680 | DB Master Finance LLC<sup>(b)</sup><br> Series 2021-1A Class A23<br> 2.79%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455559 |
| 500000 | Discover Card Execution Note Trust<br> Series 2023-A1 Class A<br> 4.31%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500510 |
|  | Domino's Pizza Master Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A Class A23 |  |
| 611000 | &nbsp;&nbsp;&nbsp;&nbsp;4.12%, 07/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| 100800 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 10/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2I |  |
| 515425 | &nbsp;&nbsp;&nbsp;&nbsp;2.66%, 04/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489924 |
| 255000 | Elmwood Ltd<sup>(b)(c)</sup><br> Series 2023-2A Class BR<br> 5.64%, 04/16/2036<br> 3-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255392 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;44760 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44768 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class A3 |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;4.78%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554013 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class B |  |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170848 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 500000 | Fidelity Grand Harbour Designated Activiy Co<sup>(b)(c)</sup><br> Series 2023-1A Class B1R<br> EUR, 3.81%, 02/15/2038<br> 3-mo. EURIBOR + 1.75% | &nbsp;&nbsp;&nbsp;$586862 |
|  | FirstKey Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR1 Class A |  |
| 139297 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 05/19/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 139038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR2 Class A |  |
| 487892 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 487702 |
| 625000 | Ford Credit Auto Owner Trust<sup>(b)(d)</sup><br> Series 2024-1 Class A<br> 4.87%, 08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 640935 |
|  | GLS Auto Receivables Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class B |  |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 04/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211324 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| 380000 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383806 |
| 130000 | GM Financial Revolving Receivables Trust<sup>(b)</sup><br> Series 2024-1 Class B<br> 5.23%, 12/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133335 |
| 500000 | GMF Floorplan Owner Revolving Trust<sup>(b)</sup><br> Series 2023-1 Class A1<br> 5.34%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502994 |
| &nbsp;&nbsp;80000 | GreatAmerica Leasing Receivables Funding LLC<sup>(b)</sup><br> Series 2024-1 Class B<br> 5.18%, 12/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81582 |
|  | GreenSky Home Improvement Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A3 |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 06/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class B |  |
| 410000 | &nbsp;&nbsp;&nbsp;&nbsp;4.66%, 12/27/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410821 |
| 500000 | Harvest Designated Activity Co<sup>(b)(c)</sup><br> Series 37A Class B<br> EUR, 3.87%, 01/15/2039<br> 3-mo. EURIBOR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587685 |
| 190000 | Hertz Vehicle Financing III LLC<sup>(b)</sup><br> Series 2025-2A Class A<br> 5.13%, 09/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192988 |
| 673257 | Honda Auto Receivables Owner Trust<br> Series 2023-4 Class A3<br> 5.67%, 06/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680605 |
| 103705 | JPMorgan Mortgage Trust<sup>(b)(c)</sup><br> Series 2023-HE3 Class A1<br> 5.52%, 05/20/2054<br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104042 |
| 650000 | Madison Park Funding Ltd<sup>(b)(c)</sup><br> Series 2025-40RA Class A<br> 5.25%, 10/16/2038<br> 3-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651689 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 1600000 | Magnetite XLVII Ltd<sup>(b)(c)</sup><br> Series 2024-47A Class A<br> 5.19%, 01/25/2038<br> 3-mo. SOFR + 1.33% | &nbsp;&nbsp;&nbsp;$1603518 |
|  | Navient Private Education Refi Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA Class A |  |
| &nbsp;&nbsp;&nbsp;109264 | &nbsp;&nbsp;&nbsp;&nbsp;0.97%, 12/16/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 98544 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FA Class A |  |
| &nbsp;&nbsp;&nbsp;149484 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 02/18/2070 | &nbsp;&nbsp;&nbsp;&nbsp; 133268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A Class A |  |
| &nbsp;&nbsp;&nbsp;185746 | &nbsp;&nbsp;&nbsp;&nbsp;5.51%, 10/15/2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190913 |
| &nbsp;&nbsp;&nbsp;675000 | Neuberger Berman Loan Advisers Ltd<sup>(b)(c)</sup><br> Series 2022-50A Class AR<br> 5.11%, 07/23/2036<br> 3-mo. SOFR + 1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675153 |
| &nbsp;&nbsp;&nbsp;102639 | Nissan Auto Receivables Owner Trust<br> Series 2023-B Class A3<br> 5.93%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103494 |
| &nbsp;&nbsp;&nbsp;258000 | NMEF Funding LLC<sup>(b)</sup><br> Series 2025-B Class A2<br> 4.64%, 01/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258993 |
|  | OHA Credit Funding Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-10RA Class A1 |  |
| 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 07/18/2037<br> 3-mo. SOFR + 1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-15RA Class A |  |
| 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 07/20/2038<br> 3-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355703 |
| &nbsp;&nbsp;&nbsp;600000 | Penta Designated Activity Co<sup>(b)(c)</sup><br> Series 2021-2A Class BR<br> EUR, 3.68%, 04/15/2038<br> 3-mo. EURIBOR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695273 |
| &nbsp;&nbsp;&nbsp;130000 | Prestige Auto Receivables Trust<sup>(b)</sup><br> Series 2024-2A Class B<br> 4.56%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129688 |
|  | Progress Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR8 Class A |  |
| &nbsp;&nbsp;&nbsp;389640 | &nbsp;&nbsp;&nbsp;&nbsp;1.51%, 10/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR3 Class A |  |
| &nbsp;&nbsp;&nbsp;133229 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR4 Class A |  |
| &nbsp;&nbsp;&nbsp;373320 | &nbsp;&nbsp;&nbsp;&nbsp;4.44%, 05/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR5 Class A |  |
| &nbsp;&nbsp;&nbsp;100194 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 06/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR7 Class A |  |
| &nbsp;&nbsp;&nbsp;165970 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/27/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1 Class A |  |
| &nbsp;&nbsp;&nbsp;210801 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210406 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR2 Class A |  |
| &nbsp;&nbsp;&nbsp;217627 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR1 Class A |  |
| &nbsp;&nbsp;&nbsp;373503 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 02/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358358 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;595000 | RAD Ltd<sup>(b)(c)</sup><br> Series 2021-12A Class A1AR<br> 5.16%, 07/30/2040<br> 3-mo. SOFR + 1.32% | &nbsp;&nbsp;&nbsp;$596880 |
|  | Retained Vantage Data Centers Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A2A |  |
| &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 453581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;4.99%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 252829 |
|  | RR Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-23A Class A2R2 |  |
| &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 07/15/2037<br> 3-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-26A Class A2R |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2038<br> 3-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250108 |
| &nbsp;&nbsp;&nbsp;&nbsp;75000 | Sabey Data Center Issuer LLC<sup>(b)</sup><br> Series 2024-1 Class A2<br> 6.00%, 04/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75822 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;31729 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 01/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576205 |
| &nbsp;&nbsp;&nbsp;125000 | SCF Equipment Leasing LLC<sup>(b)</sup><br> Series 2024-1A Class A3<br> 5.52%, 01/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127396 |
| 1300000 | Sculptor XXXIV Ltd<sup>(b)(c)</sup><br> Series 34A Class A1<br> 5.25%, 01/20/2038<br> 3-mo. SOFR + 1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303831 |
|  | Securitized Term Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;62242 | &nbsp;&nbsp;&nbsp;&nbsp;5.04%, 07/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B Class B |  |
| &nbsp;&nbsp;&nbsp;240278 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 12/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242344 |
| &nbsp;&nbsp;&nbsp;535000 | Sound Point Euro Funding Designated Activity Co<sup>(b)(c)</sup><br> Series 14A Class B<br> EUR, 3.60%, 04/20/2039<br> 3-mo. EURIBOR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623060 |
| &nbsp;&nbsp;&nbsp;150000 | Stack Infrastructure Issuer LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 5.90%, 03/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151863 |
| &nbsp;&nbsp;&nbsp;190840 | Stream Innovations Issuer Trust<sup>(b)</sup><br> Series 2025-1A Class A<br> 5.05%, 09/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192701 |
| &nbsp;&nbsp;&nbsp;&nbsp;86873 | Sunnova Hestia I Issuer LLC<sup>(b)</sup><br> Series 2023-GRID1 Class 1A<br> 5.75%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86903 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 1350000 | Symphony Ltd<sup>(b)(c)</sup><br> Series 2025-52A Class AR<br> 5.01%, 01/20/2036<br> 3-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;$1350000 |
| 1000000 | Symphony XXV Ltd<sup>(b)(c)</sup><br> Series 2021-25A Class AR<br> 4.87%, 04/19/2034<br> 3-mo. SOFR + 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 999800 |
|  | Taco Bell Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;238125 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 11/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 238576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A23 |  |
| &nbsp;&nbsp;&nbsp;437213 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 08/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 383718 |
| &nbsp;&nbsp;&nbsp;310000 | Texas Debt Capital Ltd<sup>(b)(c)</sup><br> Series 2023-1A Class BR<br> 5.53%, 07/20/2038<br> 3-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311346 |
|  | Tricon Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1 Class A |  |
| &nbsp;&nbsp;&nbsp;119831 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR4 Class A |  |
| &nbsp;&nbsp;&nbsp;292690 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 11/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290865 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SFR1 Class A |  |
| &nbsp;&nbsp;&nbsp;288036 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/17/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288341 |
|  | Vantage Data Centers LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196469 |
| &nbsp;&nbsp;&nbsp;300000 | VB-S1 Issuer LLC<sup>(b)</sup><br> Series 2024-1A Class C2<br> 5.59%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302402 |
| &nbsp;&nbsp;&nbsp;106237 | VFI ABS LLC<sup>(b)</sup><br> Series 2025-1A Class A<br> 4.78%, 06/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106726 |
| 1500000 | Warwick Capital Ltd<sup>(b)(c)</sup><br> Series 2023-1A Class AR<br> 5.25%, 10/20/2038<br> 3-mo. SOFR + 1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502251 |
|  | Wendy's Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;179346 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;145183 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141366 |
| &nbsp;&nbsp;&nbsp;408775 | Wingstop Funding LLC<sup>(b)</sup><br> Series 2020-1A Class A2<br> 2.84%, 12/05/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396041 |
| &nbsp;&nbsp;&nbsp;365000 | Zayo Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.65%, 03/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54986543 |
| **TOTAL ASSET-BACKED SECURITIES — 7.48%<br> (Cost $54,766,523)** | **TOTAL ASSET-BACKED SECURITIES — 7.48%<br> (Cost $54,766,523)** | &nbsp;&nbsp;&nbsp;**$55328791** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 0.27% | Basic Materials — 0.27% | Basic Materials — 0.27% |
|  | BHP Billiton Finance USA Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/21/2032 | &nbsp;&nbsp;&nbsp;$82941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/28/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 96937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 77911 |
|  | Glencore Funding LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.37%, 04/04/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 387009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 09/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | POSCO<br> 5.75%, 01/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Rio Tinto Alcan Inc<br> 6.13%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213355 |
|  | Rio Tinto Finance USA PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/14/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981089 |
| Communications — 2.88% | Communications — 2.88% | Communications — 2.88% |
|  | Alphabet Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629987 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/15/2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939000 | AppLovin Corp<br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964777 |
|  | AT&T Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | British Telecommunications PLC<br> 9.63%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512699 |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;6.65%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 12/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55592 |
|  | Comcast Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221000 | &nbsp;&nbsp;&nbsp;&nbsp;2.94%, 11/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124174 |
|  | Cox Communications Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146955 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034 | &nbsp;&nbsp;&nbsp;$54118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 188214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142000 | Expedia Group Inc<br> 3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 136188 |
|  | Meta Platforms Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 573861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 701479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 624163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443379 |
|  | Netflix Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839141 |
| &nbsp;&nbsp;&nbsp;&nbsp;1125000 | NTT Finance Corp<sup>(b)</sup><br> 5.17%, 07/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154288 |
|  | Paramount Global |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/19/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | Rogers Communications Inc<br> 3.20%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905810 |
|  | Time Warner Cable LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153805 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40983 |
|  | Uber Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527201 |
|  | Verizon Communications Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;4.33%, 09/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 03/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/30/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21344815 |
| Consumer, Cyclical — 0.79% | Consumer, Cyclical — 0.79% | Consumer, Cyclical — 0.79% |
|  | AutoNation Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504732 |
|  | AutoZone Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20704 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | Choice Hotels International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/15/2031 | &nbsp;&nbsp;&nbsp;$491188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 196775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372000 | Ford Motor Credit Co LLC<br> 5.85%, 05/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 377651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | General Motors Financial Co Inc<br> 2.70%, 08/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 122183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Home Depot Inc<br> 3.25%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 94137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | Hyatt Hotels Corp<br> 5.50%, 06/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 649344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | Hyundai Capital America<sup>(b)</sup><br> 6.20%, 09/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383789 |
|  | Las Vegas Sands Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Lennar Corp<br> 4.75%, 11/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171363 |
|  | Lowe's Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235515 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625782 |
|  | McDonald's Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172934 |
|  | O'Reilly Automotive Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Starbucks Corp<br> 4.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224718 |
|  | Tapestry Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880765 |
| Consumer, Non-Cyclical — 4.98% | Consumer, Non-Cyclical — 4.98% | Consumer, Non-Cyclical — 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28000 | AbbVie Inc<br> 4.25%, 11/21/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23060 |
|  | Adventist Health System |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | Alcon Finance Corp<sup>(b)</sup><br> 3.00%, 09/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646575 |
|  | Amgen Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383010 |
|  | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | Anheuser-Busch InBev Worldwide Inc<br> 8.20%, 01/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32243 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | Ascension Health<br> 4.92%, 11/15/2035 | &nbsp;&nbsp;&nbsp;$480727 |
|  | Ashtead Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 196586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 395249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Bacardi Ltd / Bacardi-Martini BV<sup>(b)</sup><br> 5.40%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 101101 |
|  | Bacardi-Martini BV<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 825187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176402 |
|  | BAT Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Becton Dickinson & Co<br> 4.67%, 06/06/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Bristol-Myers Squibb Co<br> 2.95%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231000 | Bunge Ltd Finance Corp<br> 4.20%, 09/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231131 |
|  | Campbell's Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161398 |
|  | Cardinal Health Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519879 |
|  | Cencora Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678091 |
|  | Centene Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Chapman University<br> 2.07%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175014 |
|  | Cigna Group |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169000 | Coca-Cola Consolidated Inc<br> 5.45%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176868 |
|  | CommonSpirit Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;6.46%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472843 |
|  | Constellation Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | Cornell University<br> 4.73%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | CSL Finance PLC<sup>(b)</sup><br> 3.85%, 04/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49944 |
|  | CVS Health Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153731 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2035 | &nbsp;&nbsp;&nbsp;$56299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 370957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 103403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | DP World Crescent Ltd<sup>(b)</sup><br> 5.50%, 05/08/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 494837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Element Fleet Management Corp<sup>(b)</sup><br> 4.64%, 11/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 371032 |
|  | Eli Lilly & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 537339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/12/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125107 |
|  | GE HealthCare Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 11/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | General Mills Inc<br> 4.20%, 04/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Global Payments Inc<br> 5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | Haleon US Capital LLC<br> 3.38%, 03/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769315 |
|  | HCA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647093 |
|  | Howard University |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125478 |
|  | Humana Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209295 |
|  | J M Smucker Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | JBS USA Holding Lux SARL / JBS USA Food Co / JBS Lux Co SARL<br> 6.75%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232008 |
|  | JBS USA Holding Lux SARL / JBS USA Foods Group Holdings Inc / JBS USA Food Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462990 |
|  | JBS USA Holding Lux SARL/ JBS USA Food Co/ JBS Lux Co SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | JDE Peet's NV<sup>(b)</sup><br> 1.38%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Kaiser Foundation Hospitals<br> 2.81%, 06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148531 |
|  | Kenvue Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/22/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141249 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | Keurig Dr Pepper Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/25/2028 | &nbsp;&nbsp;&nbsp;$428426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 118633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 196007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 363956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 104814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55107 |
|  | Laboratory Corp of America Holdings |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149663 |
|  | Mars Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740923 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/01/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Northwestern Memorial Healthcare Obligated Group<br> 1.77%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | PeaceHealth Obligated Group<br> 4.34%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587000 | Pernod Ricard International Finance LLC<sup>(b)</sup><br> 1.63%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510313 |
|  | Philip Morris International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305000 | Quanta Services Inc<br> 5.25%, 08/09/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312718 |
|  | Royalty Pharma PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/02/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753793 |
|  | Solventum Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Sysco Corp<br> 4.45%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42328 |
|  | Thermo Fisher Scientific Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;4.47%, 10/07/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672135 |
|  | UnitedHealth Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49630 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 08/15/2049 | &nbsp;&nbsp;&nbsp;$59399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 297462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 55021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 207581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 34630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 87868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | Viatris Inc<br> 4.00%, 06/22/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | VSP Optical Group Inc<sup>(b)</sup><br> 5.45%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36894013 |
| Energy — 1.60% | Energy — 1.60% | Energy — 1.60% |
|  | Aker BP ASA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | BP Capital Markets America Inc<br> 1.75%, 08/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103407 |
|  | Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393616 |
|  | Columbia Pipelines Holding Co LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180308 |
|  | Columbia Pipelines Operating Co LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540581 |
|  | ConocoPhillips Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208000 | Coterra Energy Inc<br> 5.60%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214312 |
|  | Diamondback Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | DT Midstream Inc<sup>(b)</sup><br> 5.80%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | Energy Transfer LP<br> 5.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71115 |
|  | Enterprise Products Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30048 |
|  | EOG Resources Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102696 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | Equinor ASA<br> 3.63%, 04/06/2040 | &nbsp;&nbsp;&nbsp;$160585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337888 | Galaxy Pipeline Assets Bidco Ltd<br> 2.94%, 09/30/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 287424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | Hess Corp<br> 7.13%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 62495 |
|  | MPLX LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 69724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121000 | Occidental Petroleum Corp<br> 7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138362 |
|  | ONEOK Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Pertamina Persero PT<br> 3.10%, 01/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188759 |
|  | Plains All American Pipeline LP / PAA Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | Sabine Pass Liquefaction LLC<br> 4.20%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | Saudi Arabian Oil Co<sup>(b)</sup><br> 5.75%, 07/17/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224370 |
|  | Targa Resources Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp<br> 4.00%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305342 |
|  | TotalEnergies Capital SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Var Energi ASA<sup>(b)</sup><br> 6.50%, 05/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433137 |
|  | Whistler Pipeline LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Williams Cos Inc<br> 5.65%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11828941 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 6.91% | Financial — 6.91% | Financial — 6.91% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;$715146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 372852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 276996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Agree LP REIT<br> 4.80%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 372295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Air Lease Corp<br> 5.20%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 482794 |
|  | American Express Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 04/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | American International Group Inc<br> 3.40%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Ameriprise Financial Inc<br> 5.20%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306291 |
|  | Ares Strategic Income Fund<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 09/09/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372903 |
|  | Athene Global Funding<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;4.72%, 10/08/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | Avolon Holdings Funding Ltd<sup>(b)</sup><br> 5.15%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105703 |
|  | Banco Santander SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.57%, 01/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833199 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.92%, 08/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107795 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;5.08%, 01/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 07/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 07/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295838 |
|  | Bank of New York Mellon Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 10/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 07/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Barclays PLC<br> 5.79%, 02/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | Blackstone Private Credit Fund<br> 6.00%, 01/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126886 |
|  | Blackstone Secured Lending Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 01/31/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | BNP Paribas SA<sup>(b)</sup><br> 5.79%, 01/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488127 |
|  | BPCE SA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;2.05%, 10/19/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 05/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.51%, 01/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265107 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | Canadian Imperial Bank of Commerce<br> 5.25%, 01/13/2031 | &nbsp;&nbsp;&nbsp;$479519 |
|  | Capital One Financial Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;4.49%, 09/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 239648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 361647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 21290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 955153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317000 | Chubb INA Holdings LLC<br> 6.80%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 354274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Citibank NA<br> 4.91%, 05/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360048 |
|  | Citigroup Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.89%, 01/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 02/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/07/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 06/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.06%, 01/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209478 |
|  | Citizens Financial Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/05/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32987 |
|  | Credit Agricole SA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 05/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 09/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389490 |
|  | Crown Castle Inc REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | Equitable America Global Funding<sup>(b)</sup><br> 4.70%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | Equitable Financial Life Global Funding<sup>(b)</sup><br> 5.00%, 03/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | Equitable Holdings Inc<br> 4.35%, 04/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Essex Portfolio LP REIT<br> 3.00%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | First Horizon Corp<br> 5.51%, 03/07/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | GA Global Funding Trust<sup>(b)</sup><br> 4.50%, 09/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202551 |
|  | Goldman Sachs Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 01/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 04/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;2.62%, 04/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | Healthcare Realty Holdings LP REIT<br> 2.05%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126000 | Host Hotels & Resorts LP REIT<br> 2.90%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114122 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
|  | HSBC Holdings PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 03/09/2029 | &nbsp;&nbsp;&nbsp;$208219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 358696 |
| &nbsp;&nbsp;&nbsp;&nbsp;1215000 | &nbsp;&nbsp;&nbsp;&nbsp;5.24%, 05/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | Huntington Bancshares Inc<br> 5.71%, 02/02/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 705100 |
|  | Intercontinental Exchange Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 09/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Invitation Homes Operating Partnership LP REIT<br> 2.30%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166404 |
|  | JPMorgan Chase & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;2.74%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;2.52%, 04/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;4.26%, 10/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;1.76%, 11/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;1.95%, 02/04/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%, 01/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.57%, 04/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | M&T Bank Corp<br> 7.41%, 10/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | Macquarie Airfinance Holdings Ltd<sup>(b)</sup><br> 6.40%, 03/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Macquarie Group Ltd<sup>(b)</sup><br> 1.34%, 01/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | Mastercard Inc<br> 3.30%, 03/26/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621806 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 01/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.77%, 01/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;6.41%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;1.93%, 04/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 07/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360111 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/18/2035 | &nbsp;&nbsp;&nbsp;$124737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 278161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 373708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | NatWest Group PLC<br> 5.12%, 05/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Nomura Holdings Inc<br> 2.61%, 07/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 451755 |
|  | Prologis LP REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 562277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302742 |
|  | Prologis Targeted US Logistics Fund LP REIT<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322327 |
|  | Realty Income Corp REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | Royal Bank of Canada<br> 5.15%, 02/04/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Sammons Financial Group Global Funding<sup>(b)</sup><br> 4.95%, 06/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197764 |
|  | Synchrony Financial |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Travelers Cos Inc<br> 5.05%, 07/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Truist Bank<br> 2.25%, 03/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | Truist Financial Corp<br> 6.05%, 06/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90724 |
|  | UBS Group AG<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 01/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/11/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 05/09/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | US Bancorp<br> 4.97%, 07/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790893 |
|  | Wells Fargo & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;2.39%, 06/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/23/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;5.61%, 04/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | Westpac Banking Corp<br> 4.11%, 07/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Willis North America Inc<br> 2.95%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51153554 |
| Industrial — 1.53% | Industrial — 1.53% | Industrial — 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | AGCO Corp<br> 5.80%, 03/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 | Allegion US Holding Co Inc<br> 5.60%, 05/29/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197272 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | BAE Systems PLC<sup>(b)</sup><br> 5.13%, 03/26/2029 | &nbsp;&nbsp;&nbsp;$205602 |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 77688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 771660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 119371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;7.01%, 05/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Burlington Northern Santa Fe LLC<br> 4.05%, 06/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Canadian Pacific Railway Co<br> 2.05%, 03/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367613 |
|  | Carrier Global Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607136 |
|  | CSX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | GE Capital International Funding Co Unlimited Co<br> 4.42%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | General Electric Co<br> 5.88%, 01/14/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 | Howmet Aerospace Inc<br> 4.85%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | IDEX Corp<br> 2.63%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | Ingersoll Rand Inc<br> 5.70%, 08/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164222 |
|  | Northrop Grumman Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218595 |
|  | Penske Truck Leasing Co LP / PTL Finance Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794000 | Regal Rexnord Corp<br> 6.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Republic Services Inc<br> 5.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | RTX Corp<br> 6.10%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | Union Pacific Corp<br> 2.80%, 02/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | Veralto Corp<br> 5.50%, 09/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105891 |
|  | Waste Management Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;1.15%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193566 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
|  | Westinghouse Air Brake Technologies Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/29/2030 | &nbsp;&nbsp;&nbsp;$199520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.61%, 03/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 304520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11295316 |
| Technology — 2.07% | Technology — 2.07% | Technology — 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Adobe Inc<sup>(e)</sup><br> 2.15%, 02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 540827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Applied Materials Inc<br> 4.60%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 315113 |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;4.11%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 04/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 11/15/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | Cadence Design Systems Inc<br> 4.70%, 09/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174000 | Constellation Software Inc<sup>(b)</sup><br> 5.46%, 02/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257000 | Dell International LLC / EMC Corp<br> 8.10%, 07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | Foundry JV Holdco LLC<sup>(b)</sup><br> 6.15%, 01/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980212 |
|  | Hewlett Packard Enterprise Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 10/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328907 |
|  | Intel Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/10/2033<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/21/2034<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 05/11/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/05/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | International Business Machines Corp<br> 4.80%, 02/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Intuit Inc<br> 1.35%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | Micron Technology Inc<br> 5.65%, 11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | MSCI Inc<sup>(b)</sup><br> 4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | NVIDIA Corp<br> 3.50%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | NXP BV / NXP Funding LLC / NXP USA Inc<br> 2.65%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291927 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/06/2028 | &nbsp;&nbsp;&nbsp;$274944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 193865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 05/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 346934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 292042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 430941 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/26/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 11/09/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/27/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/03/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71825 |
|  | QUALCOMM Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452000 | ServiceNow Inc<br> 1.40%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271000 | Synopsys Inc<br> 5.00%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | Take-Two Interactive Software Inc<br> 3.70%, 04/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224087 |
|  | VMware LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;1.80%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266566 |
|  | Workday Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15289092 |
| Utilities — 3.15% | Utilities — 3.15% | Utilities — 3.15% |
|  | Alabama Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Alliant Energy Finance LLC<sup>(b)</sup><br> 4.25%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | American Water Capital Corp<br> 3.75%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | Arizona Public Service Co<br> 5.70%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | Baltimore Gas & Electric Co<br> 5.45%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Berkshire Hathaway Energy Co<br> 3.70%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | Brooklyn Union Gas Co<sup>(b)</sup><br> 4.87%, 08/05/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | CenterPoint Energy Inc<br> 5.40%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254772 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | CenterPoint Energy Resources Corp<br> 1.75%, 10/01/2030 | &nbsp;&nbsp;&nbsp;$68596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Cleco Corporate Holdings LLC<br> 3.38%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75233 |
|  | Consolidated Edison Co of New York Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 96280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 44855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 174493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 174506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Dominion Energy Inc<br> 5.00%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333000 | Duke Energy Carolinas LLC<br> 5.30%, 02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336444 |
|  | Duke Energy Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119182 |
|  | Duke Energy Ohio Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63522 |
|  | Duke Energy Progress LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147959 |
|  | Edison International |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Entergy Corp<br> 2.95%, 09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967740 |
|  | Eversource Energy |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Exelon Corp<br> 4.05%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | FirstEnergy Corp<br> 3.90%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54781 |
|  | Georgia Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Interstate Power & Light Co<br> 5.60%, 06/29/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | Jersey Central Power & Light Co<br> 5.10%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Monongahela Power Co<sup>(b)</sup><br> 5.85%, 02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47557 |
|  | NextEra Energy Capital Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441429 |
|  | NiSource Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149027 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 02/15/2031 | &nbsp;&nbsp;&nbsp;$48263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 129627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 393622 |
|  | NSTAR Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 108754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 275602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | Oglethorpe Power Corp<br> 5.05%, 10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 107571 |
|  | Ohio Edison Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Ohio Power Co<br> 5.00%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202642 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112860 |
|  | PacifiCorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18664 |
|  | Pinnacle West Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Public Service Co of Oklahoma<br> 5.20%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419487 |
|  | Public Service Enterprise Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46488 |
|  | Puget Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | San Diego Gas & Electric Co<br> 5.40%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | Sierra Pacific Power Co<br> 2.60%, 05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99517 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
|  | Southern California Edison Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;$126992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 195750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 73456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 246057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 152081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 39205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60282 |
|  | Southern California Gas Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328556 |
|  | Southern Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | Southern Co Gas Capital Corp<br> 5.10%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | Southern Power Co<br> 4.90%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | Southwestern Electric Power Co<br> 5.30%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | Trans-Allegheny Interstate Line Co<sup>(b)</sup><br> 5.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56499 |
|  | Virginia Electric & Power Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | Wisconsin Power & Light Co<br> 5.38%, 03/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92783 |
|  | Xcel Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23291300 |
| **TOTAL CORPORATE BONDS AND NOTES — 24.18%<br> (Cost $180,333,720)** | **TOTAL CORPORATE BONDS AND NOTES — 24.18%<br> (Cost $180,333,720)** | &nbsp;&nbsp;&nbsp;**$178958885** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
|  | Bermuda Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181200 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$201900 |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 201900 |
| &nbsp;&nbsp;&nbsp;230000 | Chile Government International Bond<br> 5.65%, 01/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 242903 |
| &nbsp;&nbsp;&nbsp;950000 | Eagle Funding Luxco SARL<sup>(b)</sup><br> 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 967660 |
| &nbsp;&nbsp;&nbsp;275000 | Hungary Government International Bond<sup>(b)</sup><br> 5.50%, 03/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 274266 |
|  | Israel Government International Bond |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 206864 |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/03/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186117 |
| &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 05/13/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137966 |
|  | Mexico Government International Bond |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188900 |
| 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104965 |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197200 |
| &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243120 |
| &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442805 |
| &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485227 |
| &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 08/14/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550055 |
|  | Panama Government International Bond |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.16%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187220 |
| &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 09/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280874 |
| &nbsp;&nbsp;&nbsp;380000 | Peruvian Government International Bond<br> 3.30%, 03/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293398 |
|  | Republic of Poland Government International Bond |  |
| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225316 |
| &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258210 |
|  | Romanian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/27/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39376 |
| &nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241450 |
| &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516882 |
| &nbsp;&nbsp;&nbsp;506000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462437 |
| &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95124 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.14%<br> (Cost $8,575,868)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.14%<br> (Cost $8,575,868)** | &nbsp;&nbsp;&nbsp;**$8413335** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 9.88% | Non-Agency — 9.88% | Non-Agency — 9.88% |
| &nbsp;&nbsp;&nbsp;122666 | Ajax Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2021-C Class A<br> 6.12%, 01/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122662 |
| &nbsp;&nbsp;&nbsp;190000 | ALA Trust<sup>(b)(c)</sup><br> Series 2025-OANA Class A<br> 5.49%, 06/15/2040<br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190712 |
|  | Angel Oak Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14229 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 12/25/2059<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13927 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;62772 | &nbsp;&nbsp;&nbsp;&nbsp;2.53%, 01/26/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$59893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20034 | &nbsp;&nbsp;&nbsp;&nbsp;1.47%, 06/25/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 19381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;28665 | &nbsp;&nbsp;&nbsp;&nbsp;1.26%, 05/25/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26585 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-R1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;46228 | &nbsp;&nbsp;&nbsp;&nbsp;0.99%, 04/25/2053<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;102124 | &nbsp;&nbsp;&nbsp;&nbsp;0.91%, 01/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89804 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;193143 | &nbsp;&nbsp;&nbsp;&nbsp;0.99%, 04/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;107425 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%, 05/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;160379 | &nbsp;&nbsp;&nbsp;&nbsp;1.04%, 01/20/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;235336 | &nbsp;&nbsp;&nbsp;&nbsp;0.95%, 07/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;219689 | &nbsp;&nbsp;&nbsp;&nbsp;1.98%, 10/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;177381 | &nbsp;&nbsp;&nbsp;&nbsp;1.82%, 11/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;605574 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 12/25/2066<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;79548 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 01/25/2067<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;519794 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/25/2067<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;918295 | &nbsp;&nbsp;&nbsp;&nbsp;5.51%, 06/25/2070<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927287 |
| &nbsp;&nbsp;&nbsp;540000 | AREIT<sup>(b)(c)</sup><br> Series 2025-CRE11 Class A<br> 5.55%, 07/25/2043<br> 1-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540843 |
|  | Arroyo Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;32577 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/25/2049<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;33359 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%, 10/25/2048<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1A |  |
| &nbsp;&nbsp;&nbsp;318056 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/25/2056<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310882 |
|  | BANK |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8 Class A4 |  |
| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;3.49%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN16 Class XA |  |
| 2260203 | &nbsp;&nbsp;&nbsp;&nbsp;0.93%, 02/15/2052<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49869 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN17 Class A4 |  |
| &nbsp;&nbsp;&nbsp;632000 | &nbsp;&nbsp;&nbsp;&nbsp;3.71%, 04/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621446 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18 Class XA |  |
| &nbsp;&nbsp;&nbsp;960840 | &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 05/15/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23154 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20 Class XA |  |
| 1129741 | &nbsp;&nbsp;&nbsp;&nbsp;0.81%, 09/15/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN22 Class XA |  |
| 1748855 | &nbsp;&nbsp;&nbsp;&nbsp;0.58%, 11/15/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23 Class XA |  |
| 2886359 | &nbsp;&nbsp;&nbsp;&nbsp;0.68%, 12/15/2052<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN24 Class XA |  |
| &nbsp;&nbsp;&nbsp;969436 | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 11/15/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21550 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 Class XA |  |
| 1009075 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%, 03/15/2063<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$37133 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN28 Class XA |  |
| 2307785 | &nbsp;&nbsp;&nbsp;&nbsp;1.76%, 03/15/2063<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 152060 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29 Class XA |  |
| 2748470 | &nbsp;&nbsp;&nbsp;&nbsp;1.30%, 11/15/2053<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 139203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32 Class A5 |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 04/15/2054<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371653 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BNK45 Class ASB |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 02/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518946 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BNK45 Class XA |  |
| &nbsp;&nbsp;&nbsp;885284 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%, 02/15/2056<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49931 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BNK48 Class XA |  |
| 1755440 | &nbsp;&nbsp;&nbsp;&nbsp;1.14%, 10/15/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BNK49 Class A5 |  |
| &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.62%, 03/15/2058<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897568 |
|  | BANK5 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR11 Class A3 |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 11/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR11 Class AS |  |
| &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;6.14%, 11/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR7 Class A3 |  |
| &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR8 Class A3 |  |
| &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288006 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR9 Class AS |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.18%, 08/15/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR15 Class A3 |  |
| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR17 Class AS |  |
| &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2058<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876327 |
|  | Barclays Commercial Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C6 Class A4 |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C15 Class A5 |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;3.66%, 04/15/2055<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24 Class A5 |  |
| &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 02/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24 Class XA |  |
| 1101245 | &nbsp;&nbsp;&nbsp;&nbsp;1.62%, 02/15/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C26 Class B |  |
| &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 05/15/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C28 Class XA |  |
| &nbsp;&nbsp;&nbsp;996473 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 09/15/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73655 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C32 Class XA |  |
| 1048610 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/15/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86094 |
|  | Benchmark Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1 Class A5 |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 01/15/2051<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395708 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B10 Class XA |  |
| 1917589 | &nbsp;&nbsp;&nbsp;&nbsp;1.22%, 03/15/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$62638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B11 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;3.41%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B11 Class A5 |  |
| &nbsp;&nbsp;&nbsp;455859 | &nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 442411 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12 Class A5 |  |
| 1498000 | &nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12 Class XA |  |
| &nbsp;&nbsp;&nbsp;859252 | &nbsp;&nbsp;&nbsp;&nbsp;1.02%, 08/15/2052<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B9 Class A5 |  |
| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;4.02%, 03/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541423 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 Class XA |  |
| &nbsp;&nbsp;&nbsp;514321 | &nbsp;&nbsp;&nbsp;&nbsp;1.73%, 07/15/2053<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22 Class XA |  |
| 1089122 | &nbsp;&nbsp;&nbsp;&nbsp;1.49%, 01/15/2054<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B39 Class XA |  |
| 2319196 | &nbsp;&nbsp;&nbsp;&nbsp;0.57%, 07/15/2056<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B40 Class XA |  |
| &nbsp;&nbsp;&nbsp;966310 | &nbsp;&nbsp;&nbsp;&nbsp;1.17%, 12/15/2056<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51602 |
| 1050000 | BFLD Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2025-660F Class B<br> 5.55%, 11/15/2042<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053268 |
|  | BINOM Securitization Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;111726 | &nbsp;&nbsp;&nbsp;&nbsp;2.03%, 06/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;372042 | &nbsp;&nbsp;&nbsp;&nbsp;4.44%, 08/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364694 |
| &nbsp;&nbsp;&nbsp;406912 | BLP Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2024-IND2 Class A<br> 5.09%, 03/15/2041<br> 1-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407162 |
|  | BMO Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C9 Class A5 |  |
| &nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 07/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C9 Class XA |  |
| 1506244 | &nbsp;&nbsp;&nbsp;&nbsp;0.86%, 07/15/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93259 |
| &nbsp;&nbsp;&nbsp;660000 | BOCA Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2025-BOCA Class A<br> 5.45%, 12/15/2042<br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660825 |
| &nbsp;&nbsp;&nbsp;290000 | BPR Trust<sup>(b)(f)</sup><br> Series 2024-PMDW Class A<br> 5.36%, 11/05/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296737 |
|  | BRAVO Residential Funding Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;23021 | &nbsp;&nbsp;&nbsp;&nbsp;0.97%, 03/25/2060<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;153399 | &nbsp;&nbsp;&nbsp;&nbsp;5.11%, 07/25/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM8 Class A1A |  |
| &nbsp;&nbsp;&nbsp;735446 | &nbsp;&nbsp;&nbsp;&nbsp;5.08%, 06/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738553 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | BSTN Commercial Mortgage Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1C Class A |  |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.37%, 06/15/2044 | &nbsp;&nbsp;&nbsp;$590447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HUB Class A |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 165653 |
| &nbsp;&nbsp;&nbsp;&nbsp;1787 | Bunker Hill Loan Depository Trust<sup>(b)(f)</sup><br> Series 2020-1 Class A1<br> 1.72%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| 395000 | BWAY Trust<sup>(b)(f)</sup><br> Series 2025-1535 Class A<br> 6.31%, 05/05/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 408571 |
|  | BX Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AIRC Class A |  |
| 374478 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 08/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BIO Class A |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 02/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT Class A |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.84%, 03/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-XL5 Class A |  |
| 302856 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ARIA Class A |  |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;5.03%, 12/13/2042<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC Class A |  |
| 547863 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 03/15/2030<sup>(c)</sup><br> 1-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547179 |
| &nbsp;&nbsp;48673 | CD Commercial Mortgage Trust<br> Series 2017-CD3 Class AAB<br> 3.45%, 02/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48474 |
| 180000 | CENT Trust<sup>(b)(f)</sup><br> Series 2025-CITY Class A<br> 4.92%, 07/10/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182189 |
| &nbsp;&nbsp;&nbsp;&nbsp;8254 | Citigroup Mortgage Loan Trust<sup>(b)(f)</sup><br> Series 2018-RP1 Class A1<br> 3.00%, 09/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8149 |
|  | COLT Mortgage Loan Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2R Class A1 |  |
| &nbsp;&nbsp;47790 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%, 10/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| 165300 | &nbsp;&nbsp;&nbsp;&nbsp;0.92%, 08/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A1 |  |
| 294987 | &nbsp;&nbsp;&nbsp;&nbsp;0.96%, 09/27/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253952 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1 |  |
| 197576 | &nbsp;&nbsp;&nbsp;&nbsp;1.40%, 10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HX1 Class A1 |  |
| 409412 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355228 |
|  | COMM Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC Class A |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.82%, 01/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC Class C |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-277P Class A |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 08/10/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173818 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 12/10/2041<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$122150 |
|  | Credit Suisse Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-FHA1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23347 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/25/2047<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RPL9 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93501 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 09/25/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 90552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68747 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 05/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66137 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;218267 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/25/2060<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;200407 | &nbsp;&nbsp;&nbsp;&nbsp;1.18%, 02/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;160951 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 05/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137324 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;365891 | &nbsp;&nbsp;&nbsp;&nbsp;1.17%, 07/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;168048 | &nbsp;&nbsp;&nbsp;&nbsp;1.76%, 10/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;201984 | &nbsp;&nbsp;&nbsp;&nbsp;2.84%, 10/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183039 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;215401 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/27/2060<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;498872 | &nbsp;&nbsp;&nbsp;&nbsp;2.27%, 11/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457297 |
| 10891040 | DBGS Mortgage Trust<sup>(f)</sup><br> Series 2018-C1 Class XA<br> 0.18%, 10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48309 |
| &nbsp;&nbsp;&nbsp;&nbsp;385915 | DBJPM Mortgage Trust<sup>(f)</sup><br> Series 2020-C9 Class XA<br> 1.59%, 09/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16386 |
| &nbsp;&nbsp;&nbsp;&nbsp;140000 | DC Trust<sup>(b)(f)</sup><br> Series 2024-HLTN Class A<br> 5.73%, 04/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141749 |
| &nbsp;&nbsp;&nbsp;&nbsp;880000 | Durst Commercial Mortgage Trust<sup>(b)(f)</sup><br> Series 2025-151 Class A<br> 5.15%, 08/10/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896341 |
|  | Ellington Financial Mortgage Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24441 | &nbsp;&nbsp;&nbsp;&nbsp;1.18%, 10/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23179 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;322136 | &nbsp;&nbsp;&nbsp;&nbsp;0.80%, 02/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;140453 | &nbsp;&nbsp;&nbsp;&nbsp;0.93%, 06/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119559 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;808960 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 01/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;391484 | &nbsp;&nbsp;&nbsp;&nbsp;5.08%, 12/01/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392138 |
| &nbsp;&nbsp;&nbsp;&nbsp;125000 | Extended Stay America Trust<sup>(b)(c)</sup><br> Series 2025-ESH Class A<br> 5.05%, 10/15/2042<br> 1-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125078 |
|  | GCAT Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17265 | &nbsp;&nbsp;&nbsp;&nbsp;2.56%, 04/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;117134 | &nbsp;&nbsp;&nbsp;&nbsp;0.87%, 01/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104998 |

---

---

| | | |
|:---|:---|:---|
| **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-NQM4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;275739 | &nbsp;&nbsp;&nbsp;&nbsp;1.09%, 08/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$231524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;123099 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 08/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 115046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HX1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;496591 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 12/27/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 466927 |
|  | GS Mortgage Securities Trust<sup>(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC45 Class XA |  |
| 1887517 | &nbsp;&nbsp;&nbsp;&nbsp;0.61%, 02/13/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70P Class A |  |
| &nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 03/10/2041<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631833 |
| &nbsp;&nbsp;&nbsp;157641 | HIH Trust<sup>(b)(c)</sup><br> Series 2024-61P Class A<br> 5.59%, 10/15/2041<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158033 |
| &nbsp;&nbsp;&nbsp;400000 | Houston Galleria Mall Trust<sup>(b)(f)</sup><br> Series 2025-HGLR Class A<br> 5.46%, 02/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414475 |
| &nbsp;&nbsp;&nbsp;150000 | HTL Commercial Mortgage Trust<sup>(b)(f)</sup><br> Series 2024-T53 Class A<br> 5.88%, 05/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151844 |
|  | Hudson Yards Mortgage Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL Class A |  |
| &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL Class B |  |
| &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181068 |
|  | Imperial Fund Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;142606 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%, 09/25/2056<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;466615 | &nbsp;&nbsp;&nbsp;&nbsp;3.64%, 03/25/2067<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445094 |
| &nbsp;&nbsp;&nbsp;515000 | INT Commercial Mortgage Trust<sup>(b)(f)</sup><br> Series 2025-PLAZA Class A<br> 4.88%, 11/05/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516924 |
| &nbsp;&nbsp;&nbsp;700000 | IRV Trust<sup>(b)(f)</sup><br> Series 2025-200P Class A<br> 5.29%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718233 |
|  | JPMDB Commercial Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C2 Class A4 |  |
| &nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541571 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4 Class ASB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;57985 | &nbsp;&nbsp;&nbsp;&nbsp;2.99%, 12/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57708 |
| &nbsp;&nbsp;&nbsp;120000 | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup><br> Series 2020-NNN Class AFX<br> 2.81%, 01/16/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 |
|  | JPMorgan Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A4 |  |
| &nbsp;&nbsp;&nbsp;182733 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2054<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VIS2 Class A1 |  |
| 1045605 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/25/2064<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057681 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;662934 | &nbsp;&nbsp;&nbsp;&nbsp;5.57%, 09/25/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668849 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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-NQM5 Class A1A |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$1000411 |
|  | Legacy Mortgage Asset Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;204806 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 204876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;72986 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 73042 |
| &nbsp;&nbsp;&nbsp;500000 | LEX Mortgage Trust<sup>(b)(f)</sup><br> Series 2024-BBG Class A<br> 4.87%, 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502949 |
| 2075000 | MAD Commercial Mortgage Trust<sup>(b)(f)</sup><br> Series 2025-11MD Class A<br> 4.75%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073527 |
| &nbsp;&nbsp;&nbsp;&nbsp;42256 | MetLife Securitization Trust<sup>(b)(f)</sup><br> Series 2018-1A Class A<br> 3.75%, 03/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41376 |
| &nbsp;&nbsp;&nbsp;345000 | MF1 Ltd<sup>(b)(c)</sup><br> Series 2022-FL8 Class AS<br> 5.48%, 02/19/2037<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344150 |
|  | MFRA Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10551 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%, 01/26/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;117938 | &nbsp;&nbsp;&nbsp;&nbsp;1.15%, 04/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;101537 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%, 11/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90070 |
|  | Mill City Mortgage Loan Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11872 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GS1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;100014 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98330 |
| &nbsp;&nbsp;&nbsp;300000 | Morgan Stanley Capital I Trust<sup>(b)(c)</sup><br> Series 2021-230P Class A<br> 5.03%, 12/15/2038<br> 1-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288759 |
|  | Morgan Stanley Residential Mortgage Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DSC3 Class A1A |  |
| &nbsp;&nbsp;&nbsp;957950 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 09/25/2070<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958402 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM4 Class A1A |  |
| 1042864 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 06/25/2070<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM9 Class A1A |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 09/25/2070<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;672493 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/25/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665115 |
| &nbsp;&nbsp;&nbsp;345518 | MSWF Commercial Mortgage Trust<sup>(f)</sup><br> Series 2023-2 Class XA<br> 0.91%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19351 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | New Residential Mortgage Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A Class A3 |  |
| &nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/28/2052<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$14532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A Class A1 |  |
| &nbsp;&nbsp;20614 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/25/2057<sup>(c)</sup><br> 1-mo. SOFR + 1.62% | &nbsp;&nbsp;&nbsp;&nbsp; 20862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A Class A1A |  |
| 218805 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/25/2057<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 214425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A Class A1A |  |
| &nbsp;&nbsp;77492 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/25/2058<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75050 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5A Class A1B |  |
| &nbsp;&nbsp;75063 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/25/2059<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4 Class A1 |  |
| &nbsp;&nbsp;12780 | &nbsp;&nbsp;&nbsp;&nbsp;2.49%, 09/25/2059<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A Class A1B |  |
| &nbsp;&nbsp;51924 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2059<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49002 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ1R Class A1 |  |
| &nbsp;&nbsp;72049 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 07/25/2055<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65999 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ2R Class A1 |  |
| &nbsp;&nbsp;80005 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 10/25/2058<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76893 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1 |  |
| 379756 | &nbsp;&nbsp;&nbsp;&nbsp;3.08%, 03/27/2062<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM4 Class A1 |  |
| 726238 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/25/2062<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM7 Class A1 |  |
| 174000 | &nbsp;&nbsp;&nbsp;&nbsp;5.01%, 10/26/2065<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM7 Class A2 |  |
| 750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 10/26/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751075 |
| 552400 | NMLT Trust<sup>(b)(f)</sup><br> Series 2021-INV1 Class A1<br> 1.19%, 05/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488553 |
| 410000 | NRTH Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2025-PARK Class A<br> 5.14%, 10/15/2040<br> 1-mo. SOFR + 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410385 |
|  | NYC Commercial Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-11X Class A |  |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 10/15/2040<sup>(c)</sup><br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651621 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-299P Class A |  |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 02/10/2047<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-300P Class A |  |
| 495000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/13/2042<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496938 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3BP Class A |  |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;4.96%, 02/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327325 |
| 230577 | Ocwen Loan Investment Trust<sup>(b)(f)</sup><br> Series 2025-HB2 Class A<br> 3.00%, 11/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225085 |
| 350000 | One New York Plaza Trust<sup>(b)(c)</sup><br> Series 2020-1NYP Class A<br> 4.82%, 01/15/2036<br> 1-mo. SOFR + 1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343305 |
|  | Onslow Bay Financial LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1 Class A1 |  |
| 178769 | &nbsp;&nbsp;&nbsp;&nbsp;1.07%, 02/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157422 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;187890 | &nbsp;&nbsp;&nbsp;&nbsp;1.05%, 07/25/2061<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$154629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;126345 | &nbsp;&nbsp;&nbsp;&nbsp;1.96%, 10/25/2061<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 109033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;547869 | &nbsp;&nbsp;&nbsp;&nbsp;2.31%, 11/25/2061<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 496019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM11 Class A1A |  |
| &nbsp;&nbsp;&nbsp;760434 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 05/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM21 Class A1A |  |
| &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;4.99%, 10/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952395 |
| 1077463 | Preston Ridge Partners Mortgage LLC<sup>(b)(d)</sup><br> Series 2025-RPL3 Class A1<br> 3.25%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043094 |
|  | Preston Ridge Partners Mortgage Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;90001 | &nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;158478 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 07/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;397405 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 08/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;287711 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;568091 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555237 |
|  | Pretium Mortgage Credit Partners<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL11 Class A1 |  |
| 1025244 | &nbsp;&nbsp;&nbsp;&nbsp;5.19%, 10/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL14 Class A1 |  |
| &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 12/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;693260 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 06/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;478923 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 07/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;452136 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 08/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL9 Class A1 |  |
| &nbsp;&nbsp;&nbsp;597280 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 08/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600747 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;543315 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL5 Class A1 |  |
| 1014887 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 01/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997509 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;974913 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 09/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938814 |
| &nbsp;&nbsp;&nbsp;524786 | PRKCM Trust<sup>(b)(f)</sup><br> Series 2021-AFC1 Class A1<br> 1.51%, 08/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446048 |
| &nbsp;&nbsp;&nbsp;&nbsp;29136 | Residential Mortgage Loan Trust<sup>(b)(f)</sup><br> Series 2021-1R Class A1<br> 0.86%, 01/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28283 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | ROCC Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class A |  |
| &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/2041 | &nbsp;&nbsp;&nbsp;$821902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class B |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 206656 |
| &nbsp;&nbsp;&nbsp;490000 | SG Commercial Mortgage Securities Trust<sup>(b)</sup><br> Series 2020-COVE Class A<br> 2.63%, 03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 469181 |
| &nbsp;&nbsp;&nbsp;660000 | SHR Trust<sup>(b)(c)</sup><br> Series 2024-LXRY Class A<br> 5.70%, 10/15/2041<br> 1-mo. SOFR + 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 661374 |
| &nbsp;&nbsp;&nbsp;260000 | Stack Infrastructure Issuer LLC<sup>(b)</sup><br> Series 2023-2A Class A2<br> 5.90%, 07/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261308 |
|  | Starwood Mortgage Residential Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp;&nbsp;1.49%, 04/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;105668 | &nbsp;&nbsp;&nbsp;&nbsp;1.22%, 05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60323 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57356 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;296442 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 11/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263263 |
| &nbsp;&nbsp;&nbsp;560000 | Texas Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2025-TWR Class A<br> 5.04%, 04/15/2042<br> 1-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560709 |
| &nbsp;&nbsp;&nbsp;&nbsp;98375 | Toorak Mortgage Corp<sup>(b)(f)</sup><br> Series 2021-INV1 Class A1<br> 1.15%, 07/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88121 |
|  | Towd Point Mortgage Trust<sup>(b)(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;21486 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;43310 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 05/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42673 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;43558 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43184 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;206087 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A2A |  |
| &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1 Class A1 |  |
| 1068989 | &nbsp;&nbsp;&nbsp;&nbsp;2.92%, 11/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971464 |
|  | Verus Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;136578 | &nbsp;&nbsp;&nbsp;&nbsp;1.03%, 02/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;133407 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 07/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;610861 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%, 09/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;625959 | &nbsp;&nbsp;&nbsp;&nbsp;2.83%, 10/25/2066<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575015 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8 Class A1 |  |
| 257190 | &nbsp;&nbsp;&nbsp;&nbsp;2.82%, 11/25/2066<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;$238570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R2 Class A1 |  |
| &nbsp;&nbsp;62487 | &nbsp;&nbsp;&nbsp;&nbsp;0.92%, 02/25/2064<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 59371 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class A1 |  |
| 172615 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/25/2067<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 166184 |
| &nbsp;&nbsp;95101 | VOLT CII LLC<sup>(b)(d)</sup><br> Series 2021-NP11 Class A1<br> 5.87%, 08/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 95092 |
| 355000 | WHARF Commercial Mortgage Trust<sup>(b)(f)</sup><br> Series 2025-DC Class A<br> 5.35%, 07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365180 |
| 280000 | Willowbrook Mall<sup>(b)(f)</sup><br> Series 2025-WBRK Class A<br> 5.87%, 03/05/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73112967 |
| U.S. Government Agency — 30.38% | U.S. Government Agency — 30.38% | U.S. Government Agency — 30.38% |
|  | Connecticut Avenue Securities Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01 Class 1M2 |  |
| &nbsp;&nbsp;66472 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 10/25/2041<br> 1-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R03 Class 1M2 |  |
| 121000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 12/25/2041<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01 Class 1M2 |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 01/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02 Class 1M2 |  |
| 107000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 02/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R03 Class 2M2 |  |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.82%, 03/25/2044<br> 1-mo. SOFR + 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376833 |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;39082 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38741 |
| &nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;6214 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436 |
| &nbsp;&nbsp;&nbsp;&nbsp;4728 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765 |
| &nbsp;&nbsp;18834 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19512 |
| &nbsp;&nbsp;&nbsp;&nbsp;9638 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684 |
| &nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;4184 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216 |
| &nbsp;&nbsp;&nbsp;&nbsp;5213 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5513 |
| &nbsp;&nbsp;&nbsp;&nbsp;8033 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8261 |
| &nbsp;&nbsp;&nbsp;&nbsp;5785 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075 |
| &nbsp;&nbsp;26488 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27238 |
| &nbsp;&nbsp;60221 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62874 |
| &nbsp;&nbsp;41272 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41629 |
| &nbsp;&nbsp;39031 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39415 |
| &nbsp;&nbsp;45936 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44982 |
| 115669 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118946 |
| &nbsp;&nbsp;10870 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528 |
| 115889 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115812 |
| 267645 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267153 |
| 703816 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643880 |

---

---

| | | |
|:---|:---|:---|
| **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;38508 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;$36401 |
| 1017383 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 982077 |
| 1679746 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663841 |
| &nbsp;&nbsp;&nbsp;317264 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 295754 |
| &nbsp;&nbsp;&nbsp;&nbsp;93865 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 81010 |
| &nbsp;&nbsp;&nbsp;584896 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 573398 |
| &nbsp;&nbsp;&nbsp;802687 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 685703 |
| 1246689 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018319 |
| 2238480 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825278 |
| 2237112 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921876 |
| 2534344 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188092 |
| &nbsp;&nbsp;&nbsp;&nbsp;27828 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22591 |
| &nbsp;&nbsp;&nbsp;695205 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598288 |
| &nbsp;&nbsp;&nbsp;671522 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549735 |
| 2892291 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341359 |
| &nbsp;&nbsp;&nbsp;482299 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390061 |
| &nbsp;&nbsp;&nbsp;&nbsp;27999 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704 |
| &nbsp;&nbsp;&nbsp;980853 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794268 |
| &nbsp;&nbsp;&nbsp;527225 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515912 |
| 1172398 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952327 |
| 2274039 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049751 |
| &nbsp;&nbsp;&nbsp;648812 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636376 |
| 2295733 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034604 |
| &nbsp;&nbsp;&nbsp;259974 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271619 |
| &nbsp;&nbsp;&nbsp;716981 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749011 |
| 1584592 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565543 |
| 3721254 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822854 |
| 1545154 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586558 |
| 3876646 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980489 |
| 3148281 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214012 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K068 Class A2 |  |
| &nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;3.24%, 08/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K104 Class X1 |  |
| &nbsp;&nbsp;&nbsp;948588 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 01/25/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35399 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K111 Class X1 |  |
| &nbsp;&nbsp;&nbsp;564042 | &nbsp;&nbsp;&nbsp;&nbsp;1.56%, 05/25/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K112 Class X1 |  |
| 1107331 | &nbsp;&nbsp;&nbsp;&nbsp;1.43%, 05/25/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57663 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K114 Class X1 |  |
| 1446330 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%, 06/25/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K122 Class X1 |  |
| &nbsp;&nbsp;&nbsp;439682 | &nbsp;&nbsp;&nbsp;&nbsp;0.87%, 11/25/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15392 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K-152 Class A2 |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.78%, 11/25/2032<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K-161 Class A2 |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/25/2033<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K510 Class A2 |  |
| &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.07%, 10/25/2028<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K547 Class A2 |  |
| &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;4.42%, 05/25/2030<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series KF153 Class AS |  |
| &nbsp;&nbsp;&nbsp;226017 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/25/2033<sup>(c)</sup><br> 1-mo. SOFR + 0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227106 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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 Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 3883 Class PB |  |
| &nbsp;&nbsp;12276 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;$11844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4097 Class KA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6915 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4142 Class PT |  |
| &nbsp;&nbsp;11702 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 11457 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4146 Class AB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8879 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8702 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4961 Class JB |  |
| 104309 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96466 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5170 Class DP |  |
| 315572 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5502 Class FG |  |
| 375361 | &nbsp;&nbsp;&nbsp;&nbsp;4.87%, 02/25/2055<sup>(c)</sup><br> 1-mo. SOFR + 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375506 |
| &nbsp;&nbsp;56146 | Federal Home Loan Mortgage Corp Seasoned Credit Risk Transfer Trust<br> Series 2019-3 Class MV<br> 3.50%, 10/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53856 |
|  | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5 Class M2 |  |
| &nbsp;&nbsp;23438 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 01/25/2034<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6 Class B1 |  |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;7.27%, 10/25/2041<br> 1-mo. SOFR + 3.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814071 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA2 Class M2 |  |
| 395000 | &nbsp;&nbsp;&nbsp;&nbsp;7.62%, 02/25/2042<br> 1-mo. SOFR + 3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3 Class M1B |  |
| 635000 | &nbsp;&nbsp;&nbsp;&nbsp;6.77%, 04/25/2042<br> 1-mo. SOFR + 2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4 Class M1B |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.22%, 05/25/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257970 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5 Class M1B |  |
| 695000 | &nbsp;&nbsp;&nbsp;&nbsp;8.37%, 06/25/2042<br> 1-mo. SOFR + 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA7 Class M1B |  |
| 515000 | &nbsp;&nbsp;&nbsp;&nbsp;8.87%, 03/25/2052<br> 1-mo. SOFR + 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3 Class M1B |  |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;7.42%, 08/25/2042<br> 1-mo. SOFR + 3.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275599 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1 Class M1B |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;7.37%, 05/25/2043<br> 1-mo. SOFR + 3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167585 |

---

---

| | | |
|:---|:---|:---|
| **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 2023-HQA3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;86973 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 11/25/2043<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;$87761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;368750 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 05/25/2045<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 369572 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;967375 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 09/25/2045<br> 1-mo. SOFR + 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 967646 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9125 |
| &nbsp;&nbsp;&nbsp;155342 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;11184 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11596 |
| &nbsp;&nbsp;&nbsp;&nbsp;10945 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512 |
| &nbsp;&nbsp;&nbsp;&nbsp;21496 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8617 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165 |
| &nbsp;&nbsp;&nbsp;&nbsp;18232 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15927 |
| &nbsp;&nbsp;&nbsp;&nbsp;97265 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95125 |
| &nbsp;&nbsp;&nbsp;385567 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367131 |
| &nbsp;&nbsp;&nbsp;213334 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206726 |
| &nbsp;&nbsp;&nbsp;122214 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116030 |
| &nbsp;&nbsp;&nbsp;657167 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641286 |
| &nbsp;&nbsp;&nbsp;285790 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276317 |
| &nbsp;&nbsp;&nbsp;293981 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277157 |
| &nbsp;&nbsp;&nbsp;756959 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751822 |
| &nbsp;&nbsp;&nbsp;&nbsp;20591 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20368 |
| &nbsp;&nbsp;&nbsp;298100 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295926 |
| &nbsp;&nbsp;&nbsp;122031 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117777 |
| &nbsp;&nbsp;&nbsp;371402 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349392 |
| &nbsp;&nbsp;&nbsp;346962 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343177 |
| &nbsp;&nbsp;&nbsp;266540 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250638 |
| &nbsp;&nbsp;&nbsp;691285 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618889 |
| 1451896 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302782 |
| &nbsp;&nbsp;&nbsp;403287 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375911 |
| &nbsp;&nbsp;&nbsp;625458 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539766 |
| &nbsp;&nbsp;&nbsp;188374 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161021 |
| &nbsp;&nbsp;&nbsp;727999 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629938 |
| 2500802 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041669 |
| 1666837 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359953 |
| &nbsp;&nbsp;&nbsp;840337 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715929 |
| &nbsp;&nbsp;&nbsp;&nbsp;40010 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34530 |
| &nbsp;&nbsp;&nbsp;&nbsp;64007 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55433 |
| &nbsp;&nbsp;&nbsp;197176 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160504 |
| &nbsp;&nbsp;&nbsp;859752 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699850 |
| 9757726 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320344 |
| &nbsp;&nbsp;&nbsp;939321 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831417 |
| &nbsp;&nbsp;&nbsp;&nbsp;78757 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68204 |
| &nbsp;&nbsp;&nbsp;843297 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683853 |
| &nbsp;&nbsp;&nbsp;311497 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269317 |
| &nbsp;&nbsp;&nbsp;326515 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282308 |
| 1163845 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944283 |
| 1663505 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348076 |
| 3993424 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237647 |
| 4051987 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427428 |
| 3549193 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874315 |
| 1066718 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947596 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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;59336 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;$48061 |
| &nbsp;&nbsp;&nbsp;736721 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 758072 |
| 1190540 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166976 |
| &nbsp;&nbsp;&nbsp;742092 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 759964 |
| 2774664 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2824409 |
| 2144235 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203409 |
| 3377583 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3511747 |
| 3212943 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260061 |
| 2478262 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473132 |
|  | Federal National Mortgage Association Alternative Credit Enhancement Securities<sup>(f)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M21 Class X3 |  |
| 1819587 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 06/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M2 Class X |  |
| 4269945 | &nbsp;&nbsp;&nbsp;&nbsp;0.30%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35721 |
| &nbsp;&nbsp;&nbsp;&nbsp;40232 | Federal National Mortgage Association Interest Strip<br> Series 415 Class A3<br> 3.00%, 11/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37261 |
|  | Federal National Mortgage Association Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-103 Class HB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9310 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18 Class GA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;19803 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21 Class PQ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10051 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52 Class PA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;17175 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9 Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10373 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 02/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48 Class QB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9078 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-5 Class EP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;45647 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11 Class GA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;29084 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38 Class NA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15168 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16 Class PB |  |
| &nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-26 Class CG |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8579 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8537 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-34 Class JK |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35 Class AH |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10957 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-49 Class JA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14390 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14367 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84 Class KA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16991 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16905 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23 Class LA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;30900 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-70 Class HA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;27479 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27041 |

---

---

| | | |
|:---|:---|:---|
| **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 2019-12 Class HA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;56365 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/25/2057 | &nbsp;&nbsp;&nbsp;$54688 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-14 Class CA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;49816 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 48507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45 Class PT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50149 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 45971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class AC |  |
| &nbsp;&nbsp;&nbsp;191635 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/25/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90 Class AY |  |
| &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-11 Class FB |  |
| &nbsp;&nbsp;&nbsp;666099 | &nbsp;&nbsp;&nbsp;&nbsp;4.87%, 03/25/2055<sup>(c)</sup><br> 1-mo. SOFR + 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667863 |
|  | Government National Mortgage Association |  |
| 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957117 |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644578 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895625 |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491727 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009696 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038047 |
| &nbsp;&nbsp;&nbsp;125385 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121220 |
| &nbsp;&nbsp;&nbsp;&nbsp;27559 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25154 |
| &nbsp;&nbsp;&nbsp;&nbsp;63583 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63337 |
| &nbsp;&nbsp;&nbsp;109080 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108155 |
| &nbsp;&nbsp;&nbsp;109166 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108267 |
| &nbsp;&nbsp;&nbsp;115754 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114787 |
| &nbsp;&nbsp;&nbsp;116018 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114998 |
| &nbsp;&nbsp;&nbsp;&nbsp;98271 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97399 |
| &nbsp;&nbsp;&nbsp;110155 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109115 |
| &nbsp;&nbsp;&nbsp;241414 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221732 |
| &nbsp;&nbsp;&nbsp;229870 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211977 |
| 1136068 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022832 |
| &nbsp;&nbsp;&nbsp;512205 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472548 |
| 1508780 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249937 |
| 2465207 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127601 |
| &nbsp;&nbsp;&nbsp;&nbsp;63864 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57550 |
| &nbsp;&nbsp;&nbsp;&nbsp;57656 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51873 |
| 2577239 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224250 |
| 3773312 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255330 |
| 3584998 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093967 |
| 2400123 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159388 |
| &nbsp;&nbsp;&nbsp;465580 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400621 |
| 1731735 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434642 |
| &nbsp;&nbsp;&nbsp;266717 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229503 |
| &nbsp;&nbsp;&nbsp;852881 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767336 |
| 1963152 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926702 |
| &nbsp;&nbsp;&nbsp;841401 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825649 |
| &nbsp;&nbsp;&nbsp;775981 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713605 |
| 2472874 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37 Class LG |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11090 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-135 Class A |  |
| 1381587 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156260 |
|  | Uniform Mortgage-Backed Security<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555375 |
| 9852000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8327249 |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731445 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, TBA | &nbsp;&nbsp;&nbsp;$5690547 |
| &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8785280 |
| 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp; 12963437 |
| 30575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp; 31002518 |
| &nbsp;&nbsp;8255000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8475635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;224826572 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 40.26%<br> (Cost $302,124,411)** | **TOTAL MORTGAGE-BACKED SECURITIES — 40.26%<br> (Cost $302,124,411)** | &nbsp;&nbsp;&nbsp;**$297939539** |
| **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** |
|  | County of Riverside California, RB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%,02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415645 |
| &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.07%,02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412427 |
|  | Marshall University Series B, RB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%,05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98018 |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%,05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95312 |
|  | Maryland Economic Development Corp, RB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%,11/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275555 |
| &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%,11/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | New York State Thruway Authority Series M, RB<br> 2.90%, 01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44918 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | New York Transportation Development Corp, RB<br> 4.25%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227242 |
| &nbsp;&nbsp;&nbsp;&nbsp;355000 | Philadelphia Authority for Industrial Development Series C, RB<br> 6.55%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Regents of The University of California<br> Medical Center Series H, RB<br> 6.55%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85454 |
| &nbsp;&nbsp;&nbsp;&nbsp;575000 | State Board of Administration Finance Corp, RB<br> 2.15%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | State of California, GO<br> 7.30%, 10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98921 |
| **TOTAL MUNICIPAL BONDS AND NOTES — 0.37%<br> (Cost $2,902,976)** | **TOTAL MUNICIPAL BONDS AND NOTES — 0.37%<br> (Cost $2,902,976)** | &nbsp;&nbsp;&nbsp;**$2772113** |
| **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** |
|  | Federal Farm Credit Bank Funding Corp |  |
| &nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 04/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960048 |
| &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 03/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685200 |
|  | Federal Home Loan Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539655 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **U.S. Government Agency Bonds and Notes — (continued)** | **U.S. Government Agency Bonds and Notes — (continued)** | **U.S. Government Agency Bonds and Notes — (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/10/2032 | &nbsp;&nbsp;&nbsp;$626397 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.52%<br> (Cost $4,008,450)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.52%<br> (Cost $4,008,450)** | &nbsp;&nbsp;&nbsp;**$3811300** |
| **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 |  |
| 1562276<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549593 |
| &nbsp;&nbsp;&nbsp;481626<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 479901 |
| 3443655<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2673308 |
| &nbsp;&nbsp;&nbsp;&nbsp;14161<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509 |
| 1362056<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137254 |
| 1043871<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758928 |
| &nbsp;&nbsp;&nbsp;412221<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309898 |
| &nbsp;&nbsp;&nbsp;823141<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472436 |
| 1886089<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466534 |
|  | United States Treasury Note/Bond |  |
| &nbsp;&nbsp;3980000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/31/2026<sup>(i)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923868 |
| &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257857 |
| &nbsp;&nbsp;6585000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640818 |
| &nbsp;&nbsp;6970000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991781 |
| &nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023898 |
| 14490000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14546036 |
| &nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;0.38%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407576 |
| &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118442 |
| &nbsp;&nbsp;8765000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8864976 |
| &nbsp;&nbsp;5830000 | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 01/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512310 |
| &nbsp;&nbsp;2510000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379794 |
| &nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716298 |
| 19890000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19940502 |
| &nbsp;&nbsp;9240000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538495 |
| &nbsp;&nbsp;5505000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600047 |
| 11850000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884410 |
| &nbsp;&nbsp;3290000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331896 |
| &nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343193 |
| &nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776931 |
| &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184847 |
| &nbsp;&nbsp;3045000 | &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652362 |
| 13920000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14405025 |
| &nbsp;&nbsp;3620000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374377 |
| &nbsp;&nbsp;7675000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7755647 |
| &nbsp;&nbsp;8830000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9856 |
| &nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339559 |
| &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742946 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374844 |
| &nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3154277 |
| &nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076484 |
| &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334318 |
| &nbsp;&nbsp;1566000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344374 |
| &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667622 |
| &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482805 |
| &nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726582 |
| &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161141 |
| &nbsp;&nbsp;3010000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096065 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/15/2046 | &nbsp;&nbsp;&nbsp;$1107656 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129277 |
| &nbsp;&nbsp;6596000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4953184 |
| &nbsp;&nbsp;2570000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1912441 |
| &nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199998 |
| &nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515169 |
| &nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 918250 |
| &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584497 |
| &nbsp;&nbsp;5100000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441227 |
| &nbsp;&nbsp;2730000 | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433250 |
| &nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828171 |
| &nbsp;&nbsp;3485000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495995 |
| &nbsp;&nbsp;6331400 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490264 |
| &nbsp;&nbsp;2995000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422791 |
| &nbsp;&nbsp;3128000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828152 |
| &nbsp;&nbsp;2745000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655788 |
| &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913870 |
| &nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614563 |
|  | United States Treasury Strip Coupon<sup>(k)</sup> |  |
| &nbsp;&nbsp;1842000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595170 |
| &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;3.84%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327085 |
| &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323625 |
| &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.96%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922635 |
| &nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197874 |
| &nbsp;&nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp;4.04%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643983 |
| &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284557 |
| &nbsp;&nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp;4.37%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573953 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 28.79%<br> (Cost $222,416,022)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 28.79%<br> (Cost $222,416,022)** | &nbsp;&nbsp;&nbsp;**$213019654** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 11179701 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(l)</sup>, 3.71%<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11179701 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.51%<br> (Cost $11,179,701)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.51%<br> (Cost $11,179,701)** | &nbsp;&nbsp;&nbsp;**$11179701** |
| **Principal Amount<sup>(a)</sup>** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| Commercial Paper — 0.21% | Commercial Paper — 0.21% | Commercial Paper — 0.21% |
| &nbsp;&nbsp;1571000 | General Motors Financial Co Inc<sup>(b)</sup><br> 4.01%, 01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566522 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Treasury Bonds and Notes — 6.70% | U.S. Treasury Bonds and Notes — 6.70% | U.S. Treasury Bonds and Notes — 6.70% |
|  | U.S. Treasury Bills |  |
| &nbsp;&nbsp;5805000 | &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 01/06/2026 | &nbsp;&nbsp;&nbsp;$5801885 |
| &nbsp;&nbsp;5515000 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 01/13/2026<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5507907 |
| &nbsp;&nbsp;8765000 | &nbsp;&nbsp;&nbsp;&nbsp;3.58%, 01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8747212 |
| &nbsp;&nbsp;2155000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 02/05/2026<sup>(e)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147075 |
| &nbsp;&nbsp;9115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.58%, 02/10/2026<sup>(e)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9078888 |
| 10700000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79%, 02/17/2026<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10647372 |
| &nbsp;&nbsp;5140000 | &nbsp;&nbsp;&nbsp;&nbsp;3.58%, 02/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5112586 |
| &nbsp;&nbsp;2530000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/31/2026<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49550281 |
| **TOTAL SHORT TERM INVESTMENTS — 6.91%<br> (Cost $51,116,248)** | **TOTAL SHORT TERM INVESTMENTS — 6.91%<br> (Cost $51,116,248)** | &nbsp;&nbsp;&nbsp;**$51116803** |
| **TOTAL INVESTMENTS BEFORE TBA SALE COMMITMENTS — 111.16%<br> (Cost: $837,423,919)** | **TOTAL INVESTMENTS BEFORE TBA SALE COMMITMENTS — 111.16%<br> (Cost: $837,423,919)** | &nbsp;&nbsp;&nbsp;**$822540121** |
| **TBA SALE COMMITMENTS** | **TBA SALE COMMITMENTS** | **TBA SALE COMMITMENTS** |
| U.S. Government Agency — (0.73%) | U.S. Government Agency — (0.73%) | U.S. Government Agency — (0.73%) |
|  | Uniform Mortgage-Backed Security<sup>(g)</sup> |  |
| (3000000) | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2424363) |
| (1000000) | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(884336) |
| (2000000) | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2078481) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5387180) |
| **TBA SALE COMMITMENTS — (0.73)%<br> (Proceeds $(5396836))** | **TBA SALE COMMITMENTS — (0.73)%<br> (Proceeds $(5396836))** | &nbsp;&nbsp;&nbsp;**$(5387180)** |
| **TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 110.43%<br> (Cost $832,027,083)** | **TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 110.43%<br> (Cost $832,027,083)** | &nbsp;&nbsp;&nbsp;**$817152941** |
| **OTHER ASSETS & LIABILITIES, NET — (10.43)%** | **OTHER ASSETS & LIABILITIES, NET — (10.43)%** | &nbsp;&nbsp;&nbsp;**$(77155081)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$739997860** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

<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 December 31, 2025, the aggregate fair value of 144A securities was $142,870,179, representing 19.31% 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 December 31, 2025.

<sup>(d)</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 December 31, 2025. Maturity date disclosed represents final maturity date.

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

<sup>(f)</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. Interest rate shown reflects the rate in effect as of December 31, 2025.

<sup>(g)</sup> Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.

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

<sup>(i)</sup> All or a portion of the security has been pledged as collateral to cover segregation requirements on open swaps.

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

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

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

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

<sup>EURIBOR</sup> Euro Interbank Offered Rate

<sup>GO</sup> General Obligation Bonds

<sup>LP</sup> Limited Partnership

<sup>RB</sup> Revenue Bonds

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

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

<sup>TBA</sup> To Be Announced

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 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** |  |  |  |  |  |
| 3 Year Commonwealth Treasury Bond Futures | 48 | AUD | &nbsp;&nbsp;4598 | Mar 2026 | $(2311) |
| 3-mo. EURIBOR Futures | 28 | EUR | &nbsp;&nbsp;6856 | Sep 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466 |
| Euro-Buxl 30 Year Bond Futures | 24 | EUR | &nbsp;&nbsp;2643 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(22456) |
| ICE 3-mo. SONIA Futures | 41 | GBP | &nbsp;&nbsp;9867 | Dec 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347 |
| Long Gilt Futures | 25 | GBP | &nbsp;&nbsp;2284 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;12617 |
| U.S. 10 Year Treasury Note Futures | 160 | USD | 17990 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(28481) |
| U.S. 10 Year Treasury Ultra Futures | 26 | USD | &nbsp;&nbsp;2990 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(20911) |
| U.S. 2 Year Treasury Note Futures | 155 | USD | 32362 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(16341) |
| U.S. 5 Year Treasury Note Futures | 174 | USD | 19019 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9302) |
| U.S. Long Bond Futures | 209 | USD | 24159 | Mar 2026 | &nbsp;&nbsp;(245319) |
| U.S. Ultra Bond Futures | 148 | USD | 17464 | Mar 2026 | &nbsp;&nbsp;(264721) |
| **Short** |  |  |  |  |  |
| Euro-Bund Futures | 2 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;255 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) |
| Euro-OAT Futures | 52 | EUR | &nbsp;&nbsp;6271 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;33589 |
| U.S. 10 Year Treasury Ultra Futures | 138 | USD | 15872 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;97066 |
| U.S. 5 Year Treasury Note Futures | 136 | USD | 14865 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;48622 |
|  |  |  |  | **Net Depreciation** | **$(410440)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 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> (Depreciation)** |
| SAH | USD | 3295496 | EUR | 2811235 | 02/25/2026 | $(17045) |
|  |  |  |  |  | **Net Depreciation** | **$(17045)** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: |
| **Reference<br> Obligation** | **Notional Amount<br> (000)<sup>(a)</sup>** | **Notional Amount<br> (000)<sup>(a)</sup>** | **<br> Value** | **Upfront<br> Payments/<br> Receipts** | **Fixed<br> Deal<br> Pay/Receive<br> Rate** | **Maturity<br> Date** | **Net Unrealized<br> Appreciation** | **Implied<br> Credit<br> Spread<sup>(b)</sup>** | **Receive<br> Frequency** | **Pay<br> Frequency** |
| **Sell Credit Protection** |  |  |  |  |  |  |  |  |  |  |
| CDX.NA.IG.42<sup>(c)</sup> | USD | &nbsp;&nbsp;6592 | $141042 | $98839 | 1.00% | 06/20/2029 | $42203 | 0.35% | Quarterly |  |
| CDX.NA.IG.43<sup>(c)</sup> | USD | 11600 | &nbsp;&nbsp;258245 | &nbsp;&nbsp;211387 | 1.00 | 12/20/2029 | 46858 | 0.40 | Quarterly |  |
| CDX.NA.IG.45<sup>(c)</sup> | USD | 24545 | &nbsp;&nbsp;555991 | &nbsp;&nbsp;532574 | 1.00 | 12/20/2030 | 23417 | 0.50 | Quarterly |  |
|  |  |  | **$955278** | **$842800** |  | **Net Appreciation** | **$112478** |  |  |  |

---

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under
the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period
end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced
entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's
credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(c) Based on an index of North American bonds with investment grade credit ratings that trade in the credit default swap market.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 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** | &nbsp;&nbsp;**Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| 1-day SOFR | Annually | 3.06% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;12000 | 08/31/2027 | &nbsp;&nbsp;$12358 | $709 | &nbsp;&nbsp;$11649 |
| 1-day TONA | Annually | 1.25% | Annually | JPY | 1834130 | 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16923 |
| 1-day SOFR | Annually | 3.14% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;14570 | 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25176 | &nbsp;&nbsp;&nbsp;&nbsp;(27217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52393 |
| 4.00% | Annually | 6-mo. NIBOR | Semi-Annually | NOK | &nbsp;&nbsp;&nbsp;338610 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64702) | &nbsp;&nbsp;&nbsp;&nbsp;(16354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48349) |
| 1-day SOFR | Annually | 3.50% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;25350 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117150) | &nbsp;&nbsp;&nbsp;&nbsp;(79597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37553) |
| 1.75% | Annually | 1-day EUROSTR | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9560 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66131) | &nbsp;&nbsp;&nbsp;&nbsp;(60676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5455) |
| 1-day CORRA | Semi-Annually | 2.50% | Semi-Annually | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
| 2.75% | Semi-Annually | 1-day CORRA | Semi-Annually | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| 6-mo. EURIBOR | Semi-Annually | 2.00% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| 6-mo. EURIBOR | Semi-Annually | 2.25% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| 3-mo. BBSW | Quarterly | 3.50% | Quarterly | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346 |
| 1-day SARON | Annually | 0.00% | Annually | CHF | &nbsp;&nbsp;&nbsp;&nbsp;11710 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 |
| 4.00% | Annually | 1-day SONIA | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 |
| 1-day TONA | Annually | 1.00% | Annually | JPY | 3436000 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44110 |
| 3.75% | Annually | 1-day SONIA | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;20280 | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100718 |
| 3.37% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;33980 | 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35316 | &nbsp;&nbsp;&nbsp;(103083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138399 |
| 2.00% | Annually | 1-day EUROSTR | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;47769 | 09/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223324) |
| 6-mo. EURIBOR | Semi-Annually | 2.50% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;47769 | 09/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12843 |
| 3.20% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;10800 | 10/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13425) |
| 3.50% | Annually | 1-day SONIA | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;20670 | 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35919) |
| 2.40% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001 | 08/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57792) |
| 1-day SOFR | Annually | 3.60% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;35810 | 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131714) |
| 1-day SOFR | Annually | 3.53% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7432) |
| 1-day SONIA | Annually | 3.50% | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;19260 | 10/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60104 |
| 3.26% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560 | 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46200) | &nbsp;&nbsp;&nbsp;&nbsp;(10509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35691) |
| 3.75% | Semi-Annually | 6-mo. BBSW | Semi-Annually | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125063) | &nbsp;&nbsp;&nbsp;(121536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3527) |
| 2.25% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97998) | &nbsp;&nbsp;&nbsp;&nbsp;(95700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2298) |
| 3.75% | Annually | 1-day SONIA | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 |
| 3.50% | Semi-Annually | 3-mo. BBR-FRA | Quarterly | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890 | 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24700) | &nbsp;&nbsp;&nbsp;&nbsp;(40157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15457 |
| 1-day TONA | Annually | 1.00% | Annually | JPY | 1354000 | 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43762 |
| 3.38% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;17070 | 08/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78992) | &nbsp;&nbsp;&nbsp;&nbsp;(46130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32862) |
| 3.85% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 | 05/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| 1-day SOFR | Annually | 3.58% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410 | 10/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49137 |
| 1-day TONA | Annually | 1.30% | Annually | JPY | &nbsp;&nbsp;&nbsp;770863 | 08/02/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84224 |
| 2.50% | Annually | 1-day EUROSTR | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88355) | &nbsp;&nbsp;&nbsp;&nbsp;(46646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41709) |
| 3.00% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34120) |
| 4.10% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8740 | 06/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26583) |
| 4.50% | Annually | 1-day SONIA | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | 10/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) |
| **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)** |
| 5.00% | Semi-Annually | 6-mo. BBSW | Semi-Annually | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8865 | 11/27/2035 | &nbsp;&nbsp;$(30511) | &nbsp;&nbsp;$1374 | $(31885) |
| 1-day SOFR | Annually | 4.00% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5339 | 11/27/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33907 |
| 1-day SONIA | Annually | 4.25% | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5406) |
| 1-day SOFR | Annually | 4.00% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1844) |
| 6-mo. NIBOR | Semi-Annually | 4.00% | Annually | NOK | &nbsp;&nbsp;&nbsp;&nbsp;13400 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1607) |
| 6-mo. BBSW | Semi-Annually | 4.25% | Semi-Annually | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| 6-mo. EURIBOR | Semi-Annually | 2.50% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 |
| 3.00% | Semi-Annually | 1-day CORRA | Semi-Annually | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371 |
| 1-day SARON | Annually | 0.50% | Annually | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 |
| 3.00% | Annually | 3-mo. STIBOR | Quarterly | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720 |
| 4.00% | Semi-Annually | 3-mo. BBR-FRA | Quarterly | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12002 |
| 1-day TONA | Annually | 1.25% | Annually | JPY | &nbsp;&nbsp;&nbsp;908000 | 03/18/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38170 |
| 1-day SOFR | Annually | 3.81% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 | 08/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67841 |
| 1-day SONIA | Annually | 4.25% | Annually | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | 01/31/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19296) |
| 4.57% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;13030 | 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68052) |
| 4.44% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | 10/09/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42875) |
| 2.16% | Annually | 1-day TONA | Annually | JPY | 1142467 | 08/02/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350856) | &nbsp;&nbsp;&nbsp;&nbsp;(234159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116697) |
| 1-day SOFR | Annually | 4.16% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | 03/19/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8507) |
| 2.75% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | 03/18/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) |
| 1-day SOFR | Annually | 2.88% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | 03/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88470 |
| 1-day SOFR | Annually | 2.97% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | 03/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243719 |
| 1-day SOFR | Annually | 3.25% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | 06/21/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54722 |
| 1-day SOFR | Annually | 3.59% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | 09/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63126 |
| 1-day SOFR | Annually | 4.21% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 05/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6763 |
| 1-day SOFR | Annually | 3.85% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;10550 | 07/17/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82543 |
| 6-mo. EURIBOR | Semi-Annually | 2.80% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | 08/13/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152512 |
| 2.90% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50864) |
| 1-day SOFR | Annually | 3.83% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | 01/30/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51512 |
| 2.25% | Annually | 1-day TONA | Annually | JPY | &nbsp;&nbsp;&nbsp;107000 | 03/18/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3076) |
| 6-mo. EURIBOR | Semi-Annually | 2.50% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | 03/18/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835 |
| 2.53% | Annually | 1-day EUROSTR | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | 03/19/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413899) | &nbsp;&nbsp;&nbsp;&nbsp;(115161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298738) |
| 6-mo. EURIBOR | Semi-Annually | 2.61% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | 03/19/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355148 |
| 6-mo. EURIBOR | Semi-Annually | 3.10% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | 08/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56672 |
| 6-mo. EURIBOR | Semi-Annually | 2.60% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | 08/16/2075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21946 |
| 6-mo. EURIBOR | Semi-Annually | 3.00% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 03/18/2076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$1160732** | &nbsp;&nbsp;**$554583** | **$606149** |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| BBR-FRA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Dollar Bank Bill Rate-Forward Rate Agreement Basis Swap |
| BBSW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Bank Bill Swap Rate |
| CORRA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Overnight Repo Rate Average |
| EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Interbank Offered Rate |
| EUROSTR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro short term rate |
| NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Interbank Offered Rate |
| SAH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank |
| SARON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Average Rate Overnight interest rate |
| SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| SONIA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Overnight Interbank Average Rate |
| STIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Krona Stockholm Interbank Offered Rate |
| TONA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Overnight Average Rate |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Dollar |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Dollar |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Pound |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Dollar |
| SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Krona |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 1.79% | Non-Agency — 1.79% | Non-Agency — 1.79% |
| &nbsp;&nbsp;&nbsp;397000 | Aligned Data Centers Issuer LLC<sup>(b)</sup><br> Series 2023-1A Class A2<br> 6.00%, 08/17/2048 | &nbsp;&nbsp;&nbsp;$399923 |
| &nbsp;&nbsp;&nbsp;228000 | AutoNation Finance Trust<sup>(b)</sup><br> Series 2025-1A Class A3<br> 4.62%, 11/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 230089 |
|  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class A |  |
| &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 06/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 379339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A Class A |  |
| &nbsp;&nbsp;&nbsp;281000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 02/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A |  |
| &nbsp;&nbsp;&nbsp;326000 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class A |  |
| &nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;4.17%, 02/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112780 |
| &nbsp;&nbsp;&nbsp;545000 | Ballyrock Ltd<sup>(b)(c)</sup><br> Series 2023-24A Class A1R<br> 5.22%, 07/15/2038<br> 3-mo. SOFR + 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545742 |
| &nbsp;&nbsp;&nbsp;&nbsp;56791 | Carvana Auto Receivables Trust<br> Series 2021-N2 Class C<br> 1.07%, 03/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55572 |
|  | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class B |  |
| &nbsp;&nbsp;&nbsp;109027 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A2 |  |
| &nbsp;&nbsp;&nbsp;502000 | &nbsp;&nbsp;&nbsp;&nbsp;5.56%, 11/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506242 |
| &nbsp;&nbsp;&nbsp;907000 | DataBank Issuer II LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.18%, 09/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893430 |
| &nbsp;&nbsp;&nbsp;128147 | Ent Auto Receivables Trust<sup>(b)</sup><br> Series 2023-1A Class A3<br> 6.24%, 01/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128903 |
| 1189407 | Ford Auto Securitization Trust II<sup>(b)</sup><br> Series 2022-AA Class A3<br> CAD, 5.40%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881227 |
| &nbsp;&nbsp;&nbsp;975000 | Invesco US Ltd<sup>(b)(c)</sup><br> Series 2023-3A Class AR<br> 5.21%, 07/15/2038<br> 3-mo. SOFR + 1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976443 |
| &nbsp;&nbsp;&nbsp;619000 | Merchants Fleet Funding LLC<sup>(b)</sup><br> Series 2025-1A Class A<br> 4.49%, 01/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621106 |
| &nbsp;&nbsp;&nbsp;201639 | Mosaic Solar Loan Trust<sup>(b)</sup><br> Series 2023-2A Class A<br> 5.36%, 09/22/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193896 |
| &nbsp;&nbsp;&nbsp;680000 | Octagon Ltd<sup>(b)(c)</sup><br> Series 2023-2A Class A1R<br> 5.28%, 04/20/2038<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682237 |
| &nbsp;&nbsp;&nbsp;748399 | OneMain Financial Issuance Trust<sup>(b)</sup><br> Series 2020-2A Class A<br> 1.75%, 09/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736682 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 124000 | PenFed Auto Receivables Owner Trust<sup>(b)</sup><br> Series 2025-A Class A3<br> 4.03%, 07/15/2030 | &nbsp;&nbsp;&nbsp;$124263 |
| 575000 | Regatta XXV Funding Ltd<sup>(b)(c)</sup><br> Series 2023-1A Class A1R<br> 5.24%, 07/15/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 577166 |
| 565000 | Retained Vantage Data Centers Issuer LLC<sup>(b)</sup><br> Series 2023-1A Class A2A<br> 5.00%, 09/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 563238 |
| 161985 | SpringCastle America Funding LLC<sup>(b)</sup><br> Series 2020-AA Class A<br> 1.97%, 09/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 153033 |
| 156000 | Stack Infrastructure Issuer LLC<sup>(b)</sup><br> Series 2023-1A Class A2<br> 5.90%, 03/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 156370 |
| &nbsp;&nbsp;86873 | Sunnova Hestia I Issuer LLC<sup>(b)</sup><br> Series 2023-GRID1 Class 1A<br> 5.75%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 86903 |
| 659333 | Textainer Marine Containers VII Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 1.68%, 02/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 620654 |
| 758419 | TIF Funding III LLC<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.48%, 04/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761271 |
| 564832 | Tricon American Homes Trust<sup>(b)</sup><br> Series 2019-SFR1 Class A<br> 2.75%, 03/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562548 |
| 235391 | Trinity Rail Leasing LLC<sup>(b)</sup><br> Series 2020-2A Class A1<br> 1.83%, 11/19/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11914434 |
| U.S. Government Agency — 0.04% | U.S. Government Agency — 0.04% | U.S. Government Agency — 0.04% |
| 222962 | Federal Home Loan Mortgage Corp Structured Pass Through Certificates<br> Series 2017-SR01 Class A3<br> 3.09%, 11/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219452 |
| **TOTAL ASSET-BACKED SECURITIES — 1.83%<br> (Cost $12,052,598)** | **TOTAL ASSET-BACKED SECURITIES — 1.83%<br> (Cost $12,052,598)** | &nbsp;&nbsp;&nbsp;$12133886 |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 0.30% | Basic Materials — 0.30% | Basic Materials — 0.30% |
|  | Corp Nacional del Cobre de Chile<sup>(b)</sup> |  |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/08/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564631 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 09/08/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225175 |
| 590000 | Dow Chemical Co<br> 5.95%, 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536770 |
| 280000 | FMC Corp<br> 5.65%, 05/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245433 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
| &nbsp;&nbsp;&nbsp;200000 | Inversiones CMPC SA<sup>(b)</sup><br> 6.13%, 06/23/2033 | &nbsp;&nbsp;&nbsp;$205286 |
| &nbsp;&nbsp;&nbsp;200000 | POSCO<sup>(b)</sup><br> 5.75%, 01/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 206075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983370 |
| Communications — 0.77% | Communications — 0.77% | Communications — 0.77% |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;357000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 356134 |
| 1633000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226709 |
| &nbsp;&nbsp;&nbsp;163000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156283 |
| &nbsp;&nbsp;&nbsp;924000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550621 |
|  | Meta Platforms Inc |  |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159245 |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449397 |
| &nbsp;&nbsp;&nbsp;139000 | NBN Co Ltd<br> EUR, 4.38%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173273 |
|  | NTT Finance Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.68%, 07/16/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596757 |
| &nbsp;&nbsp;&nbsp;376000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.09%, 07/16/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115660 |
| Consumer, Cyclical — 0.91% | Consumer, Cyclical — 0.91% | Consumer, Cyclical — 0.91% |
| &nbsp;&nbsp;&nbsp;300000 | Alimentation Couche-Tard Inc<sup>(b)</sup><br> EUR, 4.01%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352884 |
| &nbsp;&nbsp;&nbsp;407000 | Alimentation Couche-Tard Inc<br> EUR, 4.01%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478746 |
|  | Aptiv Swiss Holdings Ltd |  |
| &nbsp;&nbsp;&nbsp;663000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.25%, 06/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772519 |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192691 |
|  | Ford Motor Credit Co LLC |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.20%, 06/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214302 |
| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 11/07/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966657 |
| &nbsp;&nbsp;&nbsp;700000 | Gildan Activewear Inc<sup>(b)</sup><br> 4.70%, 10/07/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696565 |
| 1500000 | Toyota Motor Finance Netherlands BV<br> EUR, 3.13%, 04/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781712 |
| &nbsp;&nbsp;&nbsp;500000 | Volkswagen International Finance NV<sup>(d)</sup><br> EUR, 4.38%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6032522 |
| Consumer, Non-Cyclical — 2.21% | Consumer, Non-Cyclical — 2.21% | Consumer, Non-Cyclical — 2.21% |
| &nbsp;&nbsp;&nbsp;600000 | ASTM SpA<br> EUR, 2.38%, 11/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629432 |
|  | Autostrade per l'Italia SpA |  |
| &nbsp;&nbsp;&nbsp;292000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.00%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327820 |
| &nbsp;&nbsp;&nbsp;629000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.25%, 01/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686842 |
| &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.63%, 02/28/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516696 |
| &nbsp;&nbsp;&nbsp;428000 | Avery Dennison Corp<br> EUR, 4.00%, 09/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504586 |
| &nbsp;&nbsp;&nbsp;600000 | Bayer AG<br> EUR, 7.00%, 09/25/2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774750 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-cyclical — (continued) | Consumer, Non-cyclical — (continued) | Consumer, Non-cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;635000 | Becton Dickinson & Co<br> EUR, 3.83%, 06/07/2032 | &nbsp;&nbsp;&nbsp;$760475 |
|  | BMS Ireland Capital Funding DAC |  |
| &nbsp;&nbsp;&nbsp;504000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.36%, 11/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 585327 |
| &nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.58%, 11/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 517183 |
| &nbsp;&nbsp;&nbsp;790000 | Eurofins Scientific SE<br> EUR, 4.75%, 09/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 981682 |
| &nbsp;&nbsp;&nbsp;428000 | Fiserv Funding ULC<br> EUR, 4.00%, 06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 491617 |
|  | Global Payments Inc |  |
| &nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.88%, 03/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632349 |
| &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795146 |
|  | Kraft Heinz Foods Co |  |
| &nbsp;&nbsp;&nbsp;381000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/04/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349604 |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206530 |
| &nbsp;&nbsp;&nbsp;379000 | Kroger Co<br> 5.65%, 09/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361528 |
| &nbsp;&nbsp;&nbsp;700000 | Medtronic Inc<br> EUR, 4.15%, 10/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807127 |
| &nbsp;&nbsp;&nbsp;266000 | MSD Netherlands Capital BV<br> EUR, 3.50%, 05/30/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306628 |
|  | Pfizer Investment Enterprises Pte Ltd |  |
| &nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552358 |
| &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203578 |
| &nbsp;&nbsp;&nbsp;670000 | Royalty Pharma PLC<br> 5.90%, 09/02/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661412 |
| &nbsp;&nbsp;&nbsp;700000 | Sartorius Finance BV<br> EUR, 4.88%, 09/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869339 |
| 1500000 | Stryker Corp<br> EUR, 2.13%, 11/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749732 |
| &nbsp;&nbsp;&nbsp;646000 | Viatris Inc<br> 4.00%, 06/22/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14701953 |
| Energy — 1.86% | Energy — 1.86% | Energy — 1.86% |
| &nbsp;&nbsp;&nbsp;480000 | Enbridge Inc<br> 8.50%, 01/15/2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550401 |
|  | Eni SpA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346307 |
| &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427316 |
|  | Petroleos Mexicanos |  |
| 2296000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.75%, 02/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711571 |
| 1894000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833093 |
| 3333000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324102 |
| &nbsp;&nbsp;&nbsp;320000 | Raizen Fuels Finance SA<sup>(b)</sup><br> 6.45%, 03/05/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261004 |
|  | Repsol E&P Capital Markets US LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457381 |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.98%, 09/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407952 |
| &nbsp;&nbsp;&nbsp;440000 | Var Energi ASA<br> EUR, 7.86%, 11/15/2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567730 |
| &nbsp;&nbsp;&nbsp;800000 | Wintershall Dea Finance 2 BV<sup>(d)</sup><br> EUR, 3.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902553 |
| &nbsp;&nbsp;&nbsp;600000 | Wintershall Dea Finance BV<br> EUR, 1.82%, 09/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12413789 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 5.00% | Financial — 5.00% | Financial — 5.00% |
| &nbsp;&nbsp;&nbsp;100000 | Aareal Bank AG<br> EUR, 5.63%, 12/12/2034 | &nbsp;&nbsp;&nbsp;$122148 |
| &nbsp;&nbsp;&nbsp;492000 | American National Group Inc<br> 6.00%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 498902 |
| 1692000 | Avolon Holdings Funding Ltd<sup>(b)</sup><br> 2.75%, 02/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638584 |
| &nbsp;&nbsp;&nbsp;320000 | Barclays PLC<sup>(d)</sup><br> GBP, 9.25%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 465311 |
|  | BNP Paribas SA |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 6.88%, Perpetual<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 251657 |
| &nbsp;&nbsp;&nbsp;789000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, Perpetual<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 833325 |
| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;2.87%, 04/19/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301255 |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.75%, 11/13/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622726 |
|  | BPCE SA |  |
| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.50%, 01/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738978 |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.13%, 10/13/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476156 |
| &nbsp;&nbsp;&nbsp;560000 | Capital One Financial Corp<br> 7.96%, 11/02/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660238 |
| &nbsp;&nbsp;&nbsp;420000 | CI Financial Corp<sup>(b)</sup><br> EUR, 4.63%, 12/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496135 |
| 1290000 | Citadel Finance LLC<sup>(b)</sup><br> 5.90%, 02/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316949 |
|  | Citigroup Inc |  |
| &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.49%, 10/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783798 |
| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.11%, 04/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991370 |
| &nbsp;&nbsp;&nbsp;400000 | Commerzbank AG<sup>(d)</sup><br> EUR, 6.50%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499459 |
| &nbsp;&nbsp;&nbsp;400000 | Cooperatieve Rabobank UA<sup>(d)</sup><br> EUR, 4.88%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475421 |
| 1100000 | Credit Agricole SA<br> EUR, 4.38%, 11/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348590 |
| &nbsp;&nbsp;&nbsp;371000 | CTP NV<br> EUR, 4.25%, 03/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432715 |
|  | Deutsche Bank AG |  |
| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.38%, Perpetual<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758990 |
| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 1.75%, 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998470 |
| 1266000 | GLP Capital LP / GLP Financing II Inc REIT<br> 5.75%, 11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259182 |
| &nbsp;&nbsp;&nbsp;400000 | Indigo Group SAS<br> EUR, 4.50%, 04/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490996 |
|  | Intesa Sanpaolo SpA |  |
| &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.75%, Perpetual<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709779 |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 9.13%, Perpetual<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678383 |
| &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/21/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767371 |
| &nbsp;&nbsp;&nbsp;600000 | JAB Holdings BV<br> EUR, 5.00%, 06/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753155 |
| 1070000 | Kreditanstalt fuer Wiederaufbau<br> EUR, 0.38%, 04/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148251 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.52%, 05/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285145 |
| &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.10%, 05/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669297 |
| &nbsp;&nbsp;&nbsp;917000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 10/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908882 |
| &nbsp;&nbsp;&nbsp;490000 | P3 Group SARL<br> EUR, 3.75%, 04/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566346 |
|  | Realty Income Corp REIT |  |
| &nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.13%, 07/06/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339922 |
| &nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.88%, 06/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408514 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;635000 | RLGH Finance Bermuda Ltd<br> 8.25%, 07/17/2031 | &nbsp;&nbsp;&nbsp;$718839 |
| &nbsp;&nbsp;&nbsp;840000 | SBA Tower Trust REIT<sup>(b)</sup><br> Series 2020-1-2 Class 1C<br> 1.88%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 839065 |
| 2500000 | Segro Capital SARL REIT<br> EUR, 1.25%, 03/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928799 |
| &nbsp;&nbsp;&nbsp;350000 | Societe Generale SA<sup>(b)(d)</sup><br> 9.38%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 373855 |
| &nbsp;&nbsp;&nbsp;150000 | Store Capital LLC REIT<sup>(b)</sup><br> 5.40%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 152793 |
| &nbsp;&nbsp;&nbsp;680000 | UBS Group AG<sup>(b)(d)</sup><br> 7.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 694081 |
| &nbsp;&nbsp;&nbsp;600000 | Volksbank Wien AG<br> EUR, 5.50%, 12/04/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 732956 |
|  | WEA Finance LLC REIT<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672226 |
| &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 09/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124018 |
| &nbsp;&nbsp;&nbsp;277000 | WEA Finance LLC REIT<br> 2.88%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272631 |
| &nbsp;&nbsp;&nbsp;429000 | WP Carey Inc REIT<br> EUR, 3.70%, 11/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488035 |
| &nbsp;&nbsp;&nbsp;557000 | Zions Bancorp NA<br> 6.82%, 11/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33285236 |
| Industrial — 0.97% | Industrial — 0.97% | Industrial — 0.97% |
| &nbsp;&nbsp;&nbsp;768000 | Amcor UK Finance PLC<br> EUR, 3.95%, 05/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914013 |
| 2500000 | Caterpillar Financial Services Corp<br> EUR, 3.74%, 09/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965735 |
|  | Cellnex Finance Co SA |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.50%, 05/22/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116650 |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104654 |
|  | Deutsche Bahn AG |  |
| &nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 1.38%, 03/03/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136187 |
| &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.63%, 04/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329096 |
| &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.63%, 12/08/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64327 |
| &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 1.13%, 05/29/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49959 |
| &nbsp;&nbsp;&nbsp;333000 | DS Smith PLC<br> EUR, 4.50%, 07/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409871 |
| &nbsp;&nbsp;&nbsp;510000 | GFL Environmental Inc<sup>(b)</sup><br> 6.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535078 |
| &nbsp;&nbsp;&nbsp;570000 | Heathrow Funding Ltd<br> EUR, 3.88%, 01/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660371 |
| &nbsp;&nbsp;&nbsp;163000 | Veralto Corp<br> EUR, 4.15%, 09/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484782 |
| Technology — 1.00% | Technology — 1.00% | Technology — 1.00% |
|  | Foundry JV Holdco LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678650 |
| &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669080 |
| &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 01/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662005 |
|  | Intel Corp |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418931 |
| &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/21/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440366 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/26/2032 | &nbsp;&nbsp;&nbsp;$193084 |
| &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 747303 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 304072 |
| &nbsp;&nbsp;1074000 | &nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 783504 |
| &nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 520976 |
| &nbsp;&nbsp;&nbsp;&nbsp;140000 | Take-Two Interactive Software Inc<br> 5.60%, 06/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 146117 |
| &nbsp;&nbsp;1000000 | Ubisoft Entertainment SA<br> EUR, 0.88%, 11/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644822 |
| Utilities — 1.05% | Utilities — 1.05% | Utilities — 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;430000 | AES Corp<br> 5.80%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440960 |
|  | Electricite de France SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.50%, Perpetual<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511945 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.00%, 12/09/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691479 |
| &nbsp;&nbsp;&nbsp;&nbsp;400000 | Engie SA<br> EUR, 4.50%, 09/06/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469486 |
| &nbsp;&nbsp;1209000 | London Power Networks PLC<br> EUR, 3.84%, 06/11/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409232 |
| &nbsp;&nbsp;&nbsp;&nbsp;742000 | NextEra Energy Capital Holdings Inc<br> EUR, 4.50%, 05/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868597 |
| &nbsp;&nbsp;&nbsp;&nbsp;859000 | Northumbrian Water Finance PLC<br> GBP, 6.38%, 10/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218828 |
|  | RWE Finance US LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484925 |
| &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/16/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451542 |
| &nbsp;&nbsp;&nbsp;&nbsp;146000 | Severn Trent Utilities Finance PLC<br> GBP, 5.25%, 04/04/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192701 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Yorkshire Water Finance PLC<br> GBP, 6.60%, 04/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023470 |
| **TOTAL CORPORATE BONDS AND NOTES — 14.07%<br> (Cost $92,449,667)** | **TOTAL CORPORATE BONDS AND NOTES — 14.07%<br> (Cost $92,449,667)** | &nbsp;&nbsp;&nbsp;**$93685604** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;363000 | Africa Finance Corp<br> 4.38%, 04/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362488 |
|  | Australia Government Bond |  |
| &nbsp;&nbsp;2675000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 4.50%, 04/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780828 |
| &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 3.25%, 06/21/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772432 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 3.00%, 03/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240620 |
| &nbsp;&nbsp;7785000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 1.75%, 06/21/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656374 |
| 90000000 | Bonos de la Tesoreria de la Republica en pesos<sup>(b)</sup><br> CLP, 4.70%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99807 |
| &nbsp;&nbsp;&nbsp;&nbsp;28560<sup>(e)</sup> | Brazil Notas do Tesouro Nacional Serie F<br> BRL, 10.00%, 01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388642 |
| &nbsp;&nbsp;1600000 | Bundesobligation<br> EUR, 2.40%, 10/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890073 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
|  | Bundesrepublik Deutschland Bundesanleihe |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.50%, 02/15/2028 | &nbsp;&nbsp;&nbsp;$2739320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.25%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3224926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.00%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1545126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4211000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.40%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4937227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.00%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2159682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.00%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3898134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 1.70%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4911000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.30%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.75%, 07/04/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298480 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.50%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.00%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.00%, 01/04/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630000 | Bundesschatzanweisungen<br> EUR, 1.90%, 09/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909072 |
|  | Canadian Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 3.25%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 1.50%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 3.25%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 4.00%, 06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 2.75%, 12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876140 |
|  | China Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46780000 | &nbsp;&nbsp;&nbsp;&nbsp;CNY, 1.61%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp;CNY, 3.81%, 09/14/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35830000 | &nbsp;&nbsp;&nbsp;&nbsp;CNY, 1.92%, 01/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;CNY, 3.73%, 05/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696071 |
|  | Colombian TES |  |
| 16947300352 | &nbsp;&nbsp;&nbsp;&nbsp;COP, 11.00%, 08/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226878 |
| 15896999936 | &nbsp;&nbsp;&nbsp;&nbsp;COP, 7.00%, 03/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286315 |
| 28336000256 | &nbsp;&nbsp;&nbsp;&nbsp;COP, 13.25%, 02/09/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575356 |
| 14460699648 | &nbsp;&nbsp;&nbsp;&nbsp;COP, 11.75%, 01/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790000 | Czech Republic Government Bond<br> CZK, 3.00%, 03/03/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550000 | Denmark Government Bond<br> DKK, 4.50%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100000 | Eagle Funding Luxco SARL<sup>(b)</sup><br> 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176219 |
|  | European Union |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.13%, 12/04/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.00%, 12/04/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.20%, 06/04/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651843 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.75%, 10/12/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797247 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.00%, 03/04/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572384 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.38%, 10/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595578 |
|  | Finland Government Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.50%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.00%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176668 |
|  | French Republic Government Bond OAT<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.75%, 02/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.00%, 05/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.00%, 11/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.00%, 10/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.25%, 05/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615008 |
|  | Hellenic Republic Government Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.63%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404413 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.38%, 07/18/2038 | &nbsp;&nbsp;&nbsp;$453812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | Hungary Government Bond<br> HUF, 2.25%, 04/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 161 |
|  | Iceland Rikisbref |  |
| &nbsp;&nbsp;&nbsp;&nbsp;150051888 | &nbsp;&nbsp;&nbsp;&nbsp;ISK, 6.50%, 01/24/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189091 |
| &nbsp;&nbsp;&nbsp;&nbsp;141644768 | &nbsp;&nbsp;&nbsp;&nbsp;ISK, 7.00%, 09/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168658 |
| &nbsp;&nbsp;&nbsp;&nbsp;220746561 | &nbsp;&nbsp;&nbsp;&nbsp;ISK, 6.50%, 02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761549 |
| &nbsp;&nbsp;&nbsp;&nbsp;286078016 | &nbsp;&nbsp;&nbsp;&nbsp;ISK, 4.50%, 02/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850319 |
|  | Indonesia Treasury Bond |  |
| 18826999808 | &nbsp;&nbsp;&nbsp;&nbsp;IDR, 7.00%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188278 |
| 12050000128 | &nbsp;&nbsp;&nbsp;&nbsp;IDR, 7.50%, 04/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Ireland Government Bond<br> EUR, 2.60%, 10/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512227 |
|  | Italy Buoni Poliennali Del Tesoro |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.40%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.65%, 08/01/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.95%, 03/01/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.45%, 09/01/2050<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.15%, 09/01/2052<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.30%, 10/01/2054<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.15%, 03/01/2072<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485533 |
|  | Japan Government Forty Year Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;328600000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.00%, 03/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062726 |
| &nbsp;&nbsp;1637749952 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 2.20%, 03/20/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603869 |
|  | Japan Government Ten Year Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;669400000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 0.10%, 03/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230160 |
| &nbsp;&nbsp;&nbsp;&nbsp;600000000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 0.10%, 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754060 |
|  | Japan Government Thirty Year Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;589699968 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.50%, 03/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988820 |
| &nbsp;&nbsp;&nbsp;&nbsp;163700000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 0.80%, 12/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23950000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 0.70%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85573 |
| &nbsp;&nbsp;&nbsp;&nbsp;590000000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.80%, 09/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698617 |
| &nbsp;&nbsp;&nbsp;&nbsp;606049984 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.60%, 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87750000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.80%, 03/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400062 |
| &nbsp;&nbsp;&nbsp;&nbsp;896600016 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 2.20%, 06/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498340 |
| &nbsp;&nbsp;&nbsp;&nbsp;641550000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 2.10%, 09/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141154 |
| &nbsp;&nbsp;&nbsp;&nbsp;447600000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 2.30%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70500000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 2.80%, 06/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402338 |
|  | Japan Government Twenty Year Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;431500000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.50%, 06/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664617 |
| &nbsp;&nbsp;&nbsp;&nbsp;360800000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.40%, 12/20/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883604 |
| &nbsp;&nbsp;&nbsp;&nbsp;159000000 | &nbsp;&nbsp;&nbsp;&nbsp;JPY, 1.10%, 03/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | Kingdom of Belgium Government Bond<sup>(b)</sup><br> EUR, 3.30%, 06/22/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738480 |
|  | Korea Treasury Bond |  |
| &nbsp;&nbsp;1236000000 | &nbsp;&nbsp;&nbsp;&nbsp;KRW, 4.25%, 12/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903428 |
| 15000000000 | &nbsp;&nbsp;&nbsp;&nbsp;KRW, 2.63%, 06/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9771992 |
| &nbsp;&nbsp;1219000064 | &nbsp;&nbsp;&nbsp;&nbsp;KRW, 3.13%, 09/10/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818866 |
| &nbsp;&nbsp;&nbsp;&nbsp;857000000 | &nbsp;&nbsp;&nbsp;&nbsp;KRW, 3.25%, 03/10/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810000 | Malaysia Government Bond<br> MYR, 4.64%, 11/07/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544737 |
|  | Mexican Bonos |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267600<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MXN, 8.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497297 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;170000<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MXN, 7.50%, 05/26/2033 | &nbsp;&nbsp;&nbsp;$878034 |
| &nbsp;&nbsp;&nbsp;920000<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MXN, 8.00%, 02/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4730151 |
|  | Mexico Government International Bond |  |
| &nbsp;&nbsp;1690000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674790 |
| &nbsp;&nbsp;3806000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.50%, 03/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4460965 |
| &nbsp;&nbsp;4220000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.00%, 03/15/2115<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3467240 |
| &nbsp;&nbsp;1300000 | Netherlands Government Bond<sup>(b)</sup><br> EUR, 2.50%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1484497 |
|  | New South Wales Treasury Corp |  |
| &nbsp;&nbsp;1961000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 2.00%, 03/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075183 |
| &nbsp;&nbsp;&nbsp;&nbsp;989000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 4.75%, 02/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637373 |
| &nbsp;&nbsp;1060400 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 4.25%, 02/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647021 |
|  | New Zealand Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;NZD, 3.50%, 04/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369438 |
| &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;NZD, 4.25%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545036 |
| &nbsp;&nbsp;&nbsp;&nbsp;600000 | Nigeria Government International Bond<sup>(b)</sup><br> 8.63%, 01/13/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644228 |
| &nbsp;&nbsp;&nbsp;&nbsp;393000 | Peru Government Bond<sup>(g)</sup><br> PEN, 6.15%, 08/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126104 |
| &nbsp;&nbsp;&nbsp;&nbsp;320000 | Peruvian Government International Bond<sup>(b)</sup><br> PEN, 7.60%, 08/12/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103893 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | Portugal Obrigacoes do Tesouro OT<sup>(b)</sup><br> EUR, 2.88%, 10/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579179 |
|  | Province of Alberta Canada |  |
| &nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 3.10%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209424 |
| &nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 4.45%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260835 |
|  | Province of Ontario Canada |  |
| &nbsp;&nbsp;1032000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 4.15%, 12/02/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698418 |
| &nbsp;&nbsp;1762000 | &nbsp;&nbsp;&nbsp;&nbsp;CAD, 4.60%, 12/02/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286084 |
| &nbsp;&nbsp;&nbsp;&nbsp;590000 | Province of Quebec Canada<br> CAD, 4.20%, 12/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396151 |
|  | Queensland Treasury Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;846000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 2.00%, 08/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454470 |
| &nbsp;&nbsp;2209000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 1.75%, 07/20/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121777 |
| &nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;AUD, 4.50%, 08/22/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427797 |
| &nbsp;&nbsp;1100000 | Republic of Austria Government Bond<sup>(b)</sup><br> EUR, 2.90%, 02/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283207 |
| &nbsp;&nbsp;1325000 | Republic of Poland Government Bond<br> PLN, 6.00%, 10/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394543 |
| 38160001 | Republic of South Africa Government Bond<br> ZAR, 8.88%, 02/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397594 |
|  | Romanian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/17/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708820 |
| &nbsp;&nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.25%, 05/30/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900767 |
| &nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 6.38%, 09/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115757 |
| &nbsp;&nbsp;1089000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.63%, 02/22/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265460 |
| &nbsp;&nbsp;&nbsp;&nbsp;298000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.38%, 02/08/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274321 |
| &nbsp;&nbsp;1619000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.63%, 12/02/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253136 |
| &nbsp;&nbsp;2924000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.88%, 04/13/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267708 |
| &nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 6.50%, 10/07/2045<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276156 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;849000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.63%, 04/03/2049 | &nbsp;&nbsp;&nbsp;$784639 |
| &nbsp;&nbsp;1664000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.38%, 01/28/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253238 |
| &nbsp;&nbsp;&nbsp;&nbsp;630000 | Singapore Government Bond<br> SGD, 3.38%, 09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 535078 |
|  | Spain Government Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 0.70%, 04/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3274367 |
| &nbsp;&nbsp;2648000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 2.35%, 07/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2975331 |
| &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.25%, 04/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256490 |
| &nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.45%, 10/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726766 |
| &nbsp;&nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 1.00%, 10/31/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151016 |
| &nbsp;&nbsp;1940000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 4.00%, 10/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233196 |
| &nbsp;&nbsp;4400000 | Sweden Government Bond<br> SEK, 2.25%, 05/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458346 |
|  | Swiss Confederation Government Bond |  |
| &nbsp;&nbsp;1410000 | &nbsp;&nbsp;&nbsp;&nbsp;CHF, 0.50%, 06/27/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814202 |
| &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;CHF, 3.50%, 04/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450770 |
|  | Thailand Government Bond |  |
| 22850000 | &nbsp;&nbsp;&nbsp;&nbsp;THB, 2.00%, 12/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753193 |
| 43000000 | &nbsp;&nbsp;&nbsp;&nbsp;THB, 2.41%, 03/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459133 |
| &nbsp;&nbsp;4733000 | Treasury Corp of Victoria<br> AUD, 4.75%, 09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972852 |
|  | United Kingdom Gilt |  |
| &nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 4.50%, 06/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044503 |
| &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 1.63%, 10/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765053 |
| &nbsp;&nbsp;1429541 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 4.75%, 12/07/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000974 |
| &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 3.25%, 01/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215773 |
| &nbsp;&nbsp;1475000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 4.25%, 07/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964317 |
| &nbsp;&nbsp;2159140 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 3.50%, 01/22/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342868 |
| &nbsp;&nbsp;3629282 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 0.88%, 01/31/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305521 |
| &nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 1.25%, 07/31/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704138 |
| 10720000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 1.50%, 07/31/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644559 |
| &nbsp;&nbsp;4875000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 4.38%, 07/31/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760769 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 42.12%<br> (Cost $298,867,519)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 42.12%<br> (Cost $298,867,519)** | &nbsp;&nbsp;&nbsp;**$280426432** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 0.43% | Non-Agency — 0.43% | Non-Agency — 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;245756 | A&D Mortgage Trust<sup>(b)(h)</sup><br> Series 2023-NQM2 Class A1<br> 6.13%, 05/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245861 |
|  | COLT Mortgage Loan Trust<sup>(b)(h)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;164992 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 07/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165822 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;408096 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413109 |
| &nbsp;&nbsp;&nbsp;&nbsp;409323 | New Residential Mortgage Loan Trust<sup>(b)(i)</sup><br> Series 2022-NQM1 Class A1<br> 2.28%, 04/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365812 |
| &nbsp;&nbsp;&nbsp;&nbsp;515131 | Onslow Bay Financial LLC<sup>(b)(i)</sup><br> Series 2025-NQM18 Class A1<br> 5.06%, 09/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516539 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;723000 | Sequoia Logistics Designated Activity Company<sup>(b)(c)</sup><br> Series 2025-1A Class B<br> EUR, 3.81%, 02/17/2037<br> 3-mo. EURIBOR + 1.75% | &nbsp;&nbsp;&nbsp;$849184 |
|  | Verus Securitization Trust<sup>(b)(h)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;146502 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 146544 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;156574 | &nbsp;&nbsp;&nbsp;&nbsp;6.48%, 06/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp; 157128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859999 |
| U.S. Government Agency — 12.40% | U.S. Government Agency — 12.40% | U.S. Government Agency — 12.40% |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;641285 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577069 |
| &nbsp;&nbsp;&nbsp;&nbsp;964397 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832983 |
| &nbsp;&nbsp;&nbsp;&nbsp;484189 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416720 |
| &nbsp;&nbsp;1602269 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381985 |
| &nbsp;&nbsp;&nbsp;&nbsp;131140 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117371 |
| &nbsp;&nbsp;2241674 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246743 |
| &nbsp;&nbsp;2700470 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776996 |
| &nbsp;&nbsp;1628477 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667688 |
| &nbsp;&nbsp;1178709 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183856 |
| &nbsp;&nbsp;2194698 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228709 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;288928 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260847 |
| &nbsp;&nbsp;2318521 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096407 |
| &nbsp;&nbsp;3298141 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863418 |
| &nbsp;&nbsp;1419274 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152822 |
| &nbsp;&nbsp;1554560 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340222 |
| &nbsp;&nbsp;1066494 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921839 |
| &nbsp;&nbsp;1688263 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693085 |
| &nbsp;&nbsp;&nbsp;&nbsp;970240 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992317 |
| &nbsp;&nbsp;1925877 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934095 |
| &nbsp;&nbsp;2281238 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333825 |
| &nbsp;&nbsp;&nbsp;&nbsp;815646 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853895 |
| &nbsp;&nbsp;1367156 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417031 |
|  | Government National Mortgage Association |  |
| &nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233263 |
| &nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010840 |
| &nbsp;&nbsp;5220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207662 |
| &nbsp;&nbsp;&nbsp;&nbsp;386665 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379575 |
| &nbsp;&nbsp;&nbsp;&nbsp;441653 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420837 |
| &nbsp;&nbsp;2159100 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118677 |
|  | Uniform Mortgage-Backed Security<sup>(j)</sup> |  |
| &nbsp;&nbsp;6100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4929538 |
| &nbsp;&nbsp;3790000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203438 |
| &nbsp;&nbsp;6290000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562473 |
| 23170000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, TBA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23493976 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, TBA | &nbsp;&nbsp;&nbsp;$2690026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82540228 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 12.83%<br> (Cost $84,965,360)** | **TOTAL MORTGAGE-BACKED SECURITIES — 12.83%<br> (Cost $84,965,360)** | &nbsp;&nbsp;&nbsp;**$85400227** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
| 5719197<sup>(k)</sup> | U.S. Treasury Inflation Indexed Bonds TIPS<br> 0.13%, 02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3014704 |
|  | United States Treasury Note/Bond |  |
| &nbsp;&nbsp;2975000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2994988 |
| 40992000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41120100 |
| 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12563965 |
| 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13578574 |
| &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196898 |
| 11147200 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11095383 |
| 10300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10386101 |
| &nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951004 |
| &nbsp;&nbsp;2175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233113 |
| &nbsp;&nbsp;8700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810789 |
| &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316555 |
| &nbsp;&nbsp;&nbsp;&nbsp;684000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689344 |
| &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408102 |
| &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216242 |
| &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395173 |
| &nbsp;&nbsp;6180000 | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536652 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075195 |
| &nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649903 |
| &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4189008 |
| &nbsp;&nbsp;3740000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634666 |
| &nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478066 |
| &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667338 |
| &nbsp;&nbsp;9800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10172477 |
| 11150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11242336 |
| &nbsp;&nbsp;7409700 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462957 |
| &nbsp;&nbsp;7900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786437 |
| &nbsp;&nbsp;5008000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177537 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053125 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| 3590000 | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp;&nbsp;$1718432 |
| 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233563 |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2751438 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 30.16%<br> (Cost $199,544,295)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 30.16%<br> (Cost $199,544,295)** | &nbsp;&nbsp;&nbsp;**$200800165** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 1012076 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(l)</sup>,3.71%<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012076 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.15%<br> (Cost $1,012,076)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.15%<br> (Cost $1,012,076)** | &nbsp;&nbsp;&nbsp;**$1012076** |
| **TOTAL PURCHASED OPTIONS — 0.00%<sup>(n)</sup><br> (Cost: $32,485)** | **TOTAL PURCHASED OPTIONS — 0.00%<sup>(n)</sup><br> (Cost: $32,485)** | &nbsp;&nbsp;&nbsp;**$3348** |
| **TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS — 101.16%<br> (Cost: $688,924,000)** | **TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS — 101.16%<br> (Cost: $688,924,000)** | &nbsp;&nbsp;&nbsp;**$673461738** |
| **TOTAL WRITTEN OPTIONS — (0.00)%<sup>(n)</sup><br> (Premiums Received: $(46650))** | **TOTAL WRITTEN OPTIONS — (0.00)%<sup>(n)</sup><br> (Premiums Received: $(46650))** | &nbsp;&nbsp;&nbsp;**$(5010)** |
| **TOTAL INVESTMENTS NET OF WRITTEN OPTIONS — 101.16%<br> (Cost $688,877,350)** | **TOTAL INVESTMENTS NET OF WRITTEN OPTIONS — 101.16%<br> (Cost $688,877,350)** | &nbsp;&nbsp;&nbsp;**$673456728** |
| **OTHER ASSETS & LIABILITIES, NET — (1.16)%** | **OTHER ASSETS & LIABILITIES, NET — (1.16)%** | &nbsp;&nbsp;&nbsp;**$(7698352)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$665758376** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

<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 December 31, 2025, the aggregate fair value of 144A securities was $78,184,507, representing 11.74% 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 December 31, 2025.

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

<sup>(e)</sup> Principal amount is stated in 1,000 Brazilian Real Units.

<sup>(f)</sup> Principal amount is stated in 100 Mexican Peso Units.

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

<sup>(h)</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 December 31, 2025. Maturity date disclosed represents final maturity date.

<sup>(i)</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. Interest rate shown reflects the rate in effect as of December 31, 2025.

<sup>(j)</sup> Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.

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

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

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

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

<sup>EURIBOR</sup> Euro Interbank Offered Rate

<sup>LP</sup> Limited Partnership

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

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

<sup>TBA</sup> To Be Announced

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 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** |  |  |  |  |  |
| 10 Year Commonwealth Treasury Bond Futures | 216 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;20564 | Mar 2026 | $46631 |
| 3 Year Commonwealth Treasury Bond Futures | 16 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| Canadian 10 Year Bond Futures | 51 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(40554) |
| Euro-Bobl Futures | 73 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8480 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(34788) |
| Euro-BTP Futures | 19 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1083) |
| Euro-Bund Futures | 128 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;16329 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;15138 |
| Euro-Buxl 30 Year Bond Futures | 62 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 | Mar 2026 | &nbsp;&nbsp;(116162) |
| Euro-OAT Futures | 61 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7356 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(43709) |
| Euro-Schatz Futures | 125 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;13349 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(13728) |
| ICE 3 Month SONIA | 240 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;58002 | Dec 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(13265) |
| Long Gilt Futures | 76 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6944 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6057) |
| U.S. 10 Year Treasury Note Futures | 89 | USD | &nbsp;&nbsp;&nbsp;&nbsp;10007 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(36397) |
| U.S. 10 Year Treasury Ultra Futures | 2 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313) |
| U.S. 2 Year Treasury Note Futures | 81 | USD | &nbsp;&nbsp;&nbsp;&nbsp;16912 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(10441) |
| U.S. 5 Year Treasury Note Futures | 341 | USD | &nbsp;&nbsp;&nbsp;&nbsp;37273 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2553) |
| U.S. Long Bond Futures | 62 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(37251) |
| U.S. Ultra Bond Futures | 84 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9912 | Mar 2026 | &nbsp;&nbsp;(144080) |
| **Short** |  |  |  |  |  |
| Canadian 10 Year Bond Futures | 10 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9574 |
| Euro-Bobl Futures | 18 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;12167 |
| Euro-BTP Futures | 33 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(35679) |
| Euro-Bund Futures | 193 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;24621 | Mar 2026 | &nbsp;&nbsp;&nbsp;283089 |
| Euro-Buxl 30 Year Bond Futures | 55 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6057 | Mar 2026 | &nbsp;&nbsp;&nbsp;131773 |
| Euro-OAT Futures | 133 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;16038 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;73000 |
| Japan 10 Year Bond Futures | 50 | JPY | 6620500 | Mar 2026 | &nbsp;&nbsp;&nbsp;333795 |
| Long Gilt Futures | 86 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858 | Mar 2026 | &nbsp;&nbsp;(162227) |
| U.S. 10 Year Treasury Note Futures | 162 | USD | &nbsp;&nbsp;&nbsp;&nbsp;18215 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;30681 |
| U.S. 10 Year Treasury Ultra Futures | 238 | USD | &nbsp;&nbsp;&nbsp;&nbsp;27374 | Mar 2026 | &nbsp;&nbsp;&nbsp;118000 |
| U.S. 2 Year Treasury Note Futures | 48 | USD | &nbsp;&nbsp;&nbsp;&nbsp;10022 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3973) |
| U.S. 5 Year Treasury Note Futures | 140 | USD | &nbsp;&nbsp;&nbsp;&nbsp;15302 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9843) |
| U.S. Ultra Bond Futures | 219 | USD | &nbsp;&nbsp;&nbsp;&nbsp;25842 | Mar 2026 | &nbsp;&nbsp;&nbsp;321318 |
|  |  |  |  | **Net Appreciation** | **$663679** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 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)** |
| BA | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262303 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 |
| BA | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262375 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| BA | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;988510635 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390000 | 01/22/2026 | &nbsp;&nbsp;(66075) |
| BA | KRW | &nbsp;&nbsp;&nbsp;&nbsp;378574000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258046 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530 |
| BA | KZT | &nbsp;&nbsp;1094801819 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932287 | 01/22/2026 | &nbsp;&nbsp;211877 |
| BA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223324 | COP | &nbsp;&nbsp;8459079000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) |
| BA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718664 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;12706 |
| BA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943753 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;299755927 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;26087 |
| BA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915000 | KRW | &nbsp;&nbsp;5661255500 | 01/22/2026 | &nbsp;&nbsp;(11828) |
| BA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | KZT | &nbsp;&nbsp;&nbsp;&nbsp;275049000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 |
| BA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10677570 | 01/22/2026 | &nbsp;&nbsp;(33348) |
| BB | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489648 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539 |
| BB | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387640 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353 |
| BB | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438469 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 |
| BB | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67587964 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9576959 | 01/22/2026 | &nbsp;&nbsp;117594 |
| BB | COP | 16048761872 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096162 | 01/22/2026 | &nbsp;&nbsp;101835 |
| BB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440388 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953 |
| BB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933875 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1293) |
| BB | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799830 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;14465 |
| BB | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66534000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428782 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2606) |
| BB | KRW | 13047057447 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299002 | 01/22/2026 | (249146) |
| BB | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149937 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61938 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 |
| BB | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172111 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463285 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | 02/05/2026 | &nbsp;&nbsp;(10613) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168347 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047593 | 02/05/2026 | &nbsp;&nbsp;(55684) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609397 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303468 | 02/05/2026 | (112927) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826974 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;764396508 | 01/22/2026 | &nbsp;&nbsp;(22712) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | COP | &nbsp;&nbsp;1576552500 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2391) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382968 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6267409 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710000 | 01/22/2026 | &nbsp;&nbsp;(82279) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611232 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(6230) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880000 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;427809600 | 01/22/2026 | &nbsp;&nbsp;143119 |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430669 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66380000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480 |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575948 | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(9432) |
| BB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905532 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573020 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1357) |
| BBH | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83349 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55099 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| BBH | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628409 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| BBH | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250541 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672699 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2993) |
| BBH | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828220 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;54297 |
| BBH | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666907 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| BBH | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483156 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48479 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541) |
| BBH | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218356 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127893 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2067) |
| BBH | SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873743 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683141 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2363) |
| BBH | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547359 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770000 | 01/22/2026 | &nbsp;&nbsp;(14218) |
| BBH | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807390 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;556266164 | 01/22/2026 | &nbsp;&nbsp;248718 |
| BDS | CLP | &nbsp;&nbsp;2949326685 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056899 | 01/22/2026 | &nbsp;&nbsp;221507 |
| BNP | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8838402 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746 |
| BNP | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259041 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 |
| BNP | COP | &nbsp;&nbsp;2700293405 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724328 | 01/22/2026 | &nbsp;&nbsp;(17991) |
| BNP | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451004 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765044 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;29596 |
| BNP | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11105982 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13109871 | 01/22/2026 | &nbsp;&nbsp;(43644) |
| BNP | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;187133000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207461 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(8803) |
| BNP | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60471429 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138288 | 01/22/2026 | &nbsp;&nbsp;(94133) |
| BNP | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324221 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 |
| BNP | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300036 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297773 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598 |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670000 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7074814 | 01/22/2026 | &nbsp;&nbsp;(51993) |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394612 | 01/22/2026 | &nbsp;&nbsp;(65079) |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24664609 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20910176 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;63713 |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174164 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9759658 | KRW | 14317779790 | 01/13/2026 | (174816) |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682856 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927481 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(4917) |
| BNP | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213966 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828544 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2954) |
| BNS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580000 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348932 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(9690) |
| CA | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9011988 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483703 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;88921 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) |
| **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)** |
| CA | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8623298 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | 01/22/2026 | &nbsp;&nbsp;$16892 |
| CA | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725878 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | 01/22/2026 | &nbsp;&nbsp;(38933) |
| CGM | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369608 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;46843 |
| CGM | CLP | 1394693803 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508664 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;41647 |
| CGM | CNY | &nbsp;&nbsp;&nbsp;&nbsp;41364000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866315 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;74987 |
| CGM | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489260 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003985 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 |
| CGM | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;26414649 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174928 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(5942) |
| CGM | KRW | 1195074000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;18941 |
| CGM | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730580 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274236 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(3316) |
| CGM | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331539 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 |
| CGM | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231900 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753026 | CLP | &nbsp;&nbsp;&nbsp;&nbsp;697076538 | 01/22/2026 | &nbsp;&nbsp;(21828) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;18438580 | COP | 72050594007 | 01/22/2026 | (408242) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;21520010 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18240094 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60475 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546395 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174000 | 02/05/2026 | &nbsp;&nbsp;(36357) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292722 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;659624294 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;72823 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044356 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10553000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2683) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705047 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368558 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(9082) |
| CGM | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;16474064 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947280 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45974 |
| GS | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836940 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145563 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;82911 |
| GS | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309263 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552 |
| GS | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376617 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987168 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;17440 |
| GS | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127390 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 |
| GS | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922273 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294 |
| GS | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567835 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5358 |
| GS | CNY | &nbsp;&nbsp;&nbsp;&nbsp;47622287 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738901 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;91853 |
| GS | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138358 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 |
| GS | EUR | &nbsp;&nbsp;&nbsp;&nbsp;10804800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12586647 | 02/05/2026 | &nbsp;&nbsp;133717 |
| GS | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214046 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;44140 |
| GS | HUF | &nbsp;&nbsp;&nbsp;113687000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346397 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
| GS | &nbsp;&nbsp;IDR | 4341461000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261082 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915) |
| GS | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;31364000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203224 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2326) |
| GS | KRW | &nbsp;&nbsp;&nbsp;590927691 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) |
| GS | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252082 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014 |
| GS | MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805496 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143621 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;41825 |
| GS | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235922 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2254) |
| GS | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162561 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| GS | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46292 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| GS | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295152 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052 |
| GS | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173600 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 |
| GS | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927624 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;27141 |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642521 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(8196) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581180 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(3517) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230914 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23581000 | 02/03/2026 | &nbsp;&nbsp;(26275) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166266 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879 |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301935 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1006) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430548 | COP | 17021410543 | 01/22/2026 | &nbsp;&nbsp;(21872) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339359 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(6977) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403223 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(5272) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611536 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94326000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7342 |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68080 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1192) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109082 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336293 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13580000 | 02/05/2026 | &nbsp;&nbsp;(11077) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922365 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587980 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852 |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368124 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41428500 | 02/05/2026 | (140533) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496067 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;112891191 | 01/22/2026 | (310370) |
| GS | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;55376482 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170345 | 01/22/2026 | &nbsp;&nbsp;168415 |
| HSB | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264479 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(832) |
| HSB | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777757 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45124 |
| HSB | CNY | &nbsp;&nbsp;&nbsp;&nbsp;90066446 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12772336 | 01/13/2026 | &nbsp;&nbsp;134036 |
| HSB | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717360 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 |
| HSB | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266897 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217 |
| HSB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;16090000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18727433 | 01/13/2026 | &nbsp;&nbsp;193920 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) |
| **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)** |
| HSB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971329 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;$(549) |
| HSB | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88615 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| HSB | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554031 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763 |
| HSB | &nbsp;&nbsp;IDR | 4754274000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284785 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206) |
| HSB | &nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710019 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517493 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;19357 |
| HSB | &nbsp;&nbsp;JPY | 1598886000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348260 | 01/13/2026 | (128244) |
| HSB | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;204019988 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313228 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(6402) |
| HSB | KRW | 1401954000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956195 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;16559 |
| HSB | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35282 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
| HSB | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948192 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539) |
| HSB | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287828 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| HSB | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819955 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;16029 |
| HSB | THB | &nbsp;&nbsp;&nbsp;&nbsp;13187890 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409478 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9693 |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377918 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342593 | 02/05/2026 | &nbsp;&nbsp;(61394) |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135596 | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1397) |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807804 | COP | 10828718000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(9062) |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126571 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693000 | 02/05/2026 | &nbsp;&nbsp;(43866) |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030857 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300315 | 02/05/2026 | &nbsp;&nbsp;(70361) |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907149 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(8953) |
| HSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100542 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| HSB | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274278 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131257 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 |
| JPM | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272225 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449306 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 |
| JPM | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21886 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| JPM | HUF | &nbsp;&nbsp;&nbsp;&nbsp;70827423 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212412 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822 |
| JPM | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;137381000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878678 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
| JPM | KRW | &nbsp;&nbsp;&nbsp;&nbsp;15642000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10658 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
| JPM | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155900 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 |
| MS | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95374 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 |
| MS | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083383 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205070 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45079 |
| MS | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93676 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119115 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557) |
| MS | CLP | &nbsp;&nbsp;&nbsp;&nbsp;91620000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98813 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974 |
| MS | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323646 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 |
| MS | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8582700 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968785 | 02/05/2026 | &nbsp;&nbsp;135527 |
| MS | &nbsp;&nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343966 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685 |
| MS | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;65789065 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 |
| MS | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199044 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
| MS | NOK | &nbsp;&nbsp;&nbsp;&nbsp;50583585 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934095 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;84668 |
| MS | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810303 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 |
| MS | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038214 | 02/05/2026 | &nbsp;&nbsp;101828 |
| MS | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223118 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672514 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120000 | 01/13/2026 | &nbsp;&nbsp;(79389) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190336 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1843) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331226 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(4671) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77419 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(722) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069088 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766000 | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(7675) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447037 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867000 | 01/13/2026 | (113940) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591973 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;178650302 | 01/22/2026 | (307621) |
| MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519337 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906000 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(2996) |
| NOM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536571 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650000 | 01/22/2026 | &nbsp;&nbsp;(35971) |
| RBS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527843 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(1611) |
| RCM | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572936 | 02/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 |
| SAH | CNY | &nbsp;&nbsp;&nbsp;&nbsp;95244575 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13462702 | 01/22/2026 | &nbsp;&nbsp;198807 |
| SEB | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740000 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29902058 | 01/22/2026 | &nbsp;&nbsp;(18751) |
| SEB | NOK | &nbsp;&nbsp;&nbsp;&nbsp;32846125 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15033 |
| SSB | SEK | &nbsp;&nbsp;&nbsp;&nbsp;10908307 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170491 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15787 |
| SSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858453 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300000 | 01/22/2026 | &nbsp;&nbsp;(24008) |
| TD | MXN | &nbsp;&nbsp;&nbsp;168755430 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9069162 | 01/22/2026 | &nbsp;&nbsp;282124 |
| TD | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758291 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483952 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 |
| TD | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158848 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609060 | 01/22/2026 | &nbsp;&nbsp;(10372) |
| TD | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863440 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87596361 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 |
| UBS | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346833 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750000 | 01/22/2026 | &nbsp;&nbsp;153548 |
| UBS | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462724 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;22623 |
| UBS | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288229 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354549 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 |
| UBS | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110000 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667639 | 01/22/2026 | &nbsp;&nbsp;(28486) |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) |
| **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)** |
| WF | CAD | 223275 | USD | &nbsp;&nbsp;&nbsp;&nbsp;160000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;$2839 |
| WF | GBP | 255558 | USD | &nbsp;&nbsp;&nbsp;&nbsp;340000 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525 |
| WF | USD | &nbsp;&nbsp;70000 | JPY | 10917804 | 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  |  |  |  |  | **Net Appreciation** | **$806589** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: |
| **Reference<br> Obligation** | **Notional Amount<br> (000)<sup>(a)</sup>** | **Notional Amount<br> (000)<sup>(a)</sup>** | **<br> Value** | **Upfront<br> Payments/<br> Receipts** | **Fixed<br> Deal<br> Pay/Receive<br> Rate** | **Maturity<br> Date** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Implied<br> Credit<br> Spread<sup>(b)</sup>** | **Receive<br> Frequency** | **Pay<br> Frequency** |
| **Buy Credit Protection** |  |  |  |  |  |  |  |  |  |  |
| iTraxx Europe Series 44 Version 1 | EUR | 10765 | $(292246) | $(258937) | 1.00% | 12/20/2030 | $(33309) | 0.51% |  | Quarterly |
| CDX.NA.IG.45<sup>(c)</sup> | USD | &nbsp;&nbsp;7520 | &nbsp;&nbsp;&nbsp;&nbsp;(170342) | &nbsp;&nbsp;(163667) | 1.00 | 12/20/2030 | (6675) | 0.50 |  | Quarterly |
| iTraxx Europe Crossover Series 44 Version 1 | EUR | &nbsp;&nbsp;8120 | &nbsp;&nbsp;(1055875) | &nbsp;&nbsp;(979745) | 5.00 | 12/20/2030 | (76130) | 2.44 |  | Quarterly |
| iTraxx Europe Senior Financials Series 44 Version 1 | EUR | 18700 | &nbsp;&nbsp;&nbsp;&nbsp;(467966) | &nbsp;&nbsp;(405732) | 1.00 | 12/20/2030 | (62234) | 0.54 |  | Quarterly |
| **Sell Credit Protection** |  |  |  |  |  |  |  |  |  |  |
| CDX.NA.HY.45<sup>(d)</sup> | USD | &nbsp;&nbsp;6650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505429 | &nbsp;&nbsp;&nbsp;&nbsp;470428 | 5.00 | 12/20/2030 | 35001 | 3.17 | Quarterly |  |
| iTraxx Europe Series 44 Version 1 | EUR | 16125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437758 | &nbsp;&nbsp;&nbsp;&nbsp;407685 | 1.00 | 12/20/2030 | 30073 | 0.51 | Quarterly |  |
| CDX.NA.IG.45<sup>(c)</sup> | USD | 34818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788694 | &nbsp;&nbsp;&nbsp;&nbsp;786808 | 1.00 | 12/20/2030 | 1886 | 0.50 | Quarterly |  |
|  |  |  | **$(254548)** | **$(143160)** |  | **Net Depreciation** | **$(111388)** |  |  |  |

---

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under
the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period
end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced
entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's
credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(c) Based on an index of North American bonds with investment grade credit ratings that trade in the credit default swap market.

(d) Based on an index of North American high yield bonds with investment grade credit ratings that trade in the credit default swap market.

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: | As of December 31, 2025, the Fund held the following outstanding OTC credit default swaps: |  |
| **Reference<br> Obligation** | **Notional Amount<br> (000)<sup>(a)</sup>** | **Notional Amount<br> (000)<sup>(a)</sup>** | **<br> Value** | **Upfront<br> Payments<br> /Receipts** | **Fixed<br> Deal<br> Pay/Receive<br> Rate** | **Maturity<br> Date** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Implied<br> Credit<br> Spread<sup>(b)</sup>** | **Receive<br> Frequency** | **Pay<br> Frequency** | **Counterparty** |
| **Buy Credit Protection** |  |  |  |  |  |  |  |  |  |  |  |
| Electrolux AB 2.50% | EUR | &nbsp;&nbsp;440 | $942 | $(10275) | 1.00% | 06/20/2029 | $11217 | 0.95% | Quarterly |  | GS |
| Yum! Brands Inc 3.63% | USD | 1280 | &nbsp;&nbsp;&nbsp;(22688) | &nbsp;&nbsp;&nbsp;(4017) | 1.00 | 12/20/2029 | (18671) | 0.52 |  | Quarterly | BA |
| UniCredit SPA 2.73% | EUR | 1150 | &nbsp;&nbsp;&nbsp;(13925) | &nbsp;&nbsp;&nbsp;25410 | 1.00 | 12/20/2029 | (39335) | 0.73 |  | Quarterly | BNP |
| Intesa Sanpaolo 4.20% | EUR | 1180 | &nbsp;&nbsp;&nbsp;(17751) | &nbsp;&nbsp;&nbsp;23259 | 1.00 | 12/20/2029 | (41010) | 0.66 |  | Quarterly | BNP |
| Transdigm Inc 5.50% | USD | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;(84449) | &nbsp;&nbsp;(69154) | 5.00 | 12/20/2029 | (15295) | 0.76 |  | Quarterly | GS |
| Ziggo Bond Co BV 5.13% | EUR | &nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;(5824) | &nbsp;&nbsp;&nbsp;11071 | 1.00 | 12/20/2029 | (16895) | 0.78 |  | Quarterly | CIT |
| Electrolux AB 2.50% | EUR | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) | &nbsp;&nbsp;&nbsp;(1917) | 1.00 | 12/20/2029 | 1489 | 1.07 | Quarterly |  | GS |
| Electrolux AB 2.50% | EUR | &nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;(1958) | &nbsp;&nbsp;(10645) | 1.00 | 12/20/2029 | 8687 | 1.07 | Quarterly |  | BNP |
| United Mexican States 4.15% | USD | 1236 | &nbsp;&nbsp;&nbsp;&nbsp;(9363) | &nbsp;&nbsp;&nbsp;19677 | 1.00 | 06/20/2030 | (29040) | 0.82 |  | Quarterly | GS |
| United Mexican States 4.15% | USD | 1982 | &nbsp;&nbsp;&nbsp;(15014) | &nbsp;&nbsp;&nbsp;31553 | 1.00 | 06/20/2030 | (46567) | 0.82 |  | Quarterly | BB |
| United Mexican States 4.15% | USD | 3141 | &nbsp;&nbsp;&nbsp;(23794) | &nbsp;&nbsp;&nbsp;50003 | 1.00 | 06/20/2030 | (73797) | 0.82 |  | Quarterly | MS |
| Teva Pharmaceuticals 3.15% | USD | &nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;(1461) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | 1.00 | 12/20/2030 | (1505) | 0.68 |  | Quarterly | MS |
| Teva Pharmaceuticals 3.15% | USD | &nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;(3803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 1.00 | 12/20/2030 | (3803) | 0.68 |  | Quarterly | BB |
| **Sell Credit Protection** |  |  |  |  |  |  |  |  |  |  |  |
| Virgin Media Finance PLC 3.75% | EUR | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;39418 | &nbsp;&nbsp;&nbsp;17144 | 5.00 | 12/20/2029 | 22274 | 3.16 | Quarterly |  | GS |
| Ziggo Bond Co BV 5.13% | EUR | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;32264 | &nbsp;&nbsp;&nbsp;28616 | 5.00 | 12/20/2029 | 3648 | 3.59 | Quarterly |  | GS |
|  |  |  | **$(127834)** | **$110769** |  | **Net Depreciation** | **$(238603)** |  |  |  |  |

---

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under
the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging
country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a
particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the
referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 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** | &nbsp;&nbsp;**Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| 3.38% | Quarterly | 3-mo. KORIBOR | Quarterly | KRW | &nbsp;&nbsp;&nbsp;727600 | 01/18/2029 | &nbsp;&nbsp;$5197 | $— | &nbsp;&nbsp;$5197 |
| 2.20% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;206620 | 03/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616699 |
| 2.01% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 06/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8893 |
| 1.80% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;&nbsp;40000 | 09/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49793 |
| 2.79% | Quarterly | 3-mo. KORIBOR | Quarterly | KRW | 1666400 | 11/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12891) |
| 1.38% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;&nbsp;37670 | 12/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38782) |
| 1.46% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;&nbsp;15700 | 02/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9125) |
| 1.60% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;&nbsp;27700 | 08/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719 |
| 1.61% | Quarterly | 7-day CFRR | Quarterly | CNY | &nbsp;&nbsp;&nbsp;&nbsp;36500 | 10/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7323 |
| 4.09% | Annually | 6-mo. NIBOR | Semi-Annually | NOK | &nbsp;&nbsp;&nbsp;&nbsp;40000 | 11/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2519) |
| 4.15% | Annually | 6-mo. NIBOR | Semi-Annually | NOK | &nbsp;&nbsp;&nbsp;&nbsp;40800 | 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10644 |
| 13.00% | Daily | 1-day BR4CDI | Daily | BRL | &nbsp;&nbsp;&nbsp;&nbsp;37000 | 01/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127003) |
| 3.96% | Quarterly | 3-mo. KORIBOR | Quarterly | KRW | 3722200 | 01/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122565 |
| 4.04% | Semi-Annually | 6-mo. BBSW | Semi-Annually | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 | 03/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90749) |
| 2.71% | Quarterly | 3-mo. KORIBOR | Quarterly | KRW | &nbsp;&nbsp;&nbsp;604000 | 02/13/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18035) |
| 2.67% | Quarterly | 3-mo. KORIBOR | Quarterly | KRW | &nbsp;&nbsp;&nbsp;400000 | 07/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13537) |
| 2.65% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | 11/06/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211883) |
| 3-mo. STIBOR | Quarterly | 2.75% | Annually | SEK | &nbsp;&nbsp;&nbsp;&nbsp;42000 | 11/06/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69202 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) |
| **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-mo. STIBOR | Quarterly | 2.72% | Annually | SEK | &nbsp;&nbsp;42000 | 11/06/2035 | &nbsp;&nbsp;$83998 | &nbsp;&nbsp;$— | $83998 |
| 1-day TONA | Annually | 1.57% | Annually | JPY | 482875 | 11/21/2035 | &nbsp;&nbsp;82486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82486 |
| 2.76% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;15600 | 11/25/2035 | &nbsp;&nbsp;(249036) | &nbsp;&nbsp;35474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284510) |
| 2.77% | Annually | 6-mo. EURIBOR | Semi-Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;2900 | 12/03/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43833) |
| 6-mo. EURIBOR | Semi-Annually | 3.08% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;6950 | 11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291511 |
| 6-mo. EURIBOR | Semi-Annually | 3.11% | Annually | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1450 | 12/03/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46787 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$557940** | &nbsp;&nbsp;**$11990** | **$545950** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC interest rate swaps: | As of December 31, 2025, the Fund held the following OTC 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)** | **Counterparty** | **Maturity<br> Date** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| 3.60% | Quarterly | 3-mo. KLIBOR | Quarterly | MYR | 8400 | HSBC | &nbsp;&nbsp;10/19/2028 | $19337 | $— | $19337 |
|  |  |  |  |  |  |  |  | **$19337** | **$0** | **$19337** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 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 | 2.53% | At Maturity | USD | 6253 | 07/28/2053 | &nbsp;&nbsp;$(86227) | &nbsp;&nbsp;$(57731) | $(28496) |
| 2.80% | At Maturity | EXT-CPI | At Maturity | EUR | 4052 | 07/28/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566846 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$706779** | &nbsp;&nbsp;**$168429** | **$538350** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return swaps: | As of December 31, 2025, the Fund held the following OTC total return 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)** | **Counterparty** | **Maturity<br> Date** | **Value** | **Upfront<br> Payments<br> /Receipts** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| 0.00% | Daily | 3-mo. EURIBOR | Quarterly | EUR | 3800 | BNP | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;72091 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;72091 |
| 0.00% | Daily | 3-mo. EURIBOR | Quarterly | EUR | 1250 | BNP | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6812 |
| 0.00% | Daily | 3-mo. EURIBOR | Quarterly | EUR | 3700 | &nbsp;&nbsp;&nbsp;GS | 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;44761 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;44761 |
| 0.00% | Daily | 3-mo. EURIBOR | Quarterly | EUR | 600 | &nbsp;&nbsp;&nbsp;GS | 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 |
|  |  |  |  |  |  |  |  | **$127698** | **$0** | **$127698** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: | As of December 31, 2025, the Fund held the following OTC purchased swaptions: |
| **Description** | **Counterparty** | **Rate Received<br> by the Fund** | &nbsp;&nbsp;**Receive<br> Frequency** | **Rate Paid<br> by the Fund** | **Pay<br> Frequency** | **Expiration<br> Date** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Premium<br> Received/<br> Paid** | **Value** |
| **Call** |  |  |  |  |  |  |  |  |  |  |
| Buy Protection on 5 Year Credit Default swap,<br> 12/20/2030, exercise price EUR 0.60 | MS | 0.60% | &nbsp;&nbsp;&nbsp;Quarterly | iTraxx Europe Crossover Series 44 Version 1 | Quarterly | 1/21/2026 | EUR | 21700 | $32485 | $3348 |
|  |  |  |  |  |  |  |  |  | **$32485** | **$3348** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: | As of December 31, 2025, the Fund held the following OTC written swaptions: |
| **Description** | **Counterparty** | **Rate Received<br> by the Fund** | &nbsp;&nbsp;**Receive<br> Frequency** | **Rate Paid<br> by the Fund** | **Pay<br> Frequency** | **Expiration<br> Date** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Premium<br> Received/<br> Paid** | **Value** |
| **Call** |  |  |  |  |  |  |  |  |  |  |
| Buy Protection on 5 Year Credit Default swap,<br> 12/20/2030, exercise price $0.58 | MS | 0.58% | &nbsp;&nbsp;&nbsp;Quarterly | CDX.NA.IG 45 | Quarterly | 1/21/2026 | USD | 31100 | $(46650) | $(5010) |
|  |  |  |  |  |  |  |  |  | **$(46650)** | **$(5010)** |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| BA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp |
| BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank PLC |
| BBH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown Brothers Harriman |
| BBSW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Bank Bill Swap Rate |
| BDS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander |
| BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp |
| BNS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia |
| BR4CDI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil Cetip Interbank Deposit |
| CA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole |
| CFRR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Fixing Repo Rate |
| CGM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets |
| CIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. |
| CPI-U | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States of America Consumer Price Index |
| EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Interbank Offered Rate |
| EXT-CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Consumer Price Index |
| 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 |
| JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase & Co |
| KLIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuala Lumpur Interbank Offered Rate |
| KORIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea Interbank Offered Rate |
| MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co LLC |
| NIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Interbank Offered Rate |
| NOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura International PLC |
| RBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Scotland |
| RCM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Capital Markets |
| SAH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank |
| SEB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB |
| SONIA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Overnight Interbank Average Rate |
| SSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank |
| STIBOR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Krona Stockholm Interbank Offered Rate |
| TD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto Dominion Bank |
| TONA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo Overnight Average Rate |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG |
| WF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Bank NA |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Dollar |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Real |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Dollar |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Franc |
| CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean Peso |
| CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese Yuan |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian Peso |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Koruna |
| DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danish Krone |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Pound |
| HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungarian Forint |
| IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesian Rupiah |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israeli New Shekel |
| ISK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icelandic Krona |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen |
| KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korean Won |
| KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstani Tenge |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian Ringgit |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Krone |
| NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand Dollar |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Nuevo Sol |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish Zloty |
| RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Leu |
| SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Krona |
| SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore Dollar |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thai Baht |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African Rand |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER GLOBAL BOND FUND

### Schedule of Investments
*As of December 31, 2025*

Summary of Investments by Country as of December 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** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$330754858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.11% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42833364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37892169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37474938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24577243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23281922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18660410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15931047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 |
| Romania | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12289145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11838471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9043356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8914049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| Iceland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Nigeria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$673461738** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | |
|:---|:---|
| **Principal Amount<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **BANK LOANS** | **BANK LOANS** |
| &nbsp;&nbsp;&nbsp;800975 1261229 BC Ltd<sup>(b)</sup><br> 9.97%, 09/25/2030<br> 1-mo. SOFR + 6.28% | &nbsp;&nbsp;&nbsp;$780550 |
| &nbsp;&nbsp;&nbsp;426855 Apollo Commercial Real Estate Finance Inc<sup>(b)</sup><br> 6.99%, 06/13/2030<br> 1-mo. SOFR + 3.30% | &nbsp;&nbsp;&nbsp;&nbsp; 430056 |
| &nbsp;&nbsp;&nbsp;426357 Aretec Group Inc<sup>(b)</sup><br> 7.28%, 08/09/2030<br> 1-mo. SOFR + 3.59% | &nbsp;&nbsp;&nbsp;&nbsp; 427556 |
| 1804528 Bausch + Lomb Corp<sup>(b)</sup><br> 7.02%, 05/10/2027<br> 1-mo. SOFR + 3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1824829 |
| &nbsp;&nbsp;&nbsp;512226 Cengage Learning Inc<sup>(b)</sup><br> 7.23%, 03/22/2031<br> 1-mo. SOFR + 3.54% | &nbsp;&nbsp;&nbsp;&nbsp; 514004 |
| 1542801 Clear Channel Outdoor Holdings Inc<sup>(b)</sup><br> 7.83%, 08/21/2028<br> 1-mo. SOFR + 4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543766 |
| &nbsp;&nbsp;&nbsp;234429 Cloud Software Group Inc<sup>(b)</sup><br> 6.92%, 08/13/2032<br> 3-mo. SOFR + 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; 234471 |
| 1570000 CommSpace LLC<sup>(b)</sup><br> 8.47%, 12/17/2029<br> 1-mo. SOFR + 4.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571177 |
| &nbsp;&nbsp;&nbsp;844717 Connect US Finco LLC<sup>(b)</sup><br> 8.22%, 09/27/2029<br> 1-mo. SOFR + 4.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842605 |
| 1112660 DexKo Global Inc<sup>(b)</sup><br> 7.58%, 10/04/2028<br> 1-mo. SOFR + 3.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102725 |
| 1387991 DirecTV Financing LLC<sup>(b)</sup><br> 9.35%, 08/02/2029<br> 3-mo. SOFR + 5.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391678 |
| 2024955 Endo Finance Holdings Inc<sup>(b)</sup><br> 7.47%, 04/23/2031<br> 1-mo. SOFR + 3.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007869 |
| 2262974 Fertitta Entertainment LLC<sup>(b)</sup><br> 7.23%, 01/29/2029<br> 1-mo. SOFR + 3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261843 |
| 1176774 Filtration Group Corp<sup>(b)</sup><br> 6.73%, 10/24/2028<br> 1-mo. SOFR + 3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182168 |
| 1245966 Flash Charm Inc<sup>(b)</sup><br> 7.35%, 03/02/2028<br> 3-mo. SOFR + 3.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159137 |
| 1165834 Fortress Intermediate 3 Inc<sup>(b)</sup><br> 7.53%, 05/09/2031<br> 1-mo. SOFR + 3.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167291 |
| 1653925 Froneri International Limited<sup>(b)</sup><br> 6.12%, 09/30/2032<br> 3-mo. SOFR + 2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652891 |
| &nbsp;&nbsp;&nbsp;155565 Great Canadian Gaming Corp / Raptor LLC<sup>(b)</sup><br> 8.44%, 11/01/2029<br> 3-mo. SOFR + 4.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152194 |
| &nbsp;&nbsp;&nbsp;271765 Hexion Holdings Corp<sup>(b)</sup><br> 11.25%, 03/15/2030<br> 1-mo. SOFR + 7.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263272 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
|  | Klockner Pentaplast of America Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;424472 | &nbsp;&nbsp;&nbsp;&nbsp;9.02%,02/12/2026<br> 6-mo. SOFR + 5.44% | &nbsp;&nbsp;&nbsp;$74283 |
| &nbsp;&nbsp;&nbsp;389945 | &nbsp;&nbsp;&nbsp;&nbsp;6.82%,08/05/2026<br> 1-mo. SOFR + 3.13% | &nbsp;&nbsp;&nbsp;&nbsp; 349001 |
| &nbsp;&nbsp;&nbsp;259700 | &nbsp;&nbsp;&nbsp;&nbsp;6.82%,08/06/2026<br> 1-mo. SOFR + 3.13% | &nbsp;&nbsp;&nbsp;&nbsp; 232431 |
| 1638993 | LBM Acquisition LLC<sup>(b)</sup><br> 7.58%, 06/06/2031<br> 1-mo. SOFR + 3.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534507 |
|  | Nouryon Finance BV<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;853471 | &nbsp;&nbsp;&nbsp;&nbsp;7.04%,04/03/2028<br> 3-mo. SOFR + 3.38% | &nbsp;&nbsp;&nbsp;&nbsp; 853115 |
| &nbsp;&nbsp;&nbsp;686599 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%,04/03/2028<br> 3-mo. SOFR + 3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687457 |
| 1343651 | Olympus Water US Holding Corp<sup>(b)</sup><br> 6.67%, 06/20/2031<br> 3-mo. SOFR + 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330424 |
| 1326452 | Rocket Software Inc<sup>(b)</sup><br> 7.47%, 11/28/2028<br> 1-mo. SOFR + 3.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325547 |
| &nbsp;&nbsp;&nbsp;507275 | Scientific Games Holdings LP<sup>(b)</sup><br> 6.93%, 04/04/2029<br> 3-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497890 |
| &nbsp;&nbsp;&nbsp;&nbsp;68745 | SKECHERS USA Inc<sup>(b)</sup><br> 6.92%, 09/13/2032<br> 3-mo. SOFR + 3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69232 |
| &nbsp;&nbsp;&nbsp;805036 | UKG Inc<sup>(b)</sup><br> 6.76%, 01/31/2031<br> 1-mo. SOFR + 3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805456 |
| &nbsp;&nbsp;&nbsp;979413 | Verde Purchaser, LLC<sup>(b)</sup><br> 7.67%, 11/29/2030<br> 3-mo. SOFR + 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978392 |
| &nbsp;&nbsp;&nbsp;582044 | Vibrantz Technologies Inc<sup>(b)</sup><br> 8.33%, 04/23/2029<br> 3-mo. SOFR + 4.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322550 |
| 1371901 | White Cap Supply Holdings LLC<sup>(b)</sup><br> 6.97%, 10/19/2029<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377046 |
| **TOTAL BANK LOANS — 3.85%<br> (Cost $31,495,945)** | **TOTAL BANK LOANS — 3.85%<br> (Cost $31,495,945)** | &nbsp;&nbsp;&nbsp;**$30947413** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 3.95% | Basic Materials — 3.95% | Basic Materials — 3.95% |
| &nbsp;&nbsp;&nbsp;945000 | ArcelorMittal SA<br> 7.00%, 10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066224 |
| 2424000 | Big River Steel LLC / BRS Finance Corp<sup>(c)</sup><br> 6.63%, 01/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441584 |
| 1205000 | Cerdia Finanz GmbH<sup>(c)</sup><br> 9.38%, 10/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245669 |
|  | Cleveland-Cliffs Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850750 |
| &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715839 |
| 2380000 | Commercial Metals Co<br> 4.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286824 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
|  | Constellium SE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;$499928 |
| &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 347094 |
| 1610000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2032<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661554 |
| &nbsp;&nbsp;&nbsp;&nbsp;615000 | Element Solutions Inc<sup>(c)</sup><br> 3.88%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 601130 |
| &nbsp;&nbsp;1255000 | FMC Corp<br> 8.45%, 11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 993340 |
| &nbsp;&nbsp;1595000 | Fortescue Treasury Pty Ltd<sup>(c)</sup><br> 6.13%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1664356 |
| &nbsp;&nbsp;&nbsp;&nbsp;790000 | Hudbay Minerals Inc<sup>(c)</sup><br> 6.13%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800381 |
|  | Magnera Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29450 |
| &nbsp;&nbsp;&nbsp;&nbsp;510000 | Mercer International Inc<br> 5.13%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325264 |
| &nbsp;&nbsp;&nbsp;&nbsp;755000 | Mineral Resources Ltd<sup>(c)</sup><br> 7.00%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787317 |
|  | Novelis Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;1065000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105844 |
| &nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955088 |
| &nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346880 |
| &nbsp;&nbsp;2425000 | Rain Carbon Inc<sup>(c)</sup><br> 12.25%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525239 |
|  | SCIH Salt Holdings Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1985000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985482 |
| &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994257 |
| &nbsp;&nbsp;2405000 | Solstice Advanced Materials Inc<sup>(c)</sup><br> 5.63%, 09/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426150 |
| &nbsp;&nbsp;&nbsp;&nbsp;465000 | United States Steel Corp<br> 6.65%, 06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491629 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | WR Grace Holdings LLC<sup>(c)</sup><br> 5.63%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31737336 |
| Communications — 11.03% | Communications — 11.03% | Communications — 11.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | Altice Financing SA<sup>(c)</sup><br> 5.00%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174991 |
|  | Altice France SA<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;358096 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347279 |
| &nbsp;&nbsp;1624911 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558191 |
| &nbsp;&nbsp;4100000 | APLD ComputeCo LLC<sup>(c)</sup><br> 9.25%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021692 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;3305000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267719 |
| &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679738 |
| &nbsp;&nbsp;3715000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395295 |
| &nbsp;&nbsp;1615000 | Cipher Compute LLC<sup>(c)</sup><br> 7.13%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644850 |
|  | Clear Channel Outdoor Holdings Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547660 |
| &nbsp;&nbsp;2240000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366092 |
| &nbsp;&nbsp;4150000 | Cogent Communications Group LLC / Cogent Finance Inc<sup>(c)(d)</sup><br> 6.50%, 07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881111 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;795000 | CommScope LLC<sup>(c)</sup><br> 7.13%, 07/01/2028 | &nbsp;&nbsp;&nbsp;$798122 |
| &nbsp;&nbsp;3155000 | Connect Finco SARL / Connect US Finco LLC<sup>(c)</sup><br> 9.00%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3346632 |
|  | CSC Holdings LLC<sup>(c)</sup> |  |
| 4005000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2905731 |
| 1310000 | &nbsp;&nbsp;&nbsp;&nbsp;11.75%, 01/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 973261 |
| &nbsp;&nbsp;&nbsp;&nbsp;200000 | Digicel International Finance Ltd / Difl US LLC<sup>(c)</sup><br> 8.63%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 207489 |
| &nbsp;&nbsp;1180000 | DirecTV Financing LLC<sup>(c)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193917 |
| &nbsp;&nbsp;&nbsp;&nbsp;445000 | DirecTV Financing LLC <sup>(c)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450981 |
|  | DirecTV Financing LLC / DirecTV Financing Co-Obligor Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225315 |
| &nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108926 |
| &nbsp;&nbsp;2110000 | Discovery Communications LLC<br> 4.13%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039083 |
| &nbsp;&nbsp;2295000 | EchoStar Corp<br> 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537814 |
| &nbsp;&nbsp;2805000 | EW Scripps Co<sup>(c)</sup><br> 9.88%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801320 |
| &nbsp;&nbsp;&nbsp;&nbsp;735000 | Frontier Communications Holdings LLC<sup>(c)</sup><br> 8.75%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767531 |
|  | Gray Media Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196043 |
| &nbsp;&nbsp;2220000 | &nbsp;&nbsp;&nbsp;&nbsp;9.63%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303846 |
| &nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190431 |
| &nbsp;&nbsp;1020000 | Iliad Holding SAS<sup>(c)</sup><br> 7.00%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051266 |
|  | McGraw-Hill Education Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854389 |
| &nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222681 |
| &nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025709 |
| &nbsp;&nbsp;&nbsp;&nbsp;445000 | News Corp<sup>(c)</sup><br> 5.13%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438631 |
| &nbsp;&nbsp;2275000 | Nexstar Media Inc<sup>(c)</sup><br> 4.75%, 11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258494 |
| &nbsp;&nbsp;1390000 | Outfront Media Capital LLC / Outfront Media Capital Corp<sup>(c)(d)</sup><br> 4.63%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356845 |
| &nbsp;&nbsp;3140000 | Sinclair Television Group Inc<sup>(c)</sup><br> 8.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279510 |
|  | Sirius XM Radio LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547437 |
| &nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242473 |
| &nbsp;&nbsp;1400000 | Telenet Finance Luxembourg Notes SARL<sup>(c)</sup><br> 5.50%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391109 |
| &nbsp;&nbsp;3270000 | Univision Communications Inc<sup>(c)</sup><br> 9.38%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514639 |
| &nbsp;&nbsp;1245000 | Viasat Inc<sup>(c)</sup><br> 7.50%, 05/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183741 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;1770000 | Virgin Media Finance PLC<sup>(c)</sup><br> 5.00%, 07/15/2030 | &nbsp;&nbsp;&nbsp;$1560445 |
| &nbsp;&nbsp;2135000 | Virgin Media Secured Finance PLC<sup>(c)</sup><br> 4.50%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1976445 |
|  | VZ Secured Financing BV<sup>(c)</sup> |  |
| 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1361955 |
| 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2033<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1732278 |
|  | Wayfair LLC<sup>(c)</sup> |  |
| 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1774239 |
| &nbsp;&nbsp;1675000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784647 |
| &nbsp;&nbsp;1915000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968773 |
| &nbsp;&nbsp;2710000 | WULF Compute LLC<sup>(c)</sup><br> 7.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791973 |
| &nbsp;&nbsp;2232000 | Zegona Finance PLC<sup>(c)</sup><br> 8.63%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88616181 |
| Consumer, Cyclical — 13.47% | Consumer, Cyclical — 13.47% | Consumer, Cyclical — 13.47% |
| &nbsp;&nbsp;2130000 | 1011778 BC Unlimited Liability Co / New Red Finance Inc<sup>(c)</sup><br> 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028621 |
| &nbsp;&nbsp;2260000 | Adient Global Holdings Ltd<sup>(c)</sup><br> 8.25%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376352 |
|  | American Airlines Inc / AAdvantage Loyalty IP Ltd<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67596 |
| &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412427 |
| &nbsp;&nbsp;1160000 | American Axle & Manufacturing Inc<sup>(c)</sup><br> 6.38%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181412 |
| &nbsp;&nbsp;2015000 | American Builders & Contractors Supply Co Inc<sup>(c)</sup><br> 3.88%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941922 |
| &nbsp;&nbsp;&nbsp;&nbsp;870000 | Aramark Services Inc<sup>(c)</sup><br> 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869872 |
| &nbsp;&nbsp;2255000 | Ashton Woods USA LLC / Ashton Woods Finance Co<sup>(c)</sup><br> 6.88%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256793 |
| &nbsp;&nbsp;2770000 | Banijay Entertainment SAS<sup>(c)</sup><br> 8.13%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877964 |
| &nbsp;&nbsp;3050000 | Bath & Body Works Inc<br> 6.88%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085588 |
|  | Beach Acquisition Bidco LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.25%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256235 |
| &nbsp;&nbsp;2420000 | &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 07/15/2033<sup>(e)</sup><br> PIK rate, 10.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671155 |
| &nbsp;&nbsp;1370000 | Boyd Gaming Corp<sup>(c)</sup><br> 4.75%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338473 |
|  | Caesars Entertainment Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203845 |
| &nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952804 |
| &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103729 |
|  | Carnival Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;1885000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905904 |
| &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905003 |
| &nbsp;&nbsp;1470000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518369 |
| &nbsp;&nbsp;2280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339921 |
| &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722813 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| 1171650 | Carvana Co<sup>(c)(e)</sup><br> 9.00%, 06/01/2031<br>PIK rate, 14.00% | &nbsp;&nbsp;&nbsp;$1322124 |
| 1510000 | Churchill Downs Inc<sup>(c)</sup><br> 5.75%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1524706 |
| 1180000 | Clarios Global LP / Clarios US Finance Co<sup>(c)</sup><br> 6.75%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223651 |
| 1185000 | Crocs Inc<sup>(c)</sup><br> 4.25%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146808 |
| 1940000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc<sup>(c)</sup><br> 6.75%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1844503 |
| 4535000 | FirstCash Inc<sup>(c)</sup><br> 6.88%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4717315 |
| &nbsp;&nbsp;&nbsp;415000 | Flutter Treasury Designated Activity Co<sup>(c)</sup><br> 5.88%, 06/04/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 420768 |
| 4105000 | Ford Motor Credit Co LLC<br> 4.00%, 11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873865 |
| 1350000 | Forvia SE<sup>(c)</sup><br> 6.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393977 |
| 1265000 | Great Canadian Gaming Corp / Raptor LLC<sup>(c)</sup><br> 8.75%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277839 |
| 2665000 | Hilton Domestic Operating Co Inc<sup>(c)</sup><br> 5.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727401 |
|  | IHO Verwaltungs GmbH<sup>(c)(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/15/2030<br> PIK rate, 8.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019217 |
| &nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/15/2032<br> PIK rate, 8.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005902 |
|  | K Hovnanian Enterprises Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581723 |
| &nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868927 |
| &nbsp;&nbsp;&nbsp;745000 | Kohl's Corp<sup>(c)</sup><br> 10.00%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820440 |
| 2010000 | LGI Homes Inc<sup>(c)</sup><br> 8.75%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096567 |
|  | Light & Wonder International Inc<sup>(c)</sup> |  |
| 1490000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530329 |
| &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017247 |
| 1085000 | Live Nation Entertainment Inc<sup>(c)</sup><br> 6.50%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094955 |
| 2730000 | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC<sup>(c)</sup><br> 8.25%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845757 |
|  | NCL Corp Ltd<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356608 |
| &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547798 |
| &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649726 |
|  | Newell Brands Inc<sup>(d)</sup> |  |
| 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108397 |
| 2425000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352641 |
| 1545000 | Nissan Motor Co Ltd<sup>(c)</sup><br> 8.13%, 07/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641751 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;1910000 | OneSky Flight LLC<sup>(c)</sup><br> 8.88%, 12/15/2029 | &nbsp;&nbsp;&nbsp;$2043958 |
| &nbsp;&nbsp;&nbsp;&nbsp;905000 | Penn Entertainment Inc<sup>(c)</sup><br> 5.63%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 903759 |
| &nbsp;&nbsp;2910000 | PetSmart LLC / PetSmart Finance Corp<sup>(c)</sup><br> 7.50%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2961462 |
|  | Pinewood Finco PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 6.00%, 03/27/2030<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064091 |
| &nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;GBP, 6.00%, 03/27/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165756 |
|  | Qnity Electronics Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925314 |
| &nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731041 |
| &nbsp;&nbsp;2400000 | QXO Building Products Inc<sup>(c)</sup><br> 6.75%, 04/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506605 |
| &nbsp;&nbsp;1940000 | RB Global Holdings Inc<sup>(c)</sup><br> 7.75%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028202 |
| &nbsp;&nbsp;1930000 | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp<sup>(c)</sup><br> 6.25%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970007 |
|  | Royal Caribbean Cruises Ltd<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945643 |
| &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186255 |
| &nbsp;&nbsp;1505000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546307 |
| &nbsp;&nbsp;1375000 | Scientific Games Holdings LP / Scientific Games US FinCo Inc<sup>(c)</sup><br> 6.63%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222046 |
| &nbsp;&nbsp;2205000 | Station Casinos LLC<sup>(c)</sup><br> 6.63%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257177 |
|  | Taylor Morrison Communities Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860087 |
| &nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613678 |
| &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226356 |
| &nbsp;&nbsp;&nbsp;&nbsp;895000 | Under Armour Inc<sup>(c)</sup><br> 7.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895869 |
| &nbsp;&nbsp;1338000 | United Airlines Inc<sup>(c)</sup><br> 4.63%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332197 |
|  | Viking Cruises Ltd<sup>(c)</sup> |  |
| &nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332678 |
| &nbsp;&nbsp;1110000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188632 |
| &nbsp;&nbsp;1045000 | Warnermedia Holdings Inc<br> 5.05%, 03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735419 |
| &nbsp;&nbsp;3280000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp<sup>(c)</sup><br> 7.13%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;108219528 |
| Consumer, Non-Cyclical — 9.11% | Consumer, Non-Cyclical — 9.11% | Consumer, Non-Cyclical — 9.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;745000 | 1261229 BC Ltd<sup>(c)</sup><br> 10.00%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774813 |
| &nbsp;&nbsp;&nbsp;&nbsp;465000 | Bausch + Lomb Corp<sup>(c)</sup><br> 8.38%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485344 |
| &nbsp;&nbsp;&nbsp;&nbsp;840000 | Bausch + Lomb Netherlands BV / Bausch & Lomb Inc<sup>(b)(c)</sup><br> EUR, 5.87%, 01/15/2031<br> 3-mo. EURIBOR + 3.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002723 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;1135000 | Boost Newco Borrower LLC<sup>(c)</sup><br> 7.50%, 01/15/2031 | &nbsp;&nbsp;&nbsp;$1206335 |
| &nbsp;&nbsp;&nbsp;&nbsp;518439 | Chobani Holdco II LLC<sup>(c)(e)</sup><br> 8.75%, 10/01/2029<br>PIK rate, 9.50% | &nbsp;&nbsp;&nbsp;&nbsp; 553380 |
| &nbsp;&nbsp;1605000 | Chobani LLC / Chobani Finance Corp Inc<sup>(c)</sup><br> 7.63%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674211 |
|  | CHS / Community Health Systems Inc<sup>(c)</sup> |  |
| 2295000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294346 |
| 2860000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2686091 |
| 1584000 | &nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728841 |
| &nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402189 |
| &nbsp;&nbsp;2340000 | Concentra Health Services Inc<sup>(c)</sup><br> 6.88%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447181 |
|  | Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655411 |
| &nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486582 |
| &nbsp;&nbsp;2035000 | CVS Health Corp<br> 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134813 |
|  | DaVita Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;4440000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621889 |
| &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264408 |
| &nbsp;&nbsp;&nbsp;&nbsp;505000 | Endo Finance Holdings Inc<sup>(c)(d)</sup><br> 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533755 |
| &nbsp;&nbsp;1150000 | EquipmentShare.com Inc<sup>(c)</sup><br> 8.63%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214713 |
| &nbsp;&nbsp;1565000 | Froneri Lux FinCo SARL<sup>(c)</sup><br> 6.00%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586361 |
|  | Genmab A/S / Genmab Finance LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541619 |
| &nbsp;&nbsp;2415000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536745 |
| &nbsp;&nbsp;2310000 | Grifols SA<br> EUR, 3.88%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685052 |
| &nbsp;&nbsp;&nbsp;&nbsp;990000 | Herc Holdings Inc<sup>(c)</sup><br> 6.63%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027717 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Insulet Corp<sup>(c)</sup><br> 6.50%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239749 |
| &nbsp;&nbsp;3415000 | IQVIA Inc<sup>(c)</sup><br> 6.25%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3568395 |
| &nbsp;&nbsp;5090000 | Kedrion SpA<sup>(c)</sup><br> 6.50%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993465 |
| &nbsp;&nbsp;2305000 | Medline Borrower LP<sup>(c)</sup><br> 3.88%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250392 |
| &nbsp;&nbsp;3780000 | Opal Bidco SAS<sup>(c)</sup><br> 6.50%, 03/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871547 |
| &nbsp;&nbsp;5225000 | RR Donnelley & Sons Co<sup>(c)</sup><br> 9.50%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384360 |
| &nbsp;&nbsp;&nbsp;&nbsp;365000 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc<sup>(c)</sup><br> EUR, 5.50%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439276 |
|  | Tenet Healthcare Corp |  |
| &nbsp;&nbsp;4140000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236435 |
| &nbsp;&nbsp;1160000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/2033<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194329 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;1290000 | Teva Pharmaceutical Finance Netherlands II BV<br> EUR, 4.38%, 05/09/2030 | &nbsp;&nbsp;&nbsp;$1555572 |
|  | Teva Pharmaceutical Finance Netherlands III BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 721287 |
| 1735000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/09/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1754608 |
| 1710000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2031<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1968963 |
|  | US Foods Inc<sup>(c)</sup> |  |
| 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313905 |
| &nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573728 |
| &nbsp;&nbsp;&nbsp;&nbsp;535000 | Veritiv Operating Co<sup>(c)</sup><br> 10.50%, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73185769 |
| Energy — 5.70% | Energy — 5.70% | Energy — 5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;445136 | Borr IHC Ltd / Borr Finance LLC<sup>(c)</sup><br> 10.38%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442411 |
|  | Crescent Energy Finance LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423736 |
| &nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109154 |
| &nbsp;&nbsp;1445000 | Energy Transfer LP<sup>(f)</sup><br> 6.63%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437673 |
| &nbsp;&nbsp;4050000 | Expand Energy Corp<sup>(c)</sup><br> 6.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073719 |
| &nbsp;&nbsp;2375000 | Global Partners LP / GLP Finance Corp<sup>(c)</sup><br> 7.13%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418327 |
| &nbsp;&nbsp;&nbsp;&nbsp;330000 | Hess Midstream Operations LP<sup>(c)</sup><br> 6.50%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340791 |
| &nbsp;&nbsp;1310000 | Hilcorp Energy I LP / Hilcorp Finance Co<sup>(c)</sup><br> 8.38%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337582 |
| &nbsp;&nbsp;2580000 | Kinetik Holdings LP<sup>(c)</sup><br> 5.88%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603116 |
|  | Kodiak Gas Services LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253624 |
| &nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031425 |
| &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586079 |
| &nbsp;&nbsp;2140000 | Matador Resources Co<sup>(c)</sup><br> 6.50%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170313 |
| &nbsp;&nbsp;1975000 | Nabors Industries Inc<sup>(c)(d)</sup><br> 8.88%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915932 |
| &nbsp;&nbsp;&nbsp;&nbsp;800000 | Occidental Petroleum Corp<br> 6.20%, 03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812364 |
| &nbsp;&nbsp;&nbsp;&nbsp;225000 | Seventy Seven Energy Inc<sup>(g)(h)(i)</sup><br> 6.63%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;720000 | SM Energy Co<br> 6.75%, 09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721046 |
| &nbsp;&nbsp;2035000 | Sunoco LP<sup>(c)</sup><br> 6.25%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084486 |
| &nbsp;&nbsp;1145000 | TGNR Intermediate Holdings LLC<sup>(c)</sup><br> 5.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133815 |
| &nbsp;&nbsp;&nbsp;&nbsp;813462 | Transocean Aquila Ltd<sup>(c)</sup><br> 8.00%, 09/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833217 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Transocean International Ltd |  |
| 1965000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;$2053244 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2032<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 271544 |
| 1720000 | &nbsp;&nbsp;&nbsp;&nbsp;6.80%, 03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479193 |
|  | Venture Global LNG Inc<sup>(c)</sup> |  |
| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;9.00%, Perpetual<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089829 |
| &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 829182 |
| &nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341873 |
| &nbsp;&nbsp;2265000 | &nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339909 |
|  | Venture Global Plaquemines LNG LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367370 |
| &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594059 |
| &nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372284 |
| &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998683 |
| &nbsp;&nbsp;&nbsp;&nbsp;378000 | Viper Energy Partners LLC<br> 5.70%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385761 |
|  | Weatherford International Ltd<sup>(c)</sup> |  |
| &nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394000 |
| &nbsp;&nbsp;1495000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45776812 |
| Financial — 10.36% | Financial — 10.36% | Financial — 10.36% |
|  | Acrisure LLC / Acrisure Finance Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794643 |
| &nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713512 |
| &nbsp;&nbsp;&nbsp;&nbsp;581000 | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust<br> 6.95%, 03/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608793 |
|  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer<sup>(c)</sup> |  |
| &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273878 |
| &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853057 |
| &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456222 |
| &nbsp;&nbsp;1830000 | Ally Financial Inc<br> 8.00%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077061 |
| &nbsp;&nbsp;&nbsp;&nbsp;838600 | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp<sup>(c)</sup><br> 7.00%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834989 |
| &nbsp;&nbsp;3030000 | Apollo Commercial Real Estate Finance Inc REIT<sup>(c)(d)</sup><br> 4.63%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930508 |
| &nbsp;&nbsp;&nbsp;&nbsp;278000 | Aretec Group Inc<sup>(c)</sup><br> 10.00%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300002 |
| &nbsp;&nbsp;2215000 | Asurion LLC & Asurion Co-Issuer Inc<sup>(c)</sup><br> 8.00%, 12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298309 |
|  | CrossCountry Intermediate HoldCo LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1670000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703393 |
| &nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667596 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Dresdner Funding Trust I<sup>(c)</sup><br> 8.15%, 06/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252307 |
|  | Encore Capital Group Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601700 |
| &nbsp;&nbsp;2380000 | &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558371 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;1125000 | Freedom Mortgage Corp<sup>(c)</sup><br> 12.25%, 10/01/2030 | &nbsp;&nbsp;&nbsp;$1247786 |
| &nbsp;&nbsp;4000000 | Freedom Mortgage Holdings LLC<sup>(c)</sup><br> 8.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4210659 |
| &nbsp;&nbsp;4810000 | Iron Mountain Inc REIT<sup>(c)</sup><br> 6.25%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4850244 |
|  | Jane Street Group / JSG Finance Inc<sup>(c)</sup> |  |
| 3690000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3754796 |
| 1745000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1821425 |
|  | Jefferson Capital Holdings LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1630000 | &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711798 |
| &nbsp;&nbsp;2935000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086760 |
| &nbsp;&nbsp;2015000 | Jones Deslauriers Insurance Management Inc<sup>(c)</sup><br> 8.50%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111938 |
| &nbsp;&nbsp;3125000 | Millrose Properties Inc REIT<sup>(c)</sup><br> 6.38%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197575 |
| &nbsp;&nbsp;4100000 | MPT Operating Partnership LP / MPT Finance Corp REIT<sup>(c)</sup><br> 8.50%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378527 |
|  | OneMain Finance Corp |  |
| &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135767 |
| &nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425663 |
| &nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054276 |
| &nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331419 |
|  | Osaic Holdings Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436352 |
| &nbsp;&nbsp;2035000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115782 |
| &nbsp;&nbsp;3740000 | PHH Escrow Issuer LLC / PHH Corp<sup>(c)</sup><br> 9.88%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881297 |
| &nbsp;&nbsp;3580000 | PRA Group Inc<sup>(c)</sup><br> 8.88%, 01/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714107 |
|  | RHP Hotel Properties LP / RHP Finance Corp REIT<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299053 |
| &nbsp;&nbsp;2485000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577157 |
| &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795246 |
|  | Rocket Cos Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1780000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872558 |
| &nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554417 |
|  | Societe Generale SA<sup>(c)(f)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, Perpetual<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327953 |
| &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281972 |
| &nbsp;&nbsp;1600000 | Stonex Escrow Issuer LLC<sup>(c)</sup><br> 6.88%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659571 |
| &nbsp;&nbsp;&nbsp;&nbsp;435000 | XHR LP REIT<sup>(c)</sup><br> 6.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83207396 |
| Industrial — 8.09% | Industrial — 8.09% | Industrial — 8.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | Arcosa Inc<sup>(c)</sup><br> 6.88%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484900 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;1070000 | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC<sup>(c)</sup><br> 4.00%, 09/01/2029 | &nbsp;&nbsp;&nbsp;$1007283 |
|  | ATI Inc |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001172 |
| &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 459246 |
| 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516045 |
| &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 245164 |
| &nbsp;&nbsp;1030000 | Avient Corp<sup>(c)</sup><br> 6.25%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058693 |
|  | Axon Enterprise Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991050 |
| &nbsp;&nbsp;1265000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316014 |
| &nbsp;&nbsp;&nbsp;&nbsp;930000 | Beacon Mobility Corp<sup>(c)</sup><br> 7.25%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972665 |
| &nbsp;&nbsp;&nbsp;&nbsp;810000 | Boeing Co<br> 5.88%, 02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833614 |
| &nbsp;&nbsp;1305000 | Boise Cascade Co<sup>(c)(d)</sup><br> 4.88%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291605 |
|  | Bombardier Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260739 |
| &nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323500 |
| &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351664 |
| &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280010 |
|  | Builders FirstSource Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;1545000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597425 |
| &nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658674 |
| &nbsp;&nbsp;&nbsp;&nbsp;960000 | Camelot Return Merger Sub Inc<sup>(c)(d)</sup><br> 8.75%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743899 |
| &nbsp;&nbsp;&nbsp;&nbsp;715000 | Cemex SAB de CV<sup>(c)(f)</sup><br> 7.20%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745674 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | Chart Industries Inc<sup>(c)</sup><br> 9.50%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530717 |
| &nbsp;&nbsp;&nbsp;&nbsp;915000 | Clean Harbors Inc<sup>(c)</sup><br> 6.38%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941648 |
| &nbsp;&nbsp;1550000 | Clydesdale Acquisition Holdings Inc<sup>(c)</sup><br> 6.75%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593825 |
| &nbsp;&nbsp;2240000 | Efesto Bidco SpA Efesto US LLC<sup>(c)</sup><br> 7.50%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262646 |
| &nbsp;&nbsp;&nbsp;&nbsp;255000 | EMRLD Borrower LP / Emerald Co-Issuer Inc<br> EUR, 6.38%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312235 |
| &nbsp;&nbsp;1085000 | Energizer Gamma Acquisition BV<br> EUR, 3.50%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233195 |
| &nbsp;&nbsp;&nbsp;&nbsp;440000 | Energizer Holdings Inc<sup>(c)</sup><br> 4.38%, 03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420422 |
| &nbsp;&nbsp;&nbsp;&nbsp;265000 | GFL Environmental Inc<sup>(c)</sup><br> 6.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278031 |
| &nbsp;&nbsp;&nbsp;&nbsp;230000 | Graphic Packaging International LLC<br> EUR, 2.63%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261248 |
| &nbsp;&nbsp;1825000 | Imola Merger Corp<sup>(c)</sup><br> 4.75%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801311 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
|  | JH North America Holdings Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/2031 | &nbsp;&nbsp;&nbsp;$158212 |
| 1645000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1688686 |
| &nbsp;&nbsp;1030000 | Mauser Packaging Solutions Holding Co<sup>(c)</sup><br> 7.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026251 |
| &nbsp;&nbsp;1560000 | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC<sup>(c)</sup><br> 6.75%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1599297 |
|  | Quikrete Holdings Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 968018 |
| &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485595 |
| &nbsp;&nbsp;1480000 | Sensata Technologies BV<sup>(c)</sup><br> 5.88%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502656 |
| &nbsp;&nbsp;&nbsp;&nbsp;820000 | Smyrna Ready Mix Concrete LLC<sup>(c)</sup><br> 8.88%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877099 |
| &nbsp;&nbsp;1060000 | Spirit AeroSystems Inc<br> 4.60%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061230 |
|  | Standard Building Solutions Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;2980000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067987 |
| &nbsp;&nbsp;2220000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267812 |
|  | Standard Industries Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217059 |
| &nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300969 |
|  | Terex Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528197 |
| &nbsp;&nbsp;1365000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400423 |
| &nbsp;&nbsp;2465000 | Toucan FinCo Ltd / Toucan FinCo Can Inc / Toucan FinCo US LLC<sup>(c)</sup><br> 9.50%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461565 |
|  | TransDigm Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;2570000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689522 |
| &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5117 |
| &nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399507 |
| &nbsp;&nbsp;2475000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578168 |
| &nbsp;&nbsp;2500000 | TTM Technologies Inc<sup>(c)</sup><br> 4.00%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441579 |
| &nbsp;&nbsp;1280000 | Waste Pro USA Inc<sup>(c)</sup><br> 7.00%, 02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317524 |
| &nbsp;&nbsp;1960000 | Watco Cos LLC / Watco Finance Corp<sup>(c)</sup><br> 7.13%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052722 |
|  | Weekley Homes LLC / Weekley Finance Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213008 |
| &nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868117 |
|  | WESCO Distribution Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211697 |
| &nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618455 |
| &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605569 |
| &nbsp;&nbsp;&nbsp;&nbsp;365000 | Wrangler Holdco Corp<sup>(c)</sup><br> 6.63%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64947621 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — 2.66% | Technology — 2.66% | Technology — 2.66% |
| &nbsp;&nbsp;2210000 | AthenaHealth Group Inc<sup>(c)</sup><br> 6.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp;$2203349 |
| &nbsp;&nbsp;2945000 | CACI International Inc<sup>(c)</sup><br> 6.38%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3047129 |
| &nbsp;&nbsp;&nbsp;&nbsp;910000 | CDW LLC / CDW Finance Corp<br> 3.25%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 876096 |
|  | Cloud Software Group Inc<sup>(c)</sup> |  |
| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2168008 |
| 2030000 | &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2114266 |
| &nbsp;&nbsp;1835000 | Fortress Intermediate 3 Inc<sup>(c)</sup><br> 7.50%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1914712 |
| &nbsp;&nbsp;1210000 | Gartner Inc<sup>(c)</sup><br> 3.75%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147446 |
| &nbsp;&nbsp;2010000 | McAfee Corp<sup>(c)</sup><br> 7.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752876 |
| &nbsp;&nbsp;&nbsp;&nbsp;260000 | ON Semiconductor Corp<sup>(c)</sup><br> 3.88%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254243 |
| &nbsp;&nbsp;1650000 | Rocket Software Inc<sup>(c)</sup><br> 6.50%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616963 |
|  | Seagate Data Storage Technology Pte Ltd<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805583 |
| &nbsp;&nbsp;1440000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484447 |
| &nbsp;&nbsp;1955000 | UKG Inc<sup>(c)</sup><br> 6.88%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21393320 |
| Utilities — 2.81% | Utilities — 2.81% | Utilities — 2.81% |
| &nbsp;&nbsp;2890000 | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC<sup>(c)</sup><br> 6.38%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894765 |
| &nbsp;&nbsp;&nbsp;&nbsp;580000 | Calpine Corp<sup>(c)</sup><br> 5.00%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589047 |
| &nbsp;&nbsp;&nbsp;&nbsp;765000 | Electricite de France SA<sup>(c)(f)</sup><br> 9.13%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889660 |
|  | NRG Energy Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;10.25%, Perpetual<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999035 |
| &nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391605 |
| &nbsp;&nbsp;2775000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811750 |
|  | PG&E Corp |  |
| &nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419872 |
| &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812363 |
|  | Talen Energy Supply LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447793 |
| &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481815 |
| &nbsp;&nbsp;1346000 | Vistra Corp<sup>(c)(f)</sup><br> 7.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369506 |
|  | Vistra Operations Co LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568601 |
| &nbsp;&nbsp;2165000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293119 |
| &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22564113 |
| **TOTAL CORPORATE BONDS AND NOTES — 67.18%<br> (Cost $528,796,397)** | **TOTAL CORPORATE BONDS AND NOTES — 67.18%<br> (Cost $528,796,397)** | &nbsp;&nbsp;&nbsp;**$539648076** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** |
| Basic Materials — 0.39% | Basic Materials — 0.39% | Basic Materials — 0.39% |
| 1152000 | Centrus Energy Corp<sup>(c)(j)</sup><br> (3.36%), 08/15/2032 | &nbsp;&nbsp;&nbsp;$1480896 |
| &nbsp;&nbsp;&nbsp;698000 | Energy Fuels Inc/Canada<sup>(c)</sup><br> 0.75%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 721034 |
| &nbsp;&nbsp;&nbsp;370000 | MP Materials Corp<sup>(c)</sup><br> 3.00%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 922595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124525 |
| Communications — 2.19% | Communications — 2.19% | Communications — 2.19% |
| &nbsp;&nbsp;&nbsp;585000 | Alibaba Group Holding Ltd<br> 0.50%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 908505 |
|  | AST SpaceMobile Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;542000 | &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714085 |
| &nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470254 |
| 1179000 | Cable One Inc<br> 1.13%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959470 |
| 2367000 | DoorDash Inc<sup>(c)(j)</sup><br> (0.99%), 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472331 |
| 1777000 | Etsy Inc<sup>(c)</sup><br> 1.00%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800101 |
| &nbsp;&nbsp;&nbsp;390000 | Hims & Hers Health Inc<sup>(c)(j)</sup><br> 3.74%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335205 |
| &nbsp;&nbsp;&nbsp;686000 | JD.com Inc<br> 0.25%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685657 |
| 2064000 | Liberty Media Corp / Liberty Formula One<br> 2.25%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610960 |
| &nbsp;&nbsp;&nbsp;879000 | Lyft Inc<sup>(c)(j)</sup><br> (2.46%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991512 |
|  | Uber Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;763000 | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 05/15/2028<sup>(c)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743086 |
| 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204900 |
| 1604000 | Wayfair Inc<br> 3.25%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17564764 |
| Consumer, Cyclical — 1.61% | Consumer, Cyclical — 1.61% | Consumer, Cyclical — 1.61% |
| 1073000 | Burlington Stores Inc<br> 1.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589113 |
| &nbsp;&nbsp;&nbsp;125000 | IMAX Corp<sup>(c)</sup><br> 0.75%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136688 |
|  | Live Nation Entertainment Inc |  |
| 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968815 |
| 2192000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302696 |
| 2030000 | Meritage Homes Corp<br> 1.75%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996496 |
| 2074000 | NCL Corp Ltd<sup>(c)</sup><br> 0.75%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000166 |
| &nbsp;&nbsp;&nbsp;948000 | Patrick Industries Inc<sup>(d)</sup><br> 1.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608756 |
| &nbsp;&nbsp;&nbsp;447000 | Peloton Interactive Inc<br> 5.50%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743137 |
| &nbsp;&nbsp;&nbsp;452000 | Rivian Automotive Inc<br> 4.63%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12913692 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — 2.76% | Consumer, Non-Cyclical — 2.76% | Consumer, Non-Cyclical — 2.76% |
| &nbsp;&nbsp;1904000 | Affirm Holdings Inc<br> 0.75%, 12/15/2029 | &nbsp;&nbsp;&nbsp;$2106776 |
|  | Alnylam Pharmaceuticals Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;613000 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 901294 |
| 2049000 | &nbsp;&nbsp;&nbsp;&nbsp;1.39%, 09/15/2028<sup>(c)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1974724 |
| &nbsp;&nbsp;1110000 | Ascendis Pharma A/S<br> 2.25%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572537 |
| &nbsp;&nbsp;1408000 | Chefs' Warehouse Inc<br> 2.38%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2134810 |
| &nbsp;&nbsp;&nbsp;&nbsp;964000 | Global Payments Inc<br> 1.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 864708 |
| &nbsp;&nbsp;1621000 | Halozyme Therapeutics Inc<br> 1.00%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151067 |
| &nbsp;&nbsp;&nbsp;&nbsp;369000 | Ionis Pharmaceuticals Inc<sup>(c)(j)</sup><br> (1.26%), 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392985 |
| &nbsp;&nbsp;&nbsp;&nbsp;742000 | Merit Medical Systems Inc<sup>(c)</sup><br> 3.00%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895594 |
| &nbsp;&nbsp;&nbsp;&nbsp;461000 | Mirum Pharmaceuticals Inc<br> 4.00%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189242 |
| &nbsp;&nbsp;&nbsp;&nbsp;500000 | Oddity Finance LLC<sup>(c)(j)</sup><br> 3.61%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430625 |
| &nbsp;&nbsp;1856000 | Post Holdings Inc<br> 2.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997056 |
| &nbsp;&nbsp;1829000 | Repligen Corp<br> 1.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998182 |
| &nbsp;&nbsp;&nbsp;&nbsp;911000 | Shift4 Payments Inc<sup>(d)</sup><br> 0.50%, 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875471 |
| &nbsp;&nbsp;1987000 | Spectrum Brands Inc<sup>(d)</sup><br> 3.38%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876721 |
| &nbsp;&nbsp;&nbsp;&nbsp;545000 | TransMedics Group Inc<br> 1.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22176949 |
| Financial — 2.89% | Financial — 2.89% | Financial — 2.89% |
| &nbsp;&nbsp;2104000 | Barclays Bank PLC<br> 1.00%, 02/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305816 |
| &nbsp;&nbsp;2145000 | Boston Properties LP REIT<sup>(c)</sup><br> 2.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070997 |
| &nbsp;&nbsp;1473000 | Cipher Mining Inc<sup>(c)(j)</sup><br> (4.21%), 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749187 |
| &nbsp;&nbsp;&nbsp;&nbsp;711000 | Cleanspark Inc<sup>(c)(d)(j)</sup><br> 5.46%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532895 |
| &nbsp;&nbsp;1696000 | Coinbase Global Inc<sup>(c)(j)</sup><br> 1.75%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517072 |
| &nbsp;&nbsp;&nbsp;&nbsp;714000 | Core Scientific Inc<sup>(c)(d)(j)</sup><br> (2.46%), 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750200 |
| &nbsp;&nbsp;2029000 | Digital Realty Trust LP REIT<sup>(c)</sup><br> 1.88%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057406 |
| &nbsp;&nbsp;1895000 | Galaxy Digital Holdings LP<sup>(c)</sup><br> 0.50%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431672 |
| &nbsp;&nbsp;1037000 | Hercules Capital Inc<sup>(c)</sup><br> 4.75%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038867 |
| &nbsp;&nbsp;1242000 | IREN Ltd<sup>(c)(j)</sup><br> 6.37%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919701 |
| &nbsp;&nbsp;1721000 | MARA Holdings Inc<sup>(j)</sup><br> 6.61%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | SoFi Technologies Inc<sup>(c)(j)</sup><br> (28.37%), 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
|  | Terawulf Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;891000 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050935 |
| &nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;2.46%, 05/01/2032<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146125 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
|  | Welltower OP LLC REIT<sup>(c)</sup> |  |
| 1036000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2028 | &nbsp;&nbsp;&nbsp;$2029006 |
| 1156000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1745560 |
| &nbsp;&nbsp;1523000 | WisdomTree Inc<sup>(c)</sup><br> 4.63%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1558790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23254304 |
| Industrial — 1.88% | Industrial — 1.88% | Industrial — 1.88% |
| &nbsp;&nbsp;2120000 | AeroVironment Inc<sup>(j)</sup><br> (1.73%), 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2300200 |
| &nbsp;&nbsp;1330000 | Avnet Inc<sup>(c)</sup><br> 1.75%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310715 |
| &nbsp;&nbsp;1886000 | Bloom Energy Corp<sup>(c)(j)</sup><br> 3.07%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640820 |
| &nbsp;&nbsp;&nbsp;&nbsp;913000 | BWX Technologies Inc<sup>(c)(j)</sup><br> 1.02%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870089 |
| &nbsp;&nbsp;&nbsp;&nbsp;704000 | Fluor Corp<br> 1.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801997 |
| &nbsp;&nbsp;1857000 | Itron Inc<br> 1.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876731 |
| &nbsp;&nbsp;1340000 | JBT Marel Corp<sup>(c)</sup><br> 0.38%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387570 |
| &nbsp;&nbsp;1465000 | Mirion Technologies Inc<sup>(c)(j)</sup><br> (1.29%), 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582200 |
| &nbsp;&nbsp;2290000 | OSI Systems Inc<sup>(c)</sup><br> 0.50%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | Rocket Lab USA Inc<sup>(c)</sup><br> 4.25%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15081074 |
| Technology — 5.77% | Technology — 5.77% | Technology — 5.77% |
| &nbsp;&nbsp;1337000 | Box Inc<br> 1.50%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300233 |
| &nbsp;&nbsp;&nbsp;&nbsp;969000 | Camtek Ltd<sup>(c)(j)</sup><br> (2.82%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116733 |
| &nbsp;&nbsp;1468000 | Cloudflare Inc<sup>(c)(j)</sup><br> (1.80%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595716 |
| &nbsp;&nbsp;&nbsp;&nbsp;932000 | Commvault Systems Inc<sup>(c)(j)</sup><br> 2.77%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824354 |
| &nbsp;&nbsp;&nbsp;&nbsp;639000 | CoreWeave Inc<sup>(c)</sup><br> 1.75%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604654 |
| &nbsp;&nbsp;1400000 | CyberArk Software Ltd<sup>(c)(j)</sup><br> (2.59%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495900 |
| &nbsp;&nbsp;2177000 | Datadog Inc<sup>(j)</sup><br> 0.06%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171557 |
| &nbsp;&nbsp;3019000 | Guidewire Software Inc<br> 1.25%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319390 |
| &nbsp;&nbsp;&nbsp;&nbsp;974000 | Life360 Inc<sup>(c)(d)(j)</sup><br> (1.52%), 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042180 |
| &nbsp;&nbsp;2940000 | Lumentum Holdings Inc<sup>(c)</sup><br> 0.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291600 |
| &nbsp;&nbsp;&nbsp;&nbsp;737000 | Microchip Technology Inc<br> 0.75%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722334 |
| &nbsp;&nbsp;1479000 | MKS Inc<br> 1.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886464 |
| &nbsp;&nbsp;&nbsp;&nbsp;571000 | Nebius Group NV<sup>(c)</sup><br> 1.00%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559295 |
| &nbsp;&nbsp;1155000 | Nova Ltd<sup>(c)(j)</sup><br> (4.17%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436243 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| 1626000 | Nutanix Inc<br> 0.50%, 12/15/2029 | &nbsp;&nbsp;&nbsp;$1568277 |
| &nbsp;&nbsp;&nbsp;963000 | ON Semiconductor Corp<br> 0.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 910998 |
| 1478000 | Parsons Corp<br> 2.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519384 |
| 1036000 | Planet Labs PBC<sup>(c)</sup><br> 0.50%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1928255 |
| &nbsp;&nbsp;&nbsp;764000 | Progress Software Corp<br> 3.50%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 772022 |
| &nbsp;&nbsp;&nbsp;589000 | Rubrik Inc<sup>(c)(j)</sup><br> 0.40%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 578693 |
| 1056000 | Seagate HDD Cayman<br> 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3546576 |
| &nbsp;&nbsp;&nbsp;860000 | Semtech Corp<sup>(c)(j)</sup><br> (1.17%), 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911170 |
| 1869000 | Snowflake Inc<sup>(j)</sup><br> (18.65%), 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776399 |
| 3859000 | Strategy Inc<sup>(c)(j)</sup><br> 3.82%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328387 |
| 1626000 | Tyler Technologies Inc<br> 0.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643886 |
| &nbsp;&nbsp;&nbsp;320000 | Unity Software Inc<sup>(c)(d)(j)</sup><br> (7.32%), 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462400 |
| &nbsp;&nbsp;&nbsp;449000 | Western Digital Corp<sup>(d)</sup><br> 3.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46371226 |
| Utilities — 1.23% | Utilities — 1.23% | Utilities — 1.23% |
| 1598000 | CMS Energy Corp<br> 3.38%, 05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709061 |
| 3179000 | NextEra Energy Capital Holdings Inc<br> 3.00%, 03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945139 |
| 2142000 | PPL Capital Funding Inc<br> 2.88%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350845 |
| 1727000 | Southern Co<br> 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9847754 |
| **TOTAL CONVERTIBLE BONDS — 18.72%<br> (Cost $137,174,030)** | **TOTAL CONVERTIBLE BONDS — 18.72%<br> (Cost $137,174,030)** | &nbsp;&nbsp;&nbsp;**$150334288** |
| **Shares** |  |  |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Communications — 0.03% | Communications — 0.03% | Communications — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;11656 | Altice France SA<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202047 |
| Consumer, Cyclical — 0.28% | Consumer, Cyclical — 0.28% | Consumer, Cyclical — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;31400 | Viking Holdings Ltd<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242274 |
| Energy — 0.06% | Energy — 0.06% | Energy — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493394 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — 0.04% | Industrial — 0.04% | Industrial — 0.04% |
| &nbsp;&nbsp;8430 | GFL Environmental Inc | &nbsp;&nbsp;&nbsp;$362069 |
| **TOTAL COMMON STOCK — 0.41%<br> (Cost $1,712,752)** | **TOTAL COMMON STOCK — 0.41%<br> (Cost $1,712,752)** | &nbsp;&nbsp;&nbsp;**$3299784** |
| **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** |
| Basic Materials — 0.14% | Basic Materials — 0.14% | Basic Materials — 0.14% |
| 18484 | Albemarle Corp 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087783 |
| Consumer, Cyclical — 0.16% | Consumer, Cyclical — 0.16% | Consumer, Cyclical — 0.16% |
| 22731 | QXO Inc 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1257252 |
| Financial — 0.87% | Financial — 0.87% | Financial — 0.87% |
| 28627 | Ares Management Corp 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440224 |
| &nbsp;&nbsp;2908 | Bank of America Corp 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633910 |
| 37670 | KKR & Co Inc 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020920 |
| Technology — 0.42% | Technology — 0.42% | Technology — 0.42% |
| 34850 | Hewlett Packard Enterprise Co 7.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305327 |
| 18472 | Microchip Technology Inc 7.50%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382245 |
| **TOTAL CONVERTIBLE PREFERRED STOCK — 1.59%<br> (Cost $12,384,331)** | **TOTAL CONVERTIBLE PREFERRED STOCK — 1.59%<br> (Cost $12,384,331)** | &nbsp;&nbsp;&nbsp;**$12748200** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Financial — 0.28% | Financial — 0.28% | Financial — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29935 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;$2254704 |
| Industrial — 0.55% | Industrial — 0.55% | Industrial — 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63215 | Boeing Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4390282 |
| **TOTAL PREFERRED STOCK — 0.83%<br> (Cost $5,335,204)** | **TOTAL PREFERRED STOCK — 0.83%<br> (Cost $5,335,204)** | &nbsp;&nbsp;&nbsp;**$6644986** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 28846958 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(l)</sup>, 3.71%<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28846958 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.59%<br> (Cost $28,846,958)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 3.59%<br> (Cost $28,846,958)** | &nbsp;&nbsp;&nbsp;**$28846958** |
| **TOTAL INVESTMENTS — 96.17%<br> (Cost $745,745,617)** | **TOTAL INVESTMENTS — 96.17%<br> (Cost $745,745,617)** | &nbsp;&nbsp;&nbsp;**$772469705** |
| **OTHER ASSETS & LIABILITIES, NET — 3.83%** | **OTHER ASSETS & LIABILITIES, NET — 3.83%** | &nbsp;&nbsp;&nbsp;**$30770032** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$803239737** |

---

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

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

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $548,040,720, representing 68.23% of net assets.

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

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

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

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

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

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

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

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

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

<sup>EURIBOR</sup> Euro Interbank Offered Rate

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of December 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> (Depreciation)** |
| CGM | USD | &nbsp;&nbsp;&nbsp;791518 | EUR | 672000 | 03/17/2026 | $(1090) |
| CGM | USD | 1164233 | GBP | 871400 | 03/17/2026 | (10401) |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER HIGH YIELD BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) | As of December 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: — (continued) |
| **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> (Depreciation)** |
| HSB | USD | 8851400 | EUR | 7512200 | 03/17/2026 | &nbsp;&nbsp;$(9065) |
| HSB | USD | 1049691 | GBP | &nbsp;&nbsp;&nbsp;785600 | 03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(9286) |
|  |  |  |  |  | **Net Depreciation** | **$(29842)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: | As of December 31, 2025, the Fund held the following outstanding centrally cleared credit default swaps: |
| **Reference<br> Obligation** | **Notional Amount<br> (000)<sup>(a)</sup>** | **Notional Amount<br> (000)<sup>(a)</sup>** | **<br> Value** | **Upfront<br> Payments/<br> Receipts** | **Fixed<br> Deal<br> Pay/Receive<br> Rate** | **Maturity<br> Date** | **Net Unrealized<br> Appreciation** | **Implied<br> Credit<br> Spread<sup>(b)</sup>** | **Receive<br> Frequency** | **Pay<br> Frequency** |
| **Sell Credit Protection** |  |  |  |  |  |  |  |  |  |  |
| CDX.NA.HY.45<sup>(c)</sup> | USD | 11004 | $836352 | $819157 | 5.00% | 12/20/2030 | $17195 | 3.17% | Quarterly |  |
|  |  |  | **$836352** | **$819157** |  | **Net Appreciation** | **$17195** |  |  |  |

---

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under
the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period
end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced
entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's
credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(c) Based on an index of North American high yield bonds with investment grade credit ratings that trade in the credit default swap market.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CGM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets |
| HSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA |

---

---

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

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Municipal Bonds And Notes — 0.12% | Municipal Bonds And Notes — 0.12% | Municipal Bonds And Notes — 0.12% |
| $620000 | Louisiana Local Government Environmental Facilities & Community Development Authority, RB<br> 4.28%, 02/01/2036 | &nbsp;&nbsp;&nbsp;$615054 |
| Non-Agency — 11.82% | Non-Agency — 11.82% | Non-Agency — 11.82% |
|  | 1988 Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;8.15%, 04/15/2037<br> 3-mo. SOFR + 4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 07/15/2037<br> 3-mo. SOFR + 1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A Class D1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/15/2037<br> 3-mo. SOFR + 3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | American Express Credit Account Master Trust<br> Series 2025-3 Class A<br> 4.51%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404784 |
|  | Barclays Dryrock Issuance Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.72%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904415 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002279 |
|  | Barings Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 01/20/2037<br> 3-mo. SOFR + 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.53%, 10/20/2037<br> 3-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | Bbam US V Ltd<sup>(a)(b)</sup><br> Series 2025-5A Class A1<br> 5.36%, 07/25/2038<br> 3-mo. SOFR + 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | BMW Vehicle Lease Trust<br> Series 2025-1 Class A3<br> 4.43%, 06/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059074 |
|  | Carlyle Global Market Strategies Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8A Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/15/2038<br> 3-mo. SOFR + 1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2254005 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 07/25/2038<br> 3-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | CBAMR Ltd<sup>(a)(b)</sup><br> Series 2017-4A Class A1R<br> 5.70%, 03/31/2038<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | Cedar Funding IV Ltd<sup>(a)(b)</sup><br> Series 2014-4A Class AR3<br> 5.20%, 01/23/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879142 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Diameter Capital Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class A1R |  |
| $2200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/15/2037<br> 3-mo. SOFR + 1.83% | &nbsp;&nbsp;&nbsp;$2203936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-10A Class A |  |
| &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.19%, 04/20/2038<br> 3-mo. SOFR + 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 1452752 |
|  | Elmwood Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class AR2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%, 07/20/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861269 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 10/18/2037<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756705 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77585 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77597 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.78%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906566 |
|  | Ford Credit Auto Owner Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.37%, 10/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.87%, 08/15/2036<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102408 |
|  | Halseypoint Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class D1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;7.48%, 07/20/2037<br> 3-mo. SOFR + 3.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-7A Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.33%, 07/20/2038<br> 3-mo. SOFR + 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275646 | Honda Auto Receivables Owner Trust<br> Series 2023-4 Class A3<br> 5.67%, 06/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179490 | JPMorgan Mortgage Trust<sup>(a)(b)</sup><br> Series 2023-HE3 Class A1<br> 5.52%, 05/20/2054<br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180073 |
|  | Kennedy Lewis Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-15A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2037<br> 3-mo. SOFR + 1.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-22A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.43%, 07/20/2038<br> 3-mo. SOFR + 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | Madison Park Funding LXXIII Ltd<sup>(a)(b)</sup><br> Series 2025-73A Class A1<br> 5.26%, 10/17/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Oaktree Ltd<sup>(a)(b)</sup><br> Series 2019-4A Class ARR<br> 5.39%, 07/20/2037<br> 3-mo. SOFR + 1.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102853 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1790000 | Octagon Ltd<sup>(a)(b)</sup><br> Series 2021-1A Class B1R<br> 5.34%, 10/15/2034<br> 3-mo. SOFR + 1.45% | &nbsp;&nbsp;&nbsp;$1789953 |
| &nbsp;&nbsp; 1475000 | OHA Credit Funding Ltd<sup>(a)(b)</sup><br> Series 2021-10RA Class A1<br> 5.54%, 07/18/2037<br> 3-mo. SOFR + 1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477146 |
| &nbsp;&nbsp; 800000 | Park Blue Ltd<sup>(a)(b)</sup><br> Series 2022-1A Class A1R<br> 5.30%, 10/20/2037<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 802884 |
| &nbsp;&nbsp; 1950000 | Regatta Funding Ltd<sup>(a)(b)</sup><br> Series 2025-4A Class A1<br> 5.44%, 07/25/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956341 |
| &nbsp;&nbsp; 800000 | RR Ltd<sup>(a)(b)</sup><br> Series 2024-29RA Class A2R<br> 5.60%, 07/15/2039<br> 3-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 801350 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51920 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51936 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 01/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | Sound Point IV-R Ltd<sup>(a)(b)</sup><br> Series 2013-3RA Class D<br> 7.40%, 04/18/2031<br> 3-mo. SOFR + 3.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108591 | Sunnova Hestia I Issuer LLC<sup>(a)</sup><br> Series 2023-GRID1 Class 1A<br> 5.75%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | Toyota Auto Loan Extended Note Trust<sup>(a)</sup><br> Series 2025-1A Class A<br> 4.65%, 05/25/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Trinitas XXII Ltd<sup>(a)(b)</sup><br> Series 2023-22A Class D1R<br> 6.98%, 03/20/2038<br> 3-mo. SOFR + 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523763 | Voya Ltd<sup>(a)(b)</sup><br> Series 2016-1A Class A1R<br> 5.22%, 01/20/2031<br> 3-mo. SOFR + 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050000 | Warwick Capital Ltd<sup>(a)(b)</sup><br> Series 2023-1A Class AR<br> 5.25%, 10/20/2038<br> 3-mo. SOFR + 1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | Westlake Automobile Receivables Trust<sup>(a)</sup><br> Series 2025-2A Class A2A<br> 4.66%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952846 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1375000 | WF Card Issuance Trust<br> Series 2025-A1 Class A<br> 4.34%, 05/15/2030 | &nbsp;&nbsp;&nbsp;$1393567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60363567 |
| **TOTAL ASSET-BACKED SECURITIES — 11.94%<br> (Cost $60,811,688)** | **TOTAL ASSET-BACKED SECURITIES — 11.94%<br> (Cost $60,811,688)** | &nbsp;&nbsp;&nbsp;**$60978621** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 0.09% | Basic Materials — 0.09% | Basic Materials — 0.09% |
| &nbsp;&nbsp; 215000 | Freeport-McMoRan Inc<br> 4.63%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 216619 |
| &nbsp;&nbsp; 250000 | Steel Dynamics Inc<br> 1.65%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456741 |
| Communications — 1.83% | Communications — 1.83% | Communications — 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225000 | Alphabet Inc<br> 4.10%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | AppLovin Corp<br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436667 |
|  | Expedia Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | FactSet Research Systems Inc<br> 2.90%, 03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418582 |
|  | Meta Platforms Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | Netflix Inc<br> 5.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610000 | Rogers Communications Inc<br> 3.20%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593829 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9350667 |
| Consumer, Cyclical — 0.60% | Consumer, Cyclical — 0.60% | Consumer, Cyclical — 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | AutoNation Inc<br> 1.95%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | Hyatt Hotels Corp<br> 5.50%, 06/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298904 |
|  | Las Vegas Sands Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Lennar Corp<br> 4.75%, 11/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Lithia Motors Inc<sup>(a)</sup><br> 4.38%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211438 |
|  | Lowe's Cos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;1.70%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215606 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508453 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $292000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2029 | &nbsp;&nbsp;&nbsp;$298344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054531 |
| Consumer, Non-Cyclical — 3.72% | Consumer, Non-Cyclical — 3.72% | Consumer, Non-Cyclical — 3.72% |
| &nbsp;&nbsp; 166000 | AbbVie Inc<br> 3.20%, 11/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 160983 |
| &nbsp;&nbsp; 110000 | Adventist Health System<br> 2.95%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 104463 |
| &nbsp;&nbsp; 450000 | Alcon Finance Corp<sup>(a)</sup><br> 3.00%, 09/23/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 431050 |
| &nbsp;&nbsp; 675000 | Banner Health<br> 2.34%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 629994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | BAT Capital Corp<br> 6.00%, 02/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | Baylor Scott & White Holdings<br> 1.78%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | Becton Dickinson & Co<br> 3.70%, 06/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | Bristol-Myers Squibb Co<br> 2.95%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327000 | Cardinal Health Inc<br> 5.13%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336541 |
|  | Constellation Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 12/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | CSL Finance PLC<sup>(a)</sup><br> 3.85%, 04/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124860 |
|  | CVS Health Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197414 |
|  | GE HealthCare Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | Global Payments Inc<br> 5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | Haleon US Capital LLC<br> 3.38%, 03/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943032 |
|  | HCA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | J M Smucker Co<br> 5.90%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | 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;218411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355000 | JDE Peet's NV<sup>(a)</sup><br> 1.38%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | Keurig Dr Pepper Inc<br> 4.60%, 05/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806449 |
|  | Mars Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | Pernod Ricard International Finance LLC<sup>(a)</sup><br> 1.63%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760689 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $225000 | Pilgrim's Pride Corp<br> 4.25%, 04/15/2031 | &nbsp;&nbsp;&nbsp;$219660 |
| &nbsp;&nbsp; 235000 | PRA Health Sciences Inc<sup>(a)</sup><br> 2.88%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 233090 |
| &nbsp;&nbsp; 255000 | Rush System for Health Obligated Group<br> 3.92%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 252853 |
|  | Solventum Corp |  |
| &nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 369738 |
| &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 478626 |
| &nbsp;&nbsp; 218000 | STERIS Irish FinCo Unlimited Co<br> 2.70%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 201141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Sutter Health<br> 2.29%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | UnitedHealth Group Inc<br> 4.20%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18976272 |
| Energy — 1.07% | Energy — 1.07% | Energy — 1.07% |
|  | Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | Columbia Pipelines Operating Co LLC<sup>(a)</sup><br> 6.04%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | DCP Midstream Operating LP<br> 5.63%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213975 |
|  | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | MPLX LP<br> 1.75%, 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | Reliance Industries Ltd<sup>(a)</sup><br> 2.88%, 01/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | Saudi Arabian Oil Co<sup>(a)</sup><br> 5.25%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447509 |
| Financial — 2.60% | Financial — 2.60% | Financial — 2.60% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | Air Lease Corp<br> 2.88%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Ally Financial Inc<br> 7.10%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | Avolon Holdings Funding Ltd<sup>(a)</sup><br> 6.38%, 05/04/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Banco Santander SA<br> 2.75%, 12/03/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181812 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938338 |
|  | Bank of New York Mellon Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 07/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76363 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.83%, 10/25/2033 | &nbsp;&nbsp;&nbsp;$215648 |
| &nbsp;&nbsp; 200000 | Blackstone Private Credit Fund<br> 6.00%, 01/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 203018 |
| &nbsp;&nbsp; 350000 | Blackstone Secured Lending Fund<br> 5.88%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 357313 |
| &nbsp;&nbsp; 625000 | BNP Paribas SA<sup>(a)</sup><br> 1.32%, 01/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 624408 |
| &nbsp;&nbsp; 464000 | Chubb INA Holdings LLC<br> 6.80%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 518559 |
| &nbsp;&nbsp; 590000 | Citigroup Inc<br> 6.02%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 617961 |
| &nbsp;&nbsp; 950000 | Crown Castle Inc REIT<br> 3.65%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 942441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411000 | Fifth Third Bancorp<br> 4.77%, 07/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | Host Hotels & Resorts LP REIT<br> 2.90%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | ING Groep NV<br> 4.02%, 03/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Invitation Homes Operating Partnership LP REIT<br> 2.30%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | LPL Holdings Inc<sup>(a)</sup><br> 4.00%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589000 | Morgan Stanley<br> 5.16%, 04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc<sup>(a)</sup><br> 3.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | Truist Financial Corp<br> 6.05%, 06/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | US Bancorp<br> 5.78%, 06/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875000 | Wells Fargo & Co<br> 4.10%, 06/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296604 |
| Industrial — 1.59% | Industrial — 1.59% | Industrial — 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | Atkore Inc<sup>(a)</sup><br> 4.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Berry Global Inc<br> 1.57%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299700 |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | Hillenbrand Inc<sup>(d)</sup><br> 3.75%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | IDEX Corp<br> 2.63%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Johnson Controls International PLC / Tyco Fire & Security Finance SCA<br> 4.90%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190000 | Mexico City Airport Trust<br> 3.88%, 04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162487 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $230000 | Mueller Water Products Inc<sup>(a)</sup><br> 4.00%, 06/15/2029 | &nbsp;&nbsp;&nbsp;$223664 |
| &nbsp;&nbsp; 25000 | Nature Conservancy<br> 1.30%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 23036 |
| &nbsp;&nbsp; 235000 | Owens Corning<br> 3.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 227625 |
|  | Penske Truck Leasing Co LP / PTL Finance Corp<sup>(a)</sup> |  |
| &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1078431 |
| &nbsp;&nbsp; 367000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 377075 |
| &nbsp;&nbsp; 275000 | Republic Services Inc<br> 4.88%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 281828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661000 | SMBC Aviation Capital Finance Designated Activity Co<sup>(a)</sup><br> 5.70%, 07/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690282 |
|  | Waste Management Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8117740 |
| Technology — 1.75% | Technology — 1.75% | Technology — 1.75% |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 04/15/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 11/15/2035<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296000 | Constellation Software Inc<sup>(a)</sup><br> 5.16%, 02/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301642 |
|  | Dell International LLC / EMC Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Fair Isaac Corp<sup>(a)</sup><br> 5.25%, 05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644000 | HP Inc<br> 4.00%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Intel Corp<sup>(d)</sup><br> 5.15%, 02/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212641 |
|  | MSCI Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | NXP BV / NXP Funding LLC / NXP USA Inc<br> 5.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106662 |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516805 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Take-Two Interactive Software Inc<br> 3.70%, 04/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398377 |
|  | Workday Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248489 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $175000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/01/2032 | &nbsp;&nbsp;&nbsp;$167452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8932404 |
| Utilities — 0.18% | Utilities — 0.18% | Utilities — 0.18% |
| &nbsp;&nbsp; 475000 | NiSource Inc<br> 5.25%, 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 486980 |
| &nbsp;&nbsp; 220000 | NRG Energy Inc<sup>(a)</sup><br> 5.25%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220593 |
| &nbsp;&nbsp; 230000 | Vistra Operations Co LLC<sup>(a)</sup><br> 5.00%, 07/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 230529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938102 |
| **TOTAL CORPORATE BONDS AND NOTES — 13.43%<br> (Cost $68,509,254)** | **TOTAL CORPORATE BONDS AND NOTES — 13.43%<br> (Cost $68,509,254)** | &nbsp;&nbsp;&nbsp;**$68570570** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | Eagle Funding Luxco SARL<sup>(a)</sup><br> 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856000 | Romanian Government International Bond<br> 3.00%, 02/14/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776230 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 0.42%<br> (Cost $2,213,935)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 0.42%<br> (Cost $2,213,935)** | &nbsp;&nbsp;&nbsp;**$2141141** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 9.87% | Non-Agency — 9.87% | Non-Agency — 9.87% |
|  | BANK |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK5 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582652 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BNK50 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/15/2068<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686679 |
|  | BANK5 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824394 |
|  | &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;308313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR11 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 11/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946046 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR11 Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;6.14%, 11/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR7 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR13 Class AS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR15 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830835 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR16 Class AS |  |
| $850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$879782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR17 Class A3 |  |
| &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 11/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082555 |
|  | Barclays Commercial Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TALL Class A |  |
| &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 03/15/2037<sup>(a)(b)</sup><br> 1-mo. SOFR + 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 993925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C3 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 02/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C36 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 08/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | Benchmark Mortgage Trust<br> Series 2020-B22 Class A5<br> 1.97%, 01/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | BFLD Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2024-UNIV Class A<br> 5.24%, 11/15/2041<br> 1-mo. SOFR + 1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706741 | BLP Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2024-IND2 Class A<br> 5.09%, 03/15/2041<br> 1-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | BMO Mortgage Trust<sup>(e)</sup><br> Series 2024-5C4 Class A3<br> 6.53%, 05/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | BPR Trust<sup>(a)(e)</sup><br> Series 2024-PMDW Class A<br> 5.36%, 11/05/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716261 |
|  | BX Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BCAT Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437427 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/15/2042<sup>(b)</sup><br> 1-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BIO Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 02/15/2041<sup>(b)</sup><br> 1-mo. SOFR + 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.84%, 03/15/2041<sup>(b)</sup><br> 1-mo. SOFR + 2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT5 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 11/13/2046<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607511 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896504 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 03/15/2030<sup>(b)</sup><br> 1-mo. SOFR + 1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-TAIL Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2035<sup>(b)</sup><br> 1-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 |
|  | 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;175000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A5A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300004 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A7 |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/25/2055 | &nbsp;&nbsp;&nbsp;$101358 |
| &nbsp;&nbsp; 625308 | CIM Trust<sup>(a)(c)</sup><br> Series 2025-I1 Class A2<br> 5.91%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 633331 |
| &nbsp;&nbsp; 647932 | Credit Suisse Mortgage Trust<sup>(a)(e)</sup><br> Series 2021-NQM6 Class A1<br> 1.17%, 07/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 556396 |
| &nbsp;&nbsp; 500000 | DC Trust<sup>(a)(e)</sup><br> Series 2024-HLTN Class A<br> 5.73%, 04/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 506248 |
| &nbsp;&nbsp; 1000000 | Durst Commercial Mortgage Trust<sup>(a)(e)</sup><br> Series 2025-151 Class A<br> 5.15%, 08/10/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018569 |
| &nbsp;&nbsp; 650000 | Houston Galleria Mall Trust<sup>(a)(e)</sup><br> Series 2025-HGLR Class A<br> 5.46%, 02/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 673522 |
|  | Hudson Yards Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPRL Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | IRV Trust<sup>(a)(e)</sup><br> Series 2025-200P Class A<br> 5.29%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680974 | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(a)(b)</sup><br> Series 2022-NLP Class B<br> 5.11%, 04/15/2037<br> 1-mo. SOFR + 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669359 |
|  | JPMorgan Mortgage Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-LTV2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649941 | &nbsp;&nbsp;&nbsp;&nbsp;2.52%, 05/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556172 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341101 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A5A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | KRE Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2025-AIP4 Class A<br> 5.05%, 03/15/2042<br> 1-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | MAD Commercial Mortgage Trust<sup>(a)(e)</sup><br> Series 2025-11MD Class D<br> 6.36%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987130 |
|  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DSC3 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350956 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 09/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351593 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM4 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428270 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 06/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439697 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1200000 | NYC Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2025-11X Class A<br> 5.49%, 10/15/2040<br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;$1202992 |
|  | Onslow Bay Financial LLC<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-J2 Class A1 |  |
| &nbsp;&nbsp; 490509 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/25/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 450905 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM2 Class A1 |  |
| &nbsp;&nbsp; 732273 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/25/2063<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 737104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM11 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073554 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 05/25/2065<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082495 |
|  | ROCC Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;7.11%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | TEXAS Commercial Mortgage Trust<sup>(a)(b)</sup><br> Series 2025-TWR Class C<br> 5.89%, 04/15/2042<br> 1-mo. SOFR + 2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | TPG Trust<sup>(a)(b)</sup><br> Series 2024-WLSC Class A<br> 5.88%, 11/15/2029<br> 1-mo. SOFR + 2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602940 |
|  | Verus Securitization Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605727 | &nbsp;&nbsp;&nbsp;&nbsp;3.29%, 01/25/2067<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67451 | &nbsp;&nbsp;&nbsp;&nbsp;2.82%, 11/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332541 | &nbsp;&nbsp;&nbsp;&nbsp;5.62%, 01/25/2070<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345187 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708663 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/25/2070<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | VTR Commercial Mortgage Trust<sup>(a)(e)</sup><br> Series 2025-STEM Class A<br> 5.03%, 10/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | WB Commercial Mortgage Trust<sup>(a)(e)</sup><br> Series 2024-HQ Class B<br> 6.42%, 03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053249 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CHI Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 07/15/2035<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CHI Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 07/15/2035<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705898 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C59 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836272 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C63 Class A5 |  |
| $660000 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 08/15/2057 | &nbsp;&nbsp;&nbsp;$682605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50389228 |
| U.S. Government Agency — 0.56% | U.S. Government Agency — 0.56% | U.S. Government Agency — 0.56% |
|  | Connecticut Avenue Securities Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R03 Class 1M2 |  |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 12/25/2041<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 207129 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R05 Class 2M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24776 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 04/25/2042<br> 1-mo. SOFR + 1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R05 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;6.87%, 04/25/2042<br> 1-mo. SOFR + 3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168644 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 01/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R03 Class 2B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;6.67%, 03/25/2044<br> 1-mo. SOFR + 2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R03 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.82%, 03/25/2044<br> 1-mo. SOFR + 1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R04 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 05/25/2044<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300939 |
|  | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5 Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39844 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 01/25/2034<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39956 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357875 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 09/25/2045<br> 1-mo. SOFR + 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861789 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 10.43%<br> (Cost $52,898,511)** | **TOTAL MORTGAGE-BACKED SECURITIES — 10.43%<br> (Cost $52,898,511)** | &nbsp;&nbsp;&nbsp;**$53251017** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **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 |  |
| $4715648<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 04/15/2029 | &nbsp;&nbsp;&nbsp;$4815026 |
| &nbsp;&nbsp; 54124988<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 54390339 |
| &nbsp;&nbsp; 77975879<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 76781207 |
| &nbsp;&nbsp; 9976152<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 10152266 |
| &nbsp;&nbsp; 114049096<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;113912534 |
| &nbsp;&nbsp; 15965793<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 14340190 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 53.74%<br> (Cost $277,197,312)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 53.74%<br> (Cost $277,197,312)** | &nbsp;&nbsp;&nbsp;**$274391562** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230920 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(g)</sup>, 3.71%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230920 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.04%<br> (Cost $230,920)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.04%<br> (Cost $230,920)** | &nbsp;&nbsp;&nbsp;**$230920** |
| **TOTAL INVESTMENTS — 90.00%<br> (Cost $461,861,620)** | **TOTAL INVESTMENTS — 90.00%<br> (Cost $461,861,620)** | &nbsp;&nbsp;&nbsp;**$459563831** |
| **OTHER ASSETS & LIABILITIES, NET — 10.00%** | **OTHER ASSETS & LIABILITIES, NET — 10.00%** | &nbsp;&nbsp;&nbsp;**$51068717** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$510632548** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

<sup>(a)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $106,200,415, representing 20.82% 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 December 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 December 31, 2025. Maturity date disclosed represents final maturity date.

<sup>(d)</sup> All or a portion of the security is on loan as of December 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. Interest rate shown reflects the rate in effect as of December 31, 2025.

<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 December 31, 2025.

<sup>LP</sup> Limited Partnership

<sup>RB</sup> Revenue Bonds

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 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 | 118 | USD | &nbsp;&nbsp;13268 | Mar 2026 | $3251 |
| U.S. 2 Year Treasury Note Futures | 1430 | USD | 298568 | Mar 2026 | &nbsp;&nbsp;&nbsp;(15644) |
| U.S. 5 Year Treasury Note Futures | 512 | USD | &nbsp;&nbsp;55964 | Mar 2026 | &nbsp;&nbsp;&nbsp;(86363) |
| U.S. Long Bond Futures | 10 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1156 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(3438) |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Treasury Ultra Futures | 339 | USD | &nbsp;&nbsp;38990 | Mar 2026 | &nbsp;&nbsp;266700 |
| U.S. Ultra Bond Futures | 111 | USD | &nbsp;&nbsp;13098 | Mar 2026 | &nbsp;&nbsp;185256 |
|  |  |  |  | **Net Appreciation** | **$349762** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 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** | &nbsp;&nbsp;**Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| 1-day SOFR | Annually | 3.17% | Annually | USD | &nbsp;&nbsp;84800 | 08/31/2027 | &nbsp;&nbsp;$(3700) | $37445 | &nbsp;&nbsp;$(41145) |
| 1-day SOFR | Annually | 3.06% | Annually | USD | 111920 | 08/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30260) |
| 1-day SOFR | Annually | 3.14% | Annually | USD | 130450 | 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225410 | &nbsp;&nbsp;&nbsp;(243678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469088 |
| 3.20% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;73440 | 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39264) | &nbsp;&nbsp;&nbsp;&nbsp;(21114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18150) |
| 3.37% | Annually | 1-day SOFR | Annually | USD | 292080 | 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303562 | &nbsp;&nbsp;&nbsp;(113931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417493 |
| 3.20% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;92890 | 10/07/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105378) | &nbsp;&nbsp;&nbsp;&nbsp;(77284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28094) |
| 3.50% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;1450 | 03/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 |
| 1-day SOFR | Annually | 3.48% | Annually | USD | &nbsp;&nbsp;77320 | 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69793 |
| 1-day SOFR | Annually | 3.60% | Annually | USD | 307550 | 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275359) | &nbsp;&nbsp;&nbsp;(458347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182988 |
| 1-day SOFR | Annually | 3.53% | Annually | USD | &nbsp;&nbsp;20290 | 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37562) | &nbsp;&nbsp;&nbsp;&nbsp;(43388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826 |
| 3.26% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;24470 | 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203328) | &nbsp;&nbsp;&nbsp;&nbsp;(40162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163166) |
| 3.38% | Annually | 1-day SOFR | Annually | USD | 157810 | 08/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730271) | &nbsp;&nbsp;&nbsp;(350619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379652) |
| 3.47% | Annually | 1-day SOFR | Annually | USD | 121400 | 08/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73618) | &nbsp;&nbsp;&nbsp;&nbsp;(89450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15832 |
| 3.85% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;25140 | 05/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61615) |
| 3.59% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;11440 | 05/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3022) |
| 1-day SOFR | Annually | 3.58% | Annually | USD | &nbsp;&nbsp;63850 | 10/10/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323791 |
| 1-day SOFR | Annually | 3.75% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;3080 | 03/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29175) | &nbsp;&nbsp;&nbsp;&nbsp;(26716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2459) |
| 4.10% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;74440 | 06/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400985) |
| 4.08% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;18790 | 06/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21703) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16961) |
| 1-day SOFR | Annually | 3.83% | Annually | USD | &nbsp;&nbsp;67120 | 08/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36923 |
| 1-day SOFR | Annually | 3.81% | Annually | USD | &nbsp;&nbsp;87110 | 08/31/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235054 | &nbsp;&nbsp;&nbsp;(466188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701242 |
| 4.57% | Annually | 1-day SOFR | Annually | USD | 112180 | 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(821627) |
| 4.44% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;42890 | 10/09/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(369708) | &nbsp;&nbsp;&nbsp;&nbsp;(43081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326627) |
| 1-day SOFR | Annually | 4.48% | Annually | USD | &nbsp;&nbsp;&nbsp;&nbsp;7650 | 05/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22074 |
| 1-day SOFR | Annually | 4.21% | Annually | USD | &nbsp;&nbsp;16910 | 05/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367060 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: — (continued) |
| **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)** |
| 1-day SOFR | Annually | 3.85% | Annually | USD | 90820 | 07/17/2055 | &nbsp;&nbsp;$1085063 | &nbsp;&nbsp;$77401 | $1007662 |
| 1-day SOFR | Annually | 3.83% | Annually | USD | &nbsp;&nbsp;6770 | 01/30/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225812 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$1286464** | &nbsp;&nbsp;**$(266782)** | **$1553246** |
| As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: | As of December 31, 2025, the Fund held the following centrally cleared inflation swaps: |
| **Rate Received<br> by<br> the Fund** | **Receive<br> Frequency** | **Rate Paid<br> by<br> the Fund** | **Pay<br> Frequency** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Maturity<br> Date** | **Value** | **Upfront<br> Payments<br> /Receipts** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| CPI-U | At Maturity | 3.39% | At Maturity | USD | 42100 | 06/23/2026 | &nbsp;&nbsp;$(70992) | &nbsp;&nbsp;$(31708) | $(39284) |
| CPI-U | At Maturity | 2.45% | At Maturity | USD | 81413 | 07/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265085 |
| CPI-U | At Maturity | 2.59% | At Maturity | USD | 24560 | 12/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120748) |
| CPI-U | At Maturity | 2.65% | At Maturity | USD | 36530 | 09/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390260) | &nbsp;&nbsp;&nbsp;&nbsp;(126080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264180) |
| CPI-U | At Maturity | 2.57% | At Maturity | USD | 15720 | 11/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144048) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$393416** | &nbsp;&nbsp;**$696591** | **$(303175)** |

---

---

| | |
|:---|:---|
| **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 Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 12.51% | Non-Agency — 12.51% | Non-Agency — 12.51% |
| 1062130 | AASET Trust<sup>(b)</sup><br> Series 2024-2A Class A<br> 5.93%, 09/16/2049 | &nbsp;&nbsp;&nbsp;$1077008 |
| 1045835 | ACM Auto Trust<sup>(b)</sup><br> Series 2025-3A Class A<br> 5.01%, 01/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1044040 |
|  | Affirm Asset Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class 1D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.89%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11527 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11531 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class D |  |
| &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;6.08%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141199 |
| 1640000 | Affirm Master Trust Series<sup>(b)</sup><br> Series 2025-3A Class A<br> 4.45%, 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645359 |
| &nbsp;&nbsp;&nbsp;562682 | ALTDE Trust<sup>(b)</sup><br> Series 2025-1A Class A<br> 5.90%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575065 |
|  | American Credit Acceptance Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;7.65%, 09/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202149 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class C |  |
| 1650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class C |  |
| &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;4.83%, 01/13/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576183 |
|  | AMSR Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class C |  |
| 1992879 | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class D |  |
| &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;2.18%, 10/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508988 |
|  | Applebee's Funding LLC / IHOP Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A2 |  |
| 1854000 | &nbsp;&nbsp;&nbsp;&nbsp;7.82%, 03/05/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| 1965000 | &nbsp;&nbsp;&nbsp;&nbsp;6.72%, 06/07/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979302 |
|  | Aqua Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;84454 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class C |  |
| &nbsp;&nbsp;&nbsp;461709 | &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453460 |
|  | Arivo Acceptance Auto Loan Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class B |  |
| &nbsp;&nbsp;&nbsp;878294 | &nbsp;&nbsp;&nbsp;&nbsp;4.77%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| 1370000 | &nbsp;&nbsp;&nbsp;&nbsp;4.92%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369193 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;168189 | Ascent Education Funding Trust<sup>(b)</sup><br> Series 2024-A Class A<br> 6.14%, 10/25/2050 | &nbsp;&nbsp;&nbsp;$172818 |
| 1282000 | Auxilior Term Funding LLC<sup>(b)</sup><br> Series 2024-1A Class B<br> 5.69%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1313924 |
|  | Avis Budget Rental Car Funding AESOP LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class A |  |
| &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.02%, 02/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 164665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;48333 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 48321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;7.26%, 10/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257097 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class A |  |
| &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 02/22/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;7.32%, 02/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| &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;254200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A Class C |  |
| &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;7.34%, 02/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116487 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.48%, 06/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| 1444000 | &nbsp;&nbsp;&nbsp;&nbsp;7.43%, 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476098 |
| 1080000 | Benefit Street Partners XXVIII Ltd<sup>(b)(c)</sup><br> Series 2022-28A Class BR<br> 5.58%, 10/20/2037<br> 3-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081781 |
| &nbsp;&nbsp;&nbsp;470000 | Benefit Street Partners XXXVII Ltd<sup>(b)(c)</sup><br> Series 2024-37A Class B<br> 5.51%, 01/25/2038<br> 3-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471695 |
|  | BHG Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A Class B |  |
| &nbsp;&nbsp;&nbsp;186250 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/20/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class B |  |
| &nbsp;&nbsp;&nbsp;289209 | &nbsp;&nbsp;&nbsp;&nbsp;7.45%, 12/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class B |  |
| &nbsp;&nbsp;&nbsp;130805 | &nbsp;&nbsp;&nbsp;&nbsp;6.49%, 04/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 04/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102082 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1CON Class B |  |
| &nbsp;&nbsp;&nbsp;148180 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 04/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149650 |
| &nbsp;&nbsp;&nbsp;455000 | Birch Grove Ltd<sup>(b)(c)</sup><br> Series 2024-9A Class A1<br> 5.26%, 10/22/2037<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455808 |
| 1326675 | Bojangles Issuer LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 6.58%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341572 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Bridgecrest Lending Auto Securitization Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class D |  |
| &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;7.84%, 08/15/2029 | &nbsp;&nbsp;&nbsp;$951928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class D |  |
| &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 749900 |
| &nbsp;&nbsp;&nbsp;354387 | BXG Receivables Note Trust<sup>(b)</sup><br> Series 2023-A Class A<br> 5.77%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 361445 |
| &nbsp;&nbsp;&nbsp;253287 | CAL Funding IV Ltd<sup>(b)</sup><br> Series 2020-1A Class A<br> 2.22%, 09/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 243044 |
|  | CarMax Auto Owner Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104103 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102026 |
| 1000000 | CarMax Select Receivables Trust<br> Series 2025-B Class D<br> 5.33%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010495 |
|  | Carvana Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P4 Class C |  |
| &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;2.33%, 02/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N1 Class D |  |
| &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;6.69%, 07/10/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &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;104028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N1 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &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;101996 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &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;299061 |
|  | Castlelake Aircraft Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class B |  |
| &nbsp;&nbsp;&nbsp;176351 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161571 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A |  |
| &nbsp;&nbsp;&nbsp;144923 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 04/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| 1144933 | &nbsp;&nbsp;&nbsp;&nbsp;5.78%, 02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163373 |
| &nbsp;&nbsp;&nbsp;195207 | CLI Funding VI LLC<sup>(b)</sup><br> Series 2020-3A Class A<br> 2.07%, 10/18/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184537 |
| &nbsp;&nbsp;&nbsp;535190 | CLI Funding VIII LLC<sup>(b)</sup><br> Series 2025-R Class A<br> 6.61%, 06/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532239 |
| 1445000 | CLIF Holdings LLC<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.72%, 12/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445000 |
|  | College Ave Student Loans LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;48313 | &nbsp;&nbsp;&nbsp;&nbsp;2.92%, 07/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;67995 | &nbsp;&nbsp;&nbsp;&nbsp;4.11%, 07/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64422 |

---

---

| | | |
|:---|:---|:---|
| **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-B Class A1A |  |
| &nbsp;&nbsp;&nbsp;997778 | &nbsp;&nbsp;&nbsp;&nbsp;5.69%, 08/25/2054 | &nbsp;&nbsp;&nbsp;$1026012 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class B |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.08%, 08/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 102783 |
| 1384937 | Commercial Equipment Finance LLC<sup>(b)</sup><br> Series 2025-1A Class A<br> 4.83%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1390621 |
| &nbsp;&nbsp;&nbsp;&nbsp;68381 | Commonbond Student Loan Trust<sup>(b)</sup><br> Series 2020-1 Class A<br> 1.69%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 62964 |
| &nbsp;&nbsp;&nbsp;545000 | Compass Datacenters Issuer II LLC<sup>(b)</sup><br> Series 2025-1A Class A1<br> 5.32%, 05/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 549902 |
|  | Compass Datacenters Issuer III LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95959 |
|  | COOPR Residential Mortgage Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES2 Class A1A |  |
| &nbsp;&nbsp;&nbsp;730842 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737141 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES3 Class A1A |  |
| 1864982 | &nbsp;&nbsp;&nbsp;&nbsp;4.84%, 09/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859900 |
|  | CoreVest American Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;23278 | &nbsp;&nbsp;&nbsp;&nbsp;2.71%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class B |  |
| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;3.16%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139364 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3 Class C |  |
| &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;3.27%, 10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 05/15/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class C |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94721 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96070 |
| 1050000 | CPS Auto Receivables Trust<sup>(b)</sup><br> Series 2023-D Class C<br> 7.17%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060859 |
|  | Credit Acceptance Auto Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243278 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 01/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class C |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/17/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304777 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;280000 | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup><br> Series 2024-3A Class A2<br> 4.65%, 05/20/2049 | &nbsp;&nbsp;&nbsp;$268677 |
| 1060000 | DataBank Issuer II LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.18%, 09/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1044141 |
| 1400000 | DB Master Finance LLC<sup>(b)</sup><br> Series 2025-1A Class A2I<br> 4.89%, 08/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1403435 |
|  | DT Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| 1091000 | &nbsp;&nbsp;&nbsp;&nbsp;6.44%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1105918 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849918 |
| &nbsp;&nbsp;&nbsp;&nbsp;71914 | Education Funding Trust<sup>(b)</sup><br> Series 2020-A Class A<br> 2.79%, 07/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69218 |
| &nbsp;&nbsp;&nbsp;&nbsp;23680 | 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;22675 |
|  | ELFI Graduate Loan Program LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;84805 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 03/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80209 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50821 | &nbsp;&nbsp;&nbsp;&nbsp;2.09%, 12/26/2046<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42245 |
| 2035729 | Ellington Financial Mortgage Trust<sup>(b)(d)</sup><br> Series 2025-CES4 Class A1<br> 5.43%, 06/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052575 |
| &nbsp;&nbsp;&nbsp;278288 | 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;265716 |
| &nbsp;&nbsp;&nbsp;130275 | 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;128763 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;6.68%, 04/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| &nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 02/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583544 |
| &nbsp;&nbsp;&nbsp;787200 | FAT Brands Royalty LLC<sup>(b)</sup><br> Series 2021-1A Class A2<br> 5.75%, 04/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474878 |
|  | First Help Financial LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;5.43%, 03/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161034 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;732307 | &nbsp;&nbsp;&nbsp;&nbsp;4.92%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730321 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2 |  |
| 1175000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2030 | &nbsp;&nbsp;&nbsp;$1176331 |
|  | First Investors Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 198624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D |  |
| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;8.71%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 149047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401131 |
|  | FirstKey Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class D |  |
| &nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;2.19%, 08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;2.39%, 08/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329306 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;2.26%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E2 |  |
| &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137164 |
| 1633500 | Five Guys Holdings Inc<sup>(b)</sup><br> Series 2023-1A Class A2<br> 7.55%, 01/26/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680023 |
|  | Flagship Credit Auto Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;29052 | &nbsp;&nbsp;&nbsp;&nbsp;2.18%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class D |  |
| &nbsp;&nbsp;&nbsp;162261 | &nbsp;&nbsp;&nbsp;&nbsp;1.59%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160014 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;6.01%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class B |  |
| &nbsp;&nbsp;&nbsp;941000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940073 |
| &nbsp;&nbsp;&nbsp;245000 | 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;259782 |
| &nbsp;&nbsp;&nbsp;175000 | 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;176356 |
|  | Foundation Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A |  |
| &nbsp;&nbsp;&nbsp;504012 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;85339 | &nbsp;&nbsp;&nbsp;&nbsp;6.97%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89083 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;84702 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 03/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &nbsp;&nbsp;&nbsp;550771 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556508 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;389927 | &nbsp;&nbsp;&nbsp;&nbsp;6.09%, 04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class D |  |
| &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;5.68%, 04/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404790 |
| &nbsp;&nbsp;&nbsp;&nbsp;13622 | Freedom Financial Trust<sup>(b)</sup><br> Series 2022-1FP Class D<br> 3.35%, 03/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13610 |
|  | Frontier Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2 |  |
| 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286681 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C |  |
| &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;11.50%, 08/20/2053 | &nbsp;&nbsp;&nbsp;$494165 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class C |  |
| &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;11.16%, 06/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 813679 |
| 1065000 | GGAM Master Trust International Ltd<sup>(b)</sup><br> Series 2025-1A Class A<br> 5.92%, 09/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1070712 |
| &nbsp;&nbsp;&nbsp;769130 | GITSIT Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2025-NPL1 Class A1<br> 6.28%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 770464 |
| 1018315 | Global SC Finance X Ltd<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.17%, 09/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1018476 |
|  | GLS Auto Receivables Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class E |  |
| 1445000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D |  |
| &nbsp;&nbsp;&nbsp;576240 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580881 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;7.18%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310326 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203514 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;6.19%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235774 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 02/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315586 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class D |  |
| &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131618 |
| &nbsp;&nbsp;&nbsp;630000 | GLS Auto Receivables Issuer Trust <sup>(b)</sup><br> Series 2025-4A Class D<br> 5.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634405 |
|  | GLS Auto Select Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class B |  |
| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;6.09%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918196 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A3 |  |
| &nbsp;&nbsp;&nbsp;842000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855544 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &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;101042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50000 | &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;51030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;50000 | &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;51061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class C |  |
| &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171026 |
| 1515000 | GoldenTree Loan Management US Ltd<sup>(b)(c)</sup><br> Series 2021-9A Class AR<br> 5.38%, 04/20/2037<br> 3-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518554 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;149622 | GoodLeap Home Improvement Solutions Trust<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.35%, 10/20/2046 | &nbsp;&nbsp;&nbsp;$151547 |
| 1725000 | GreenSky Home Improvement Issuer Trust<sup>(b)</sup><br> Series 2025-3A Class B<br> 4.66%, 12/27/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1728455 |
| 1852012 | Hardee's Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 7.25%, 03/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1914295 |
|  | Hertz Vehicle Financing III LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D2 |  |
| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 06/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 256916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class C |  |
| &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636214 |
|  | Hilton Grand Vacations Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C |  |
| &nbsp;&nbsp;&nbsp;346864 | &nbsp;&nbsp;&nbsp;&nbsp;5.57%, 01/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350257 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1B Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;21787 | &nbsp;&nbsp;&nbsp;&nbsp;6.62%, 09/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1B Class D |  |
| &nbsp;&nbsp;&nbsp;513798 | &nbsp;&nbsp;&nbsp;&nbsp;8.85%, 09/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;87827 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 05/27/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89161 |
| &nbsp;&nbsp;&nbsp;&nbsp;43006 | 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;&nbsp;&nbsp;43830 |
|  | Home Partners of America Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class D |  |
| &nbsp;&nbsp;&nbsp;152436 | &nbsp;&nbsp;&nbsp;&nbsp;3.41%, 09/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class D |  |
| &nbsp;&nbsp;&nbsp;123640 | &nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/19/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120043 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;81600 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 09/17/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73935 |
| &nbsp;&nbsp;&nbsp;144547 | Horizon Aircraft Finance III Ltd<sup>(b)</sup><br> Series 2019-2 Class A<br> 3.43%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141272 |
| &nbsp;&nbsp;&nbsp;100000 | HPEFS Equipment Trust<sup>(b)</sup><br> Series 2023-2A Class D<br> 6.97%, 07/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101038 |
| &nbsp;&nbsp;&nbsp;100000 | 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;101201 |
| &nbsp;&nbsp;&nbsp;285750 | 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;283540 |
|  | Jersey Mike's Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;629782 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| 1086787 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108631 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;417941 | JOL Air Ltd<sup>(b)</sup><br> Series 2019-1 Class A<br> 3.97%, 04/15/2044 | &nbsp;&nbsp;&nbsp;$415940 |
|  | JPMorgan Mortgage Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;812392 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 05/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 819434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES2 Class A1 |  |
| 1322187 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 06/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1332513 |
|  | Kapitus Asset Securitization IV LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class 1A |  |
| &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 09/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 09/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397072 |
| &nbsp;&nbsp;&nbsp;&nbsp;56194 | KDAC Aviation Finance Ltd<sup>(b)</sup><br> Series 2017-1A Class A<br> 4.21%, 12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56110 |
| &nbsp;&nbsp;&nbsp;163257 | 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;163473 |
|  | LAD Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.30%, 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722858 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C |  |
| 1244000 | &nbsp;&nbsp;&nbsp;&nbsp;6.76%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279584 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;7.37%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78166 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &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;102090 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &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;101273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%, 02/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 05/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279420 |
| &nbsp;&nbsp;&nbsp;109993 | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103079 |
| 1000000 | Lendmark Funding Trust <sup>(b)</sup><br> Series 2025-3A Class A<br> 4.51%, 05/21/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999389 |
| 1270000 | Libra Solutions LLC<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.88%, 09/30/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270500 |
| &nbsp;&nbsp;&nbsp;201291 | MAPS Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 2.52%, 06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192860 |
|  | Mariner Finance Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-AA Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.77%, 09/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-AA Class A |  |
| 1635000 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 05/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655767 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Marlette Funding Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class B |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;8.15%, 12/15/2033 | &nbsp;&nbsp;&nbsp;$464713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;75943 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 76353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;6.93%, 07/17/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 436128 |
|  | Merchants Fleet Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class A |  |
| &nbsp;&nbsp;&nbsp;582507 | &nbsp;&nbsp;&nbsp;&nbsp;7.21%, 05/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585098 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;8.20%, 05/20/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222908 |
|  | Mercury Financial Credit Card Master Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;6.56%, 07/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386144 |
|  | MetroNet Infrastructure Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class A2 |  |
| 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class B |  |
| &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735768 |
|  | Mission Lane Credit Card Master Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A |  |
| &nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490517 |
| 1199000 | MMP Capital LLC<sup>(b)</sup><br> Series 2025-A Class B<br> 5.72%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223834 |
| &nbsp;&nbsp;&nbsp;148020 | Momnt Technologies Trust<sup>(b)</sup><br> Series 2023-1A Class A<br> 6.92%, 03/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148302 |
| &nbsp;&nbsp;&nbsp;&nbsp;77512 | Mosaic Solar Loan Trust<sup>(b)</sup><br> Series 2022-3A Class A<br> 6.10%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76222 |
| 1034835 | MPOWER Education Trust<sup>(b)</sup><br> Series 2025-A Class A<br> 6.62%, 07/21/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054390 |
|  | MVW Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| &nbsp;&nbsp;&nbsp;170210 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 05/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;754873 | &nbsp;&nbsp;&nbsp;&nbsp;5.32%, 02/20/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769523 |
|  | Navient Student Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GA Class B |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.08%, 10/15/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;17823 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 01/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;88210 | &nbsp;&nbsp;&nbsp;&nbsp;0.84%, 05/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81047 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA Class B |  |
| &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.03%, 12/16/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83624 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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-FA Class B |  |
| &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 02/18/2070 | &nbsp;&nbsp;&nbsp;$192537 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA Class B |  |
| &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;7.23%, 03/15/2072 | &nbsp;&nbsp;&nbsp;&nbsp; 265111 |
| &nbsp;&nbsp;&nbsp;250000 | Nelnet Student Loan Trust<sup>(b)</sup><br> Series 2021-BA Class B<br> 2.68%, 04/20/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 224587 |
| &nbsp;&nbsp;&nbsp;260000 | New Economy Assets Phase 1 Sponsor LLC<sup>(b)</sup><br> Series 2021-1 Class A1<br> 1.91%, 10/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 217046 |
| &nbsp;&nbsp;&nbsp;335000 | Octane Receivables Trust<sup>(b)</sup><br> Series 2025-1A Class D<br> 5.40%, 12/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 335289 |
| 1680000 | Octane Receivables Trust <sup>(b)</sup><br> Series 2025-1A Class A2<br> 4.25%, 02/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681630 |
|  | OneMain Financial Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 06/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249721 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S1 Class D |  |
| &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;5.79%, 07/14/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121422 |
| 1515000 | Oportun Issuance Trust<sup>(b)</sup><br> Series 2024-2 Class B<br> 5.83%, 02/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518427 |
| &nbsp;&nbsp;&nbsp;651090 | 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;660242 |
| &nbsp;&nbsp;&nbsp;390774 | OWN Equipment Fund II LLC<sup>(b)</sup><br> Series 2025-1M Class A<br> 5.48%, 09/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393053 |
| 1030000 | OWN Equipment Fund III LLC<sup>(b)</sup><br> Series 2025-2M Class A<br> 5.42%, 03/27/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034957 |
|  | Palmer Square BDC Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class A |  |
| &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2037<br> 3-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class B1 |  |
| &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 07/15/2037<br> 3-mo. SOFR + 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652766 |
| 1225000 | PEAC Solutions Receivables LLC<sup>(b)</sup><br> Series 2024-1A Class B<br> 5.79%, 11/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258355 |
| &nbsp;&nbsp;&nbsp;177194 | 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;181079 |
|  | Planet Fitness Master Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;507600 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 12/05/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;&nbsp;96250 | &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;91234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2I |  |
| 1372625 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395150 |

---

---

| | | |
|:---|:---|:---|
| **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 A2I |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 12/06/2055 | &nbsp;&nbsp;&nbsp;$452632 |
| &nbsp;&nbsp;&nbsp;565065 | PowerPay Issuance Trust<sup>(b)</sup><br> Series 2024-1A Class A<br> 6.53%, 02/18/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 582892 |
|  | Prestige Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;8.08%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 423803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B |  |
| &nbsp;&nbsp;&nbsp;461602 | &nbsp;&nbsp;&nbsp;&nbsp;6.64%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;7.71%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100378 |
|  | Progress Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E1 |  |
| &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124155 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E2 |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E1 |  |
| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143184 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E2 |  |
| &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;98664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E1 |  |
| &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;2.43%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E2 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.53%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98688 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E1 |  |
| &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;2.59%, 08/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E2 |  |
| &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;93917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E1 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.81%, 11/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93799 |
| 1430000 | Purchasing Power Funding LLC<sup>(b)</sup><br> Series 2024-A Class B<br> 6.43%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436182 |
| &nbsp;&nbsp;&nbsp;385000 | QTS Issuer ABS II LLC<sup>(b)</sup><br> Series 2025-1A Class B<br> 5.78%, 10/05/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381023 |
| &nbsp;&nbsp;&nbsp;534026 | RCKT Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-CES1 Class A1A<br> 6.03%, 02/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538412 |
|  | Reach Financial LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| 1323030 | &nbsp;&nbsp;&nbsp;&nbsp;6.29%, 02/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332221 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class B |  |
| &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;5.84%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;5.99%, 08/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137416 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class B |  |
| 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/18/2032 | &nbsp;&nbsp;&nbsp;$1564912 |
| &nbsp;&nbsp;&nbsp;500000 | Red Oak Funding Master Trust<sup>(b)(c)</sup><br> Series 2025-1A Class A<br> 5.98%, 12/20/2030<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;265000 | Regional Management Issuance Trust<sup>(b)</sup><br> Series 2025-2 Class D<br> 6.01%, 11/16/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 265081 |
|  | Republic Finance Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A |  |
| &nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 08/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 358595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class C |  |
| &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383900 |
| 1017221 | Rocket Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-CES3 Class A1A<br> 6.59%, 05/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032330 |
| &nbsp;&nbsp;&nbsp;111029 | Rockford Tower Ltd<sup>(b)(c)</sup><br> Series 2018-1A Class A<br> 5.24%, 05/20/2031<br> 3-mo. SOFR + 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111027 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class D |  |
| &nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp;&nbsp;5.97%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100521 |
| &nbsp;&nbsp;&nbsp;100000 | SBNA Auto Receivables Trust<sup>(b)</sup><br> Series 2024-A Class C<br> 5.59%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101841 |
| 1580000 | Scalelogix ABS US Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.67%, 07/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584504 |
|  | SCF Equipment Leasing LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.82%, 09/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.58%, 06/21/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104858 |
|  | SEB Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2 |  |
| &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;199245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;7.39%, 04/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450070 |
| 1600000 | SF ABS Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.38%, 11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565174 |
| &nbsp;&nbsp;&nbsp;840000 | Shentel Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.64%, 12/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847737 |
| &nbsp;&nbsp;&nbsp;115536 | 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;112475 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9757 | &nbsp;&nbsp;&nbsp;&nbsp;1.79%, 11/20/2037 | &nbsp;&nbsp;&nbsp;$9739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B |  |
| &nbsp;&nbsp;&nbsp;337724 | &nbsp;&nbsp;&nbsp;&nbsp;6.28%, 04/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 347739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;29625 | &nbsp;&nbsp;&nbsp;&nbsp;7.30%, 04/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 30729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;87617 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 09/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3A Class C |  |
| &nbsp;&nbsp;&nbsp;116333 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 08/22/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116929 |
|  | SLAM LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A |  |
| &nbsp;&nbsp;&nbsp;483772 | &nbsp;&nbsp;&nbsp;&nbsp;2.43%, 06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461753 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;588618 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| &nbsp;&nbsp;&nbsp;255729 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262080 |
|  | SMB Private Education Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5994 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C Class B |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/17/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B Class A2A |  |
| &nbsp;&nbsp;&nbsp;187828 | &nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;27108 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class A2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;85616 | &nbsp;&nbsp;&nbsp;&nbsp;4.59%, 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;&nbsp;&nbsp;84784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class B |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;2.31%, 03/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174317 |
|  | Stream Innovations Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;63832 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 07/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;246963 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249767 |
|  | Subway Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2I |  |
| 1291950 | &nbsp;&nbsp;&nbsp;&nbsp;6.03%, 07/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2II |  |
| 1301850 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 07/30/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329231 |
| &nbsp;&nbsp;&nbsp;&nbsp;88850 | 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;&nbsp;&nbsp;83016 |
| &nbsp;&nbsp;&nbsp;304400 | 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;135447 |
| &nbsp;&nbsp;&nbsp;349809 | 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;129151 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;551814 | Sunnova Helios XIII Issuer LLC<sup>(b)</sup><br> Series 2024-A Class A<br> 5.30%, 02/20/2051 | &nbsp;&nbsp;&nbsp;$484951 |
| &nbsp;&nbsp;&nbsp;302607 | Sunrun Atlas Issuer LLC<sup>(b)</sup><br> Series 2019-2 Class A<br> 3.61%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 291727 |
| &nbsp;&nbsp;&nbsp;&nbsp;79082 | Sunrun Demeter Issuer LLC<sup>(b)</sup><br> Series 2021-2A Class A<br> 2.27%, 01/30/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 72098 |
| 1790000 | Switch ABS Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.04%, 03/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1759428 |
| 1615000 | Taco Bell Funding LLC<sup>(b)</sup><br> Series 2025-1A Class A2I<br> 4.82%, 08/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1605224 |
| &nbsp;&nbsp;&nbsp;416849 | 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; 411374 |
| &nbsp;&nbsp;&nbsp;222771 | TIF Funding II LLC<sup>(b)</sup><br> Series 2021-1A Class A<br> 1.65%, 02/20/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 204170 |
| &nbsp;&nbsp;&nbsp;&nbsp;86875 | TIF Funding III LLC<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.48%, 04/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87202 |
| &nbsp;&nbsp;&nbsp;910456 | TMCL VII Holdings Ltd<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.43%, 07/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914372 |
|  | Towd Point Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES1 Class A1A |  |
| &nbsp;&nbsp;&nbsp;888128 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 01/25/2064<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892948 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES4 Class A1A |  |
| &nbsp;&nbsp;&nbsp;963214 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 10/25/2065<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966692 |
|  | Trafigura Securitisation Finance PLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A1 |  |
| 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 11/15/2027<sup>(c)</sup><br> 1-day SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.29%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202774 |
|  | Tricon American Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SFR1 Class C |  |
| 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 03/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731213 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SFR1 Class D |  |
| &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114393 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR1 Class D |  |
| &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class D |  |
| &nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;2.28%, 11/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 11/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213928 |
| &nbsp;&nbsp;&nbsp;490000 | Tricon Residential Trust<sup>(b)</sup><br> Series 2021-SFR1 Class B<br> 2.24%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483969 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 1287000 | TSC SPV Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 6.29%, 08/20/2054 | &nbsp;&nbsp;&nbsp;$1307047 |
| &nbsp;&nbsp;&nbsp;649425 | United Auto Credit Securitization Trust<sup>(b)</sup><br> Series 2023-1 Class D<br> 8.00%, 07/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 654375 |
| &nbsp;&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; 102403 |
|  | Upgrade Master Pass Through Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST3 Class A |  |
| &nbsp;&nbsp;&nbsp;914341 | &nbsp;&nbsp;&nbsp;&nbsp;5.98%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 925114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ST4 Class A |  |
| 1245949 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252529 |
| &nbsp;&nbsp;&nbsp;824654 | UPX HIL Issuer Trust<sup>(b)</sup><br> Series 2025-1 Class A<br> 5.16%, 01/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831860 |
| &nbsp;&nbsp;&nbsp;256769 | US Bank NA<sup>(b)</sup><br> Series 2023-1 Class B<br> 6.79%, 08/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259397 |
| 1255867 | USQ Rail III LLC<sup>(b)</sup><br> Series 2024-1A Class A<br> 4.99%, 09/28/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255784 |
| 1220000 | Veros Auto Receivables Trust<sup>(b)</sup><br> Series 2024-1 Class C<br> 7.57%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252071 |
| &nbsp;&nbsp;&nbsp;&nbsp;29417 | VFI ABS LLC<sup>(b)</sup><br> Series 2023-1A Class A<br> 7.27%, 03/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29487 |
| &nbsp;&nbsp;&nbsp;320738 | Vivint Solar Financing V LLC<sup>(b)</sup><br> Series 2018-1A Class A<br> 4.73%, 04/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308987 |
| &nbsp;&nbsp;&nbsp;378411 | Volofin Finance Designated Activity Co<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.94%, 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385610 |
| &nbsp;&nbsp;&nbsp;&nbsp;59782 | Wendy's Funding LLC<sup>(b)</sup><br> Series 2018-1A Class A2II<br> 3.88%, 03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58760 |
| &nbsp;&nbsp;&nbsp;609090 | Westgate Resorts LLC<sup>(b)</sup><br> Series 2024-1A Class A<br> 6.06%, 01/20/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619050 |
|  | Westlake Automobile Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;6.79%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;7.19%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661676 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class B |  |
| 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.62%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &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;204219 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202966 |
| &nbsp;&nbsp;&nbsp;402029 | 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;413298 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;345000 | Wingstop Funding LLC<sup>(b)</sup><br> Series 2024-1A Class A2<br> 5.86%, 12/05/2054 | &nbsp;&nbsp;&nbsp;$354484 |
| 1150000 | Zayo Issuer LLC<sup>(b)</sup><br> Series 2025-3A Class A2<br> 5.57%, 10/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1151721 |
| **TOTAL ASSET-BACKED SECURITIES — 12.51%<br> (Cost $173,206,626)** | **TOTAL ASSET-BACKED SECURITIES — 12.51%<br> (Cost $173,206,626)** | &nbsp;&nbsp;&nbsp;**$173858501** |
| **BANK LOANS** | **BANK LOANS** | **BANK LOANS** |
| &nbsp;&nbsp;&nbsp;295517 | Acrisure LLC<sup>(c)</sup><br> 6.72%, 11/06/2030<br> 1-mo. SOFR + 3.03% | &nbsp;&nbsp;&nbsp;&nbsp; 295024 |
| &nbsp;&nbsp;&nbsp;329984 | Agiliti Health Inc<sup>(c)(f)</sup><br> 6.86%, 05/01/2030<br> 3-mo. SOFR + 3.21% | &nbsp;&nbsp;&nbsp;&nbsp; 322560 |
| &nbsp;&nbsp;&nbsp;499188 | AI Aqua Merger Sub Inc<sup>(c)</sup><br> 6.87%, 07/31/2028<br> 1-mo. SOFR + 3.19% | &nbsp;&nbsp;&nbsp;&nbsp; 500158 |
| &nbsp;&nbsp;&nbsp;370000 | AL GCX Holdings LLC<sup>(c)</sup><br> 5.81%, 01/30/2032<br> 1-mo. SOFR + 2.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369306 |
| &nbsp;&nbsp;&nbsp;787251 | Albion Financing 3 SARL<sup>(c)</sup><br> 6.87%, 05/21/2031<br> 3-mo. SOFR + 3.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791188 |
| &nbsp;&nbsp;&nbsp;583009 | AlixPartners LLP<sup>(c)</sup><br> 5.72%, 08/12/2032<br> 1-mo. SOFR + 2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583616 |
| &nbsp;&nbsp;&nbsp;600000 | Allied Universal Holdco LLC<sup>(c)</sup><br> 6.97%, 08/20/2032<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602625 |
| &nbsp;&nbsp;&nbsp;935000 | Allison Transmission Inc<sup>(c)</sup><br> 5.53%, 11/06/2032<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938701 |
|  | Altice France SA<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;480413 | &nbsp;&nbsp;&nbsp;&nbsp;8.11%,05/01/2028<br> 3-mo. SOFR + 4.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473807 |
| &nbsp;&nbsp;&nbsp;114056 | &nbsp;&nbsp;&nbsp;&nbsp;9.05%,10/30/2028<br> 3-mo. SOFR + 5.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112631 |
| &nbsp;&nbsp;&nbsp;667906 | Amentum Holdings LLC<sup>(c)</sup><br> 5.72%, 09/29/2031<br> 1-mo. SOFR + 2.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669020 |
| &nbsp;&nbsp;&nbsp;224438 | Amneal Pharmaceuticals LLC<sup>(c)</sup><br> 7.22%, 08/02/2032<br> 1-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226121 |
|  | Applied Systems Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;827925 | &nbsp;&nbsp;&nbsp;&nbsp;6.17%,02/24/2031<br> 3-mo. SOFR + 2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832295 |
| &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;8.17%,02/23/2032<br> 3-mo. SOFR + 4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76125 |
|  | Aramark Services Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;5.53%,04/06/2028<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130406 |
| 1143439 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%,06/22/2030<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147727 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;625690 | Arcline FM Holdings LLC<sup>(c)</sup><br> 6.42%, 06/24/2030<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;$628036 |
| 2314414 | Ardonagh FinCo Ltd<sup>(c)</sup><br> 6.42%, 02/15/2031<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp; 2307663 |
| &nbsp;&nbsp;&nbsp;554295 | Ascend Learning LLC<sup>(c)</sup><br> 6.72%, 12/11/2028<br> 1-mo. SOFR + 3.03% | &nbsp;&nbsp;&nbsp;&nbsp; 555681 |
| &nbsp;&nbsp;&nbsp;550831 | Aspire Bakeries Holdings LLC<sup>(c)</sup><br> 7.22%, 12/23/2030<br> 1-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp; 552208 |
| 1459104 | Asplundh Tree Expert LLC<sup>(c)</sup><br> 5.47%, 05/23/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 1464120 |
| &nbsp;&nbsp;&nbsp;345000 | Asurion LLC<sup>(c)</sup><br> 9.08%, 01/31/2028<br> 1-mo. SOFR + 5.39% | &nbsp;&nbsp;&nbsp;&nbsp; 343361 |
|  | Bausch + Lomb Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;277875 | &nbsp;&nbsp;&nbsp;&nbsp;7.72%,09/29/2028<br> 1-mo. SOFR + 4.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277875 |
| &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%,01/15/2031<br> 1-mo. SOFR + 3.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91013 |
| &nbsp;&nbsp;&nbsp;480782 | BIFM US Finance LLC<sup>(c)</sup><br> 6.97%, 05/31/2028<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483487 |
| &nbsp;&nbsp;&nbsp;615000 | Blackfin Pipeline LLC<sup>(c)</sup><br> 6.75%, 09/29/2032<br> 1-mo. SOFR + 3.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616025 |
| &nbsp;&nbsp;&nbsp;317521 | Broadstreet Partners Inc<sup>(c)</sup><br> 6.47%, 06/13/2031<br> 1-mo. SOFR + 2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318359 |
| &nbsp;&nbsp;&nbsp;155000 | Brown Group Holding LLC<sup>(c)</sup><br> 6.62%, 07/01/2031<br> 1-mo. SOFR + 2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155659 |
| &nbsp;&nbsp;&nbsp;410000 | Catawba Nation Gaming Authority<sup>(c)</sup><br> 8.47%, 03/29/2032<br> 1-mo. SOFR + 4.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406925 |
| &nbsp;&nbsp;&nbsp;648053 | Central Parent LLC<sup>(c)</sup><br> 6.92%, 07/06/2029<br> 3-mo. SOFR + 3.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547706 |
| &nbsp;&nbsp;&nbsp;528339 | Century DE Buyer LLC<sup>(c)</sup><br> 6.84%, 10/30/2030<br> 3-mo. SOFR + 3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525830 |
| &nbsp;&nbsp;&nbsp;477972 | Chariot Buyer LLC<sup>(c)</sup><br> 6.47%, 09/08/2032<br> 1-mo. SOFR + 2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478793 |
| &nbsp;&nbsp;&nbsp;238141 | Ciena Corp<sup>(c)</sup><br> 5.48%, 10/24/2030<br> 1-mo. SOFR + 1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238608 |
| &nbsp;&nbsp;&nbsp;283571 | Citadel Securities LP<sup>(c)</sup><br> 5.67%, 10/31/2031<br> 3-mo. SOFR + 2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284837 |
| &nbsp;&nbsp;&nbsp;965000 | Clean Harbors Inc<sup>(c)</sup><br> 5.22%, 09/24/2032<br> 1-mo. SOFR + 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971755 |
| &nbsp;&nbsp;&nbsp;535957 | Cloud Software Group Inc<sup>(c)</sup><br> 6.92%, 03/21/2031<br> 1-mo. SOFR + 3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536435 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;395000 | Clydesdale Acquisition Holdings Inc<sup>(c)</sup><br> 6.89%, 04/13/2029<br> 1-mo. SOFR + 3.20% | &nbsp;&nbsp;&nbsp;$395269 |
| &nbsp;&nbsp;&nbsp;592100 | CMG Media Corp<sup>(c)</sup><br> 7.27%, 06/18/2029<br> 3-mo. SOFR + 3.62% | &nbsp;&nbsp;&nbsp;&nbsp; 551023 |
| &nbsp;&nbsp;&nbsp;653587 | CNT Holdings I Corp<sup>(c)</sup><br> 6.09%, 11/08/2032<br> 3-mo. SOFR + 2.44% | &nbsp;&nbsp;&nbsp;&nbsp; 654768 |
| &nbsp;&nbsp;&nbsp;439305 | Cogeco Communications Finance US LP<sup>(c)</sup><br> 6.97%, 09/18/2030<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp; 422556 |
| &nbsp;&nbsp;&nbsp;500385 | ConnectWise LLC<sup>(c)</sup><br> 7.43%, 09/29/2028<br> 3-mo. SOFR + 3.78% | &nbsp;&nbsp;&nbsp;&nbsp; 490377 |
| &nbsp;&nbsp;&nbsp;499485 | Cornerstone Building Brands Inc<sup>(c)</sup><br> 7.10%, 04/12/2028<br> 1-mo. SOFR + 3.41% | &nbsp;&nbsp;&nbsp;&nbsp; 392511 |
| &nbsp;&nbsp;&nbsp;451979 | Cotiviti Inc<sup>(c)</sup><br> 6.62%, 05/01/2031<br> 1-mo. SOFR + 2.94% | &nbsp;&nbsp;&nbsp;&nbsp; 433900 |
| &nbsp;&nbsp;&nbsp;539186 | CPM Holdings Inc<sup>(c)</sup><br> 8.34%, 09/28/2028<br> 1-mo. SOFR + 4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536153 |
| &nbsp;&nbsp;&nbsp;173631 | CVR CHC LP<sup>(c)</sup><br> 7.67%, 12/30/2027<br> 3-mo. SOFR + 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173848 |
| 1440989 | DaVita Inc<sup>(c)</sup><br> 5.53%, 05/09/2031<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445621 |
| 2360782 | Dayforce Inc<sup>(c)</sup><br> 6.78%, 10/07/2032<br> 1-mo. SOFR + 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351634 |
| &nbsp;&nbsp;&nbsp;572125 | Dechra Pharmaceuticals Holdings Ltd<sup>(c)</sup><br> 7.20%, 01/27/2032<br> 6-mo. SOFR + 3.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575343 |
| &nbsp;&nbsp;&nbsp;&nbsp;88285 | Del Monte Foods Corp II Inc<sup>(c)</sup><br> 13.35%, 04/02/2026<br> 1-mo. SOFR + 9.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88947 |
|  | Del Monte Foods Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;128798 | &nbsp;&nbsp;&nbsp;&nbsp;4.86%,04/02/2026<br> 1-mo. SOFR + 1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114630 |
| &nbsp;&nbsp;&nbsp;167230 | &nbsp;&nbsp;&nbsp;&nbsp;8.17%,08/02/2028<br> 3-mo. SOFR + 4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017 |
| &nbsp;&nbsp;&nbsp;385043 | &nbsp;&nbsp;&nbsp;&nbsp;8.60%,08/02/2028<br> 3-mo. SOFR + 4.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;73460 | &nbsp;&nbsp;&nbsp;&nbsp;11.92%,08/02/2028<br> 3-mo. SOFR + 8.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33057 |
| &nbsp;&nbsp;&nbsp;510321 | Delivery Hero SE<sup>(c)</sup><br> 8.84%, 12/12/2029<br> 3-mo. SOFR + 5.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510321 |
| &nbsp;&nbsp;&nbsp;538284 | DG Investment Intermediate Holdings 2 Inc<sup>(c)</sup><br> 7.61%, 07/02/2032<br> 1-mo. SOFR + 3.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538284 |
| &nbsp;&nbsp;&nbsp;552107 | DirecTV Financing LLC<sup>(c)</sup><br> 9.35%, 08/02/2029<br> 3-mo. SOFR + 5.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553573 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;699712 | DK Crown Holdings Inc<sup>(c)</sup><br> 5.53%, 03/04/2032<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;$699712 |
| &nbsp;&nbsp;&nbsp;139650 | DXP Enterprises Inc<sup>(c)</sup><br> 6.97%, 10/11/2030<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp; 140697 |
| &nbsp;&nbsp;&nbsp;118800 | Dynamo US Bidco Inc<sup>(c)</sup><br> 6.92%, 10/31/2031<br> 3-mo. SOFR + 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; 119617 |
| 1054360 | Eagle Broadband Investments LLC<sup>(c)</sup><br> 6.93%, 11/12/2027<br> 3-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp; 997248 |
| &nbsp;&nbsp;&nbsp;501613 | ECL Entertainment LLC<sup>(c)</sup><br> 6.72%, 08/30/2030<br> 1-mo. SOFR + 3.03% | &nbsp;&nbsp;&nbsp;&nbsp; 499105 |
| &nbsp;&nbsp;&nbsp;128375 | Endo Finance Holdings Inc<sup>(c)</sup><br> 7.47%, 04/23/2031<br> 1-mo. SOFR + 3.78% | &nbsp;&nbsp;&nbsp;&nbsp; 127292 |
| &nbsp;&nbsp;&nbsp;238800 | EOC Borrower LLC<sup>(c)</sup><br> 6.72%, 03/24/2032<br> 1-mo. SOFR + 3.03% | &nbsp;&nbsp;&nbsp;&nbsp; 239621 |
| &nbsp;&nbsp;&nbsp;133650 | Financiere Mendel<sup>(c)</sup><br> 6.59%, 11/08/2030<br> 3-mo. SOFR + 2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134402 |
|  | First Brands Group LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;139094 | &nbsp;&nbsp;&nbsp;&nbsp;13.84%,06/29/2026<br> 1-mo. SOFR + 10.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26289 |
| &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;10.99%,03/30/2027<br> 1-mo. SOFR + 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
| &nbsp;&nbsp;&nbsp;419583 | &nbsp;&nbsp;&nbsp;&nbsp;10.99%,03/31/2027<br> 1-mo. SOFR + 7.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 |
|  | Flutter Entertainment PLC<sup>(c)</sup> |  |
| 1765635 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%,11/30/2030<br> 3-mo. SOFR + 1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757911 |
| &nbsp;&nbsp;&nbsp;766150 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%,06/04/2032<br> 3-mo. SOFR + 2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764235 |
| &nbsp;&nbsp;&nbsp;606938 | Focus Financial Partners LLC<sup>(c)</sup><br> 6.22%, 09/15/2031<br> 1-mo. SOFR + 2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607792 |
| &nbsp;&nbsp;&nbsp;521554 | Freeport LNG Investments LLP<sup>(c)</sup><br> 7.12%, 12/21/2028<br> 3-mo. SOFR + 3.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523075 |
| &nbsp;&nbsp;&nbsp;322853 | Fugue Finance BV<sup>(c)</sup><br> 6.57%, 01/09/2032<br> 3-mo. SOFR + 2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323256 |
| &nbsp;&nbsp;&nbsp;559741 | Gainwell Acquisition Corp<sup>(c)</sup><br> 7.77%, 10/01/2027<br> 3-mo. SOFR + 4.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549071 |
| &nbsp;&nbsp;&nbsp;550214 | Garda World Security Corp<sup>(c)</sup><br> 6.75%, 02/01/2029<br> 1-mo. SOFR + 3.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551933 |
| &nbsp;&nbsp;&nbsp;574435 | Genesys Cloud Services Holdings II LLC<sup>(c)</sup><br> 6.22%, 01/30/2032<br> 1-mo. SOFR + 2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572855 |
| &nbsp;&nbsp;&nbsp;155000 | Genmab A/S<sup>(c)</sup><br> 6.73%, 12/12/2032<br> 3-mo. SOFR + 3.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155646 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| 449729 | Glatfelter Corp<sup>(c)</sup><br> 8.07%, 11/04/2031<br> 3-mo. SOFR + 4.42% | &nbsp;&nbsp;&nbsp;$445794 |
| 713854 | Global Medical Response Inc<sup>(c)</sup><br> 7.38%, 10/01/2032<br> 3-mo. SOFR + 3.73% | &nbsp;&nbsp;&nbsp;&nbsp; 717933 |
| 350000 | Gloves Buyer Inc<sup>(c)</sup><br> 7.72%, 05/21/2032<br> 1-mo. SOFR + 4.03% | &nbsp;&nbsp;&nbsp;&nbsp; 347813 |
| 358781 | Gray Television Inc<sup>(c)</sup><br> 6.99%, 12/01/2028<br> 1-mo. SOFR + 3.30% | &nbsp;&nbsp;&nbsp;&nbsp; 359005 |
| 310000 | Green Infrastructure Partners Inc<sup>(c)</sup><br> 6.42%, 09/24/2032<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp; 310000 |
| 555000 | Grifols Worldwide Operations USA Inc<sup>(c)</sup><br> 5.97%, 11/15/2027<br> 3-mo. SOFR + 2.32% | &nbsp;&nbsp;&nbsp;&nbsp; 554479 |
| 399713 | Hamilton Projects Acquiror LLC<sup>(c)</sup><br> 6.22%, 05/30/2031<br> 1-mo. SOFR + 2.53% | &nbsp;&nbsp;&nbsp;&nbsp; 402140 |
|  | Hanger Inc<sup>(c)</sup> |  |
| 527934 | &nbsp;&nbsp;&nbsp;&nbsp;7.22%,10/23/2031<br> 1-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529254 |
| &nbsp;&nbsp;40256 | &nbsp;&nbsp;&nbsp;&nbsp;7.22%,10/24/2031<sup>(f)</sup><br> 1-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40356 |
| 557937 | Harbor Freight Tools USA Inc<sup>(c)</sup><br> 5.97%, 06/11/2031<br> 1-mo. SOFR + 2.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551915 |
| 235000 | Herc Holdings Inc<sup>(c)</sup><br> 5.52%, 06/02/2032<br> 1-mo. SOFR + 1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235881 |
| 773969 | Hilton Worldwide Finance LLC<sup>(c)</sup><br> 5.48%, 11/08/2030<br> 1-mo. SOFR + 1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777765 |
| 418686 | Hunter Douglas Holding BV<sup>(c)</sup><br> 6.67%, 01/17/2032<br> 3-mo. SOFR + 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420387 |
| 463103 | Husky Injection Molding Systems Ltd<sup>(c)</sup><br> 7.59%, 02/15/2029<br> 3-mo. SOFR + 3.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465804 |
| 593504 | Indicor LLC<sup>(c)</sup><br> 6.42%, 11/22/2029<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596577 |
| 623454 | INEOS Finance PLC<sup>(c)</sup><br> 6.97%, 02/18/2030<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598515 |
| 570000 | Innio Group Holding GmbH<sup>(c)</sup><br> 6.13%, 11/02/2028<br> 3-mo. SOFR + 2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572494 |
| 475000 | ION Platform Finance US Inc<sup>(c)</sup><br> 7.42%, 10/07/2032<br> 3-mo. SOFR + 3.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444719 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| 613961 | IQVIA Inc<sup>(c)</sup><br> 5.42%, 01/02/2031<br> 3-mo. SOFR + 1.77% | &nbsp;&nbsp;&nbsp;$617031 |
| 237582 | IVC Acquisition Ltd<sup>(c)</sup><br> 7.42%, 12/12/2028<br> 3-mo. SOFR + 3.77% | &nbsp;&nbsp;&nbsp;&nbsp; 238770 |
| 531050 | Klockner Pentaplast of America Inc<sup>(c)</sup><br> 9.02%, 02/12/2026<br> 6-mo. SOFR + 5.44% | &nbsp;&nbsp;&nbsp;&nbsp; 92934 |
| 547847 | KUEHG Corp<sup>(c)</sup><br> 6.42%, 06/12/2030<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp; 530590 |
| 264334 | Leia FinCo US LLC<sup>(c)</sup><br> 7.19%, 10/09/2031<br> 3-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp; 265160 |
| 704442 | Lernen Bidco Ltd<sup>(c)</sup><br> 7.23%, 10/27/2031<br> 6-mo. SOFR + 3.65% | &nbsp;&nbsp;&nbsp;&nbsp; 706203 |
| 495000 | Level 3 Financing Inc<sup>(c)</sup><br> 6.97%, 03/29/2032<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp; 496083 |
|  | LifePoint Health Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;94052 | &nbsp;&nbsp;&nbsp;&nbsp;7.33%,05/16/2031<br> 1-mo. SOFR + 3.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94137 |
| 550094 | &nbsp;&nbsp;&nbsp;&nbsp;7.65%,05/16/2031<br> 3-mo. SOFR + 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551239 |
| &nbsp;&nbsp;49251 | Light & Wonder International Inc<sup>(c)</sup><br> 5.99%, 04/14/2029<br> 1-mo. SOFR + 2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48611 |
| 582915 | LSF12 Crown US Commercial Bidco LLC<sup>(c)</sup><br> 7.37%, 12/02/2031<br> 1-mo. SOFR + 3.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586316 |
| 270000 | Lumexa Imaging Holdings Inc<sup>(c)</sup><br> 6.72%, 12/15/2032<br> 3-mo. SOFR + 3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270844 |
| 663333 | Lummus Technology Holdings V LLC<sup>(c)</sup><br> 6.22%, 12/31/2029<br> 1-mo. SOFR + 2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663665 |
| 415876 | M6 ETX Holdings II MidCo LLC<sup>(c)</sup><br> 6.37%, 04/01/2032<br> 1-mo. SOFR + 2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417955 |
| 333531 | McGraw Hill Inc<sup>(c)</sup><br> 6.47%, 08/06/2031<br> 1-mo. SOFR + 2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336033 |
| 132928 | Modivcare Inc<sup>(c)</sup><br> 10.75%, 07/01/2031<br> 3-mo. SOFR + 7.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67350 |
| 515881 | Motion Finco LLC<sup>(c)</sup><br> 7.17%, 11/12/2029<br> 3-mo. SOFR + 3.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456340 |
| 953229 | NAB Holdings LLC<sup>(c)</sup><br> 6.17%, 11/24/2028<br> 3-mo. SOFR + 2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909143 |
| 605342 | Neptune Bidco US Inc<sup>(c)</sup><br> 8.76%, 04/11/2029<br> 1-mo. SOFR + 5.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597587 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;373652 | Nouryon Finance BV<sup>(c)</sup><br> 7.04%, 04/03/2028<br> 3-mo. SOFR + 3.38% | &nbsp;&nbsp;&nbsp;$373496 |
| &nbsp;&nbsp;&nbsp;981453 | Novelis Holdings Inc<sup>(c)</sup><br> 5.42%, 02/20/2032<br> 3-mo. SOFR + 1.77% | &nbsp;&nbsp;&nbsp;&nbsp; 983600 |
| 2964334 | NRG Energy Inc<sup>(c)</sup><br> 5.59%, 04/16/2031<br> 3-mo. SOFR + 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2944548 |
| &nbsp;&nbsp;&nbsp;498292 | Omnia Partners LLC<sup>(c)</sup><br> 6.42%, 12/31/2032<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp; 499849 |
| &nbsp;&nbsp;&nbsp;165000 | OPENLANE Inc<sup>(c)</sup><br> 6.36%, 10/08/2032<br> 3-mo. SOFR + 2.71% | &nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| 1188957 | OpenText Corp<sup>(c)</sup><br> 5.47%, 01/31/2030<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 1189092 |
| &nbsp;&nbsp;&nbsp;990000 | PAC Designated Activity Co LLC<sup>(c)</sup><br> 7.11%, 10/28/2030<br> 3-mo. SOFR + 3.46% | &nbsp;&nbsp;&nbsp;&nbsp; 978862 |
| &nbsp;&nbsp;&nbsp;190000 | Parexel International Inc <sup>(c)</sup><br> 6.47%, 12/09/2031<br> 1-mo. SOFR + 2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190475 |
| &nbsp;&nbsp;&nbsp;547291 | Petco Health & Wellness Co Inc<sup>(c)</sup><br> 7.10%, 02/25/2028<br> 1-mo. SOFR + 3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541036 |
| &nbsp;&nbsp;&nbsp;486325 | PEX Holdings LLC<sup>(c)</sup><br> 6.42%, 11/20/2031<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486629 |
| &nbsp;&nbsp;&nbsp;547619 | Potomac Energy Center<sup>(c)</sup><br> 6.84%, 08/05/2032<br> 3-mo. SOFR + 3.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551726 |
| &nbsp;&nbsp;&nbsp;464855 | Project Ruby Ultimate Parent Corp<sup>(c)</sup><br> 6.58%, 03/10/2028<br> 1-mo. SOFR + 2.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465901 |
| &nbsp;&nbsp;&nbsp;619048 | Proofpoint Inc<sup>(c)</sup><br> 6.67%, 08/31/2028<br> 3-mo. SOFR + 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621524 |
| &nbsp;&nbsp;&nbsp;178161 | Pye Barker Fire & Safety LLC<sup>(c)</sup><br> 6.21%, 12/16/2032<br> 3-mo. SOFR + 2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175622 |
| &nbsp;&nbsp;&nbsp;595000 | Radiology Partners Inc<sup>(c)</sup><br> 8.17%, 06/30/2032<br> 3-mo. SOFR + 4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593512 |
| &nbsp;&nbsp;&nbsp;338291 | Rand Parent LLC<sup>(c)</sup><br> 6.67%, 03/18/2030<br> 3-mo. SOFR + 3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338855 |
| &nbsp;&nbsp;&nbsp;552225 | Red SPV LLC<sup>(c)</sup><br> 5.98%, 03/15/2032<br> 1-mo. SOFR + 2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552915 |
|  | Resideo Funding Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;236419 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%,02/11/2028<br> 1-mo. SOFR + 2.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236714 |
| 1072459 | &nbsp;&nbsp;&nbsp;&nbsp;5.84%,06/13/2031<br> 6-mo. SOFR + 2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073129 |
| &nbsp;&nbsp;&nbsp;469651 | Rocket Software Inc<sup>(c)</sup><br> 7.47%, 11/28/2028<br> 1-mo. SOFR + 3.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469331 |

---

---

| | |
|:---|:---|
| **Principal Amount<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;168300 Ryan Specialty Group LLC<sup>(c)</sup><br> 5.72%, 09/15/2031<br> 1-mo. SOFR + 2.03% | &nbsp;&nbsp;&nbsp;$168440 |
| &nbsp;&nbsp;&nbsp;453009 SBA Senior Finance II LLC<sup>(c)</sup><br> 5.47%, 01/25/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 454708 |
| &nbsp;&nbsp;&nbsp;475000 Sebia S.A.<sup>(c)</sup><br> 6.23%, 11/20/2032<br> 1-mo. SOFR + 2.55% | &nbsp;&nbsp;&nbsp;&nbsp; 476484 |
| &nbsp;&nbsp;&nbsp;560000 SKECHERS USA Inc<sup>(c)</sup><br> 6.92%, 09/13/2032<br> 3-mo. SOFR + 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; 563967 |
| &nbsp;&nbsp;&nbsp;160000 Snacking Investments Bidco Pty Ltd<sup>(c)</sup><br> 6.84%, 10/12/2032<br> 3-mo. SOFR + 3.19% | &nbsp;&nbsp;&nbsp;&nbsp; 160800 |
| 1090000 Solstice Advanced Materials Inc<sup>(c)</sup><br> 5.59%, 10/29/2032<br> 3-mo. SOFR + 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1094995 |
| &nbsp;&nbsp;&nbsp;644184 Southern Veterinary Partners LLC<sup>(c)</sup><br> 6.37%, 12/04/2031<br> 3-mo. SOFR + 2.71% | &nbsp;&nbsp;&nbsp;&nbsp; 642977 |
| &nbsp;&nbsp;&nbsp;636760 Star Parent Inc<sup>(c)</sup><br> 7.67%, 09/27/2030<br> 3-mo. SOFR + 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637266 |
| &nbsp;&nbsp;&nbsp;203465 Terex Corp<sup>(c)</sup><br> 5.47%, 10/08/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204323 |
| &nbsp;&nbsp;&nbsp;496259 TK Elevator Midco GmbH<sup>(c)</sup><br> 6.95%, 04/30/2030<br> 3-mo. SOFR + 3.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498973 |
| 2689196 Trans Union LLC<sup>(c)</sup><br> 5.47%, 06/24/2031<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692558 |
| &nbsp;&nbsp;&nbsp;509179 Traverse Midstream Partners LLC<sup>(c)</sup><br> 6.34%, 02/16/2028<br> 3-mo. SOFR + 2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509816 |
| &nbsp;&nbsp;&nbsp;303095 Trio Bidco Inc<sup>(c)</sup><br> 7.67%, 10/29/2032<br> 3-mo. SOFR + 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303601 |
| &nbsp;&nbsp;&nbsp;499724 Trugreen LP<sup>(c)</sup><br> 7.82%, 11/02/2027<br> 1-mo. SOFR + 4.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488689 |
| &nbsp;&nbsp;&nbsp;286416 Truist Insurance Holdings LLC<sup>(c)</sup><br> 6.42%, 05/06/2031<br> 3-mo. SOFR + 2.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286774 |
| &nbsp;&nbsp;&nbsp;340000 Turquoise Capital<sup>(c)</sup><br> 7.00%, 08/13/2032<br> 1-mo. SOFR + 3.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334050 |
| &nbsp;&nbsp;&nbsp;476250 UKG Inc<sup>(c)</sup><br> 6.34%, 02/10/2031<br> 3-mo. SOFR + 2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476498 |
| &nbsp;&nbsp;&nbsp;233810 United Rentals Inc<sup>(c)</sup><br> 5.22%, 02/14/2031<br> 1-mo. SOFR + 1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234687 |
| &nbsp;&nbsp;&nbsp;647543 Univision Communications Inc<sup>(c)</sup><br> 7.33%, 01/31/2029<br> 1-mo. SOFR + 3.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645276 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| &nbsp;&nbsp;&nbsp;366244 | Upstream Newco Inc<sup>(c)</sup><br> 8.10%, 11/20/2026<br> 1-mo. SOFR + 4.41% | &nbsp;&nbsp;&nbsp;$324191 |
| &nbsp;&nbsp;&nbsp;357818 | USALCO LLC<sup>(c)</sup><br> 7.22%, 09/30/2031<br> 1-mo. SOFR + 3.53% | &nbsp;&nbsp;&nbsp;&nbsp; 358936 |
| &nbsp;&nbsp;&nbsp;523312 | Viasat Inc<sup>(c)</sup><br> 8.33%, 03/02/2029<br> 1-mo. SOFR + 4.64% | &nbsp;&nbsp;&nbsp;&nbsp; 521132 |
| 2155839 | WEC US Holdings Ltd.<sup>(c)</sup><br> 5.87%, 01/27/2031<br> 1-mo. SOFR + 2.19% | &nbsp;&nbsp;&nbsp;&nbsp; 2159190 |
| &nbsp;&nbsp;&nbsp;519750 | White Cap Supply Holdings LLC<sup>(c)</sup><br> 6.97%, 10/19/2029<br> 1-mo. SOFR + 3.28% | &nbsp;&nbsp;&nbsp;&nbsp; 521699 |
| 1455257 | Wyndham Hotels & Resorts Inc<sup>(c)</sup><br> 5.47%, 05/24/2030<br> 1-mo. SOFR + 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; 1457076 |
| **TOTAL BANK LOANS — 6.11%<br> (Cost $86,628,395)** | **TOTAL BANK LOANS — 6.11%<br> (Cost $86,628,395)** | &nbsp;&nbsp;&nbsp;**$84883706** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 1.90% | Basic Materials — 1.90% | Basic Materials — 1.90% |
| &nbsp;&nbsp;&nbsp;590000 | ArcelorMittal SA<br> 6.75%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644924 |
| &nbsp;&nbsp;&nbsp;655000 | Arsenal AIC Parent LLC<sup>(b)</sup><br> 11.50%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720862 |
| &nbsp;&nbsp;&nbsp;560000 | 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;512233 |
| 1180000 | ASP Unifrax Holdings Inc<sup>(b)</sup><br> 5.25%, 09/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88500 |
| &nbsp;&nbsp;&nbsp;935000 | Bayport Polymers LLC<sup>(b)(g)</sup><br> 5.14%, 04/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925980 |
| &nbsp;&nbsp;&nbsp;815000 | Capstone Copper Corp<sup>(b)</sup><br> 6.75%, 03/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845926 |
| &nbsp;&nbsp;&nbsp;&nbsp;61000 | Carpenter Technology Corp<sup>(b)</sup><br> 5.63%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61959 |
| &nbsp;&nbsp;&nbsp;228000 | Chemours Co<sup>(b)</sup><br> 5.75%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221732 |
| &nbsp;&nbsp;&nbsp;740000 | Cleveland-Cliffs Inc<sup>(b)</sup><br> 7.63%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773315 |
|  | Commercial Metals Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;434000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443779 |
| &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619194 |
|  | Corp Nacional del Cobre de Chile |  |
| &nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/08/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247810 |
| &nbsp;&nbsp;&nbsp;358000 | &nbsp;&nbsp;&nbsp;&nbsp;6.44%, 01/26/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388206 |
| 1095000 | First Quantum Minerals Ltd<sup>(b)</sup><br> 9.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153050 |
| &nbsp;&nbsp;&nbsp;&nbsp;33000 | Fortescue Treasury Pty Ltd<sup>(b)</sup><br> 4.38%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31915 |
|  | Glencore Funding LLC<sup>(b)</sup> |  |
| 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075280 |
| 1495000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518984 |
| &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105373 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1225000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030 | &nbsp;&nbsp;&nbsp;$1318330 |
| &nbsp;&nbsp;&nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1795332 |
| &nbsp;&nbsp;&nbsp;&nbsp;3795000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4191352 |
| &nbsp;&nbsp;&nbsp;&nbsp;2535000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2646706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Illuminate Buyer LLC / Illuminate Holdings IV Inc<sup>(b)</sup><br> 9.00%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280379 |
| &nbsp;&nbsp;&nbsp;1015000 | INEOS Quattro Finance 2 PLC<sup>(b)(g)</sup><br> 9.63%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 703016 |
|  | Mineral Resources Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277224 | Samarco Mineracao SA<sup>(b)(h)</sup><br> 9.50%, 06/30/2031<br>PIK rate, 9.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710000 | Solstice Advanced Materials Inc<sup>(b)</sup><br> 5.63%, 09/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716244 |
|  | Steel Dynamics Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | Taseko Mines Ltd<sup>(b)</sup><br> 8.25%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403649 |
| &nbsp;&nbsp;&nbsp;1350000 | Westlake Corp<br> 5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349699 |
| &nbsp;&nbsp;&nbsp;1380000 | WR Grace Holdings LLC<sup>(b)</sup><br> 5.63%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26416463 |
| Communications — 4.65% | Communications — 4.65% | Communications — 4.65% |
| &nbsp;&nbsp;&nbsp;2005000 | Altice Financing SA<sup>(b)</sup><br> 5.00%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 | Altice France Lux 3 / Altice Holdings 1<sup>(b)</sup><br> 10.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75235 |
|  | Altice France SA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154020 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631482 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605390 |
|  | AppLovin Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425158 |
| &nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685021 |
| &nbsp;&nbsp;&nbsp;1560000 | AT&T Inc<br> 5.38%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598609 |
| &nbsp;&nbsp;&nbsp;2548000 | Beignet Investor LLC<sup>(b)</sup><br> 6.58%, 05/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688140 |
|  | CCO Holdings LLC / CCO Holdings Capital Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62501 |
| &nbsp;&nbsp;&nbsp;1368000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220314 |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp;6.65%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278655 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/30/2062 | &nbsp;&nbsp;&nbsp;$204587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337000 | Cipher Compute LLC<sup>(b)</sup><br> 7.13%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 343229 |
| &nbsp;&nbsp;&nbsp;&nbsp;1035000 | CMG Media Corp<sup>(b)</sup><br> 8.88%, 06/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 889127 |
|  | CSC Holdings LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1128193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 361150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;11.75%, 01/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 564640 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858485 |
| &nbsp;&nbsp;&nbsp;&nbsp;2435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520780 |
| &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;244000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921000 | DirecTV Financing LLC<sup>(b)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874000 | DirecTV Financing LLC <sup>(b)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885747 |
|  | DirecTV Financing LLC / DirecTV Financing Co-Obligor Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806000 | &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823774 |
|  | Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240194 |
|  | DISH DBS Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2330000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259511 |
| &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | DISH Network Corp<sup>(b)</sup><br> 11.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697323 |
| &nbsp;&nbsp;&nbsp;&nbsp;8115279 | EchoStar Corp<br> 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973885 |
|  | Expedia Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949482 |
| &nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348108 |
| &nbsp;&nbsp;&nbsp;&nbsp;2315000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706000 | Flash Compute LLC<sup>(b)</sup><br> 7.25%, 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699479 |
|  | Go Daddy Operating Co LLC / GD Finance Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | Gray Media Inc<sup>(b)</sup><br> 9.63%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923614 |
|  | ION Platform Finance US Inc / ION Platform Finance SARL<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 05/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764339 |
|  | Meta Platforms Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813908 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060547 |
| &nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563746 |
| &nbsp;&nbsp;&nbsp;&nbsp;1335000 | Millennium Escrow Corp<sup>(b)</sup><br> 6.63%, 08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286598 |
|  | Motorola Solutions Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1855000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794989 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
|  | Neptune Bidco US Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp;9.29%, 04/15/2029 | &nbsp;&nbsp;&nbsp;$1141948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;10.38%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 87154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Netflix Inc<br> EUR, 3.63%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 357661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | Sinclair Television Group Inc<sup>(b)</sup><br> 8.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 830322 |
|  | Snap Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 746097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | SoftBank Group Corp<br> 4.63%, 07/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195759 |
|  | Sprint Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75119 |
| &nbsp;&nbsp;&nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349000 | Telesat Canada / Telesat LLC<sup>(b)</sup><br> 6.50%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | Time Warner Cable LLC<br> 6.55%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193887 |
|  | T-Mobile USA Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175310 |
| &nbsp;&nbsp;&nbsp;&nbsp;2395000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | Turkcell Iletisim Hizmetleri AS<sup>(b)</sup><br> 7.65%, 01/24/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372145 |
|  | Uber Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1560000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79578 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Univision Communications Inc<sup>(b)</sup><br> 8.00%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242810 |
|  | Wayfair LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308424 |
| &nbsp;&nbsp;&nbsp;&nbsp;1457000 | WULF Compute LLC<sup>(b)</sup><br> 7.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64670902 |
| Consumer, Cyclical — 4.11% | Consumer, Cyclical — 4.11% | Consumer, Cyclical — 4.11% |
|  | 1011778 BC Unlimited Liability Co / New Red Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273892 |
| &nbsp;&nbsp;&nbsp;&nbsp;1765000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Acushnet Co<sup>(b)</sup><br> 5.63%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16180 |
| &nbsp;&nbsp;&nbsp;&nbsp;1063494 | Alaska Airlines Pass Through Trust<sup>(b)</sup><br> Series 2020-1 Class A<br> 4.80%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | 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;419017 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | American Builders & Contractors Supply Co Inc<sup>(b)</sup><br> 4.00%, 01/15/2028 | &nbsp;&nbsp;&nbsp;$263202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Aptiv Swiss Holdings Ltd<br> 6.88%, 12/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1016928 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | Ashton Woods USA LLC / Ashton Woods Finance Co<sup>(b)</sup><br> 4.63%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1289235 |
|  | British Airways Pass Through Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123431 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 119565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579027 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529204 |
|  | Carnival Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926 |
| &nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372928 |
| &nbsp;&nbsp;&nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780597 |
| &nbsp;&nbsp;&nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | Choice Hotels International Inc<br> 5.85%, 08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214108 |
|  | Clarios Global LP / Clarios US Finance Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627507 | Delta Air Lines Pass Through Trust<br> Series 2015-1 Class AA<br> 3.63%, 07/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620243 |
| &nbsp;&nbsp;&nbsp;&nbsp;1815000 | Dick's Sporting Goods Inc<br> 4.10%, 01/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326144 |
| &nbsp;&nbsp;&nbsp;&nbsp;1070000 | Dillard's Inc<br> 7.75%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083887 |
|  | DR Horton Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952000 | Ferrellgas LP / Ferrellgas Finance Corp<sup>(b)</sup><br> 5.88%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914780 |
| &nbsp;&nbsp;&nbsp;&nbsp;1595000 | Flutter Treasury Designated Activity Co<sup>(b)</sup><br> 5.88%, 06/04/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617170 |
|  | Ford Motor Credit Co LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;7.35%, 03/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | Forvia SE<sup>(b)</sup><br> 6.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779595 |
| &nbsp;&nbsp;&nbsp;&nbsp;1375000 | 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;1439892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Great Canadian Gaming Corp / Raptor LLC<sup>(b)</sup><br> 8.75%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656597 |
|  | Hilton Domestic Operating Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23817 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/31/2034 | &nbsp;&nbsp;&nbsp;$452084 |
|  | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 98020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 318771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | Kingpin Intermediate Holdings LLC<sup>(b)(g)</sup><br> 7.25%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 543577 |
| &nbsp;&nbsp;&nbsp;&nbsp;1415000 | LBM Acquisition LLC<sup>(b)</sup><br> 6.25%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1273486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | Light & Wonder International Inc<sup>(b)</sup><br> 7.25%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 15406 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536310 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330788 |
|  | Marriott Ownership Resorts Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484000 | Melco Resorts Finance Ltd<sup>(b)</sup><br> 5.38%, 12/04/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479066 |
|  | Meritage Homes Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757265 |
| &nbsp;&nbsp;&nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | Merlin Entertainments Group US Holdings Inc<sup>(b)</sup><br> 7.38%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Murphy Oil USA Inc<sup>(b)</sup><br> 3.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | NCL Corp Ltd<sup>(b)</sup><br> 6.75%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | 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;143996 |
|  | New Home Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92687 |
|  | Newell Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/15/2030<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | Ontario Gaming GTA LP / OTG Co-Issuer Inc<sup>(b)</sup><br> 8.00%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | Park River Holdings Inc<sup>(b)</sup><br> 8.00%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134029 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | Polaris Inc<br> 5.60%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp<sup>(b)</sup><br> 6.25%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163317 |
|  | Royal Caribbean Cruises Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/2026<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49993 |
| &nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608303 |
| &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424248 |
| &nbsp;&nbsp;&nbsp;&nbsp;1555000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692890 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237500 | Saks Global Enterprises LLC<sup>(b)</sup><br> 11.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;$309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306590 | SGUS LLC<sup>(b)</sup><br> 11.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 113438 |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | Stellantis Finance US Inc<sup>(b)</sup><br> 6.45%, 03/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1133066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | Suburban Propane Partners LP/Suburban Energy Finance Corp<sup>(b)</sup><br> 6.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 380084 |
|  | Taylor Morrison Communities Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 31187 |
| &nbsp;&nbsp;&nbsp;&nbsp;1028000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1057701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | Toll Brothers Finance Corp<sup>(g)</sup><br> 5.60%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719041 |
|  | Travel + Leisure Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679000 | &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;664584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &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;331520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | Under Armour Inc<sup>(b)</sup><br> 7.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485471 |
|  | United Airlines Pass Through Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1399457 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class AA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347588 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | Viking Cruises Ltd<sup>(b)</sup><br> 5.88%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31479 |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | VistaJet Malta Finance PLC / Vista Management Holding Inc<sup>(b)</sup><br> 9.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370422 |
| &nbsp;&nbsp;&nbsp;&nbsp;1529000 | Warnermedia Holdings Inc<br> 4.28%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | White Cap Supply Holdings LLC<sup>(b)</sup><br> 7.38%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | Windsor Holdings III LLC<sup>(b)</sup><br> 8.50%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454234 |
|  | Yum! Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273418 |
|  | ZF North America Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57078273 |
| Consumer, Non-Cyclical — 5.22% | Consumer, Non-Cyclical — 5.22% | Consumer, Non-Cyclical — 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;1675000 | 180 Medical Inc<sup>(b)</sup><br> 5.30%, 10/08/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | Acadia Healthcare Co Inc<sup>(b)</sup><br> 5.50%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34787 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Adani Ports & Special Economic Zone Ltd<sup>(b)</sup><br> 4.38%, 07/03/2029 | &nbsp;&nbsp;&nbsp;$485149 |
|  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1245000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1234729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 105425 |
| &nbsp;&nbsp;&nbsp;&nbsp;1010000 | Albion Financing 1 SARL / Aggreko Holdings Inc<sup>(b)</sup><br> 7.00%, 05/21/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1054148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | AMN Healthcare Inc<sup>(b)</sup><br> 6.50%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 355066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | Amneal Pharmaceuticals LLC<sup>(b)</sup><br> 6.88%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 42252 |
|  | Ashtead Capital Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/11/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226988 |
| &nbsp;&nbsp;&nbsp;&nbsp;1680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718159 |
|  | Avantor Funding Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | Bacardi Ltd / Bacardi-Martini BV<sup>(b)</sup><br> 5.40%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 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;10438 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | Bausch Health Cos Inc<sup>(b)</sup><br> 4.88%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930800 |
| &nbsp;&nbsp;&nbsp;&nbsp;1380000 | Baxter International Inc<br> 5.65%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396585 |
|  | Block Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852000 | Boost Newco Borrower LLC<sup>(b)</sup><br> 7.50%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905548 |
|  | Centene Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587228 |
| &nbsp;&nbsp;&nbsp;&nbsp;1107000 | Cheplapharm Arzneimittel GmbH<sup>(b)</sup><br> 5.50%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | Chobani Holdco II LLC<sup>(b)(h)</sup><br> 8.75%, 10/01/2029<br>PIK rate, 9.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
|  | CHS / Community Health Systems Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789325 |
| &nbsp;&nbsp;&nbsp;&nbsp;1265000 | Cimpress PLC<sup>(b)(g)</sup><br> 7.38%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290305 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;620000 | Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC<sup>(b)</sup><br> 6.63%, 07/15/2030 | &nbsp;&nbsp;&nbsp;$635118 |
| &nbsp;&nbsp;&nbsp;768000 | CVS Health Corp<br> 6.75%, 12/10/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 802076 |
| 1810000 | DENTSPLY SIRONA Inc<sup>(g)</sup><br> 3.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1672073 |
| 2430000 | Elevance Health Inc<br> 5.20%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2482103 |
| &nbsp;&nbsp;&nbsp;635000 | Endo Finance Holdings Inc<sup>(b)</sup><br> 8.50%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 671158 |
| &nbsp;&nbsp;&nbsp;595000 | ERAC USA Finance LLC<sup>(b)</sup><br> 4.90%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 603728 |
| &nbsp;&nbsp;&nbsp;840000 | Froneri Lux FinCo SARL<sup>(b)</sup><br> 6.00%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 851465 |
| &nbsp;&nbsp;&nbsp;675000 | Garda World Security Corp<sup>(b)</sup><br> 8.38%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687564 |
|  | Genmab A/S / Genmab Finance LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40994 |
| &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68277 |
| &nbsp;&nbsp;&nbsp;500000 | Global Medical Response Inc<sup>(b)</sup><br> 7.38%, 10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519687 |
| 1350000 | Global Payments Inc<br> 5.55%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341808 |
| 1070000 | Grifols SA<sup>(b)</sup><br> 4.75%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056726 |
|  | HCA Inc |  |
| 2715000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824632 |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251504 |
| &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596846 |
| &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83838 |
| &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642197 |
|  | Herc Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275700 |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455997 |
| &nbsp;&nbsp;&nbsp;330000 | 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;325238 |
| &nbsp;&nbsp;&nbsp;945000 | Icon Investments Six Designated Activity Co<br> 6.00%, 05/08/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999328 |
| 1300000 | Imperial Brands Finance PLC<sup>(b)</sup><br> 5.63%, 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334524 |
|  | JBS USA Holding Lux SARL / JBS USA Food Co / JBS Lux Co SARL |  |
| &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250340 |
| &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783431 |
| &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458492 |
| &nbsp;&nbsp;&nbsp;445000 | JBS USA Holding Lux SARL / JBS USA Foods Group Holdings Inc / JBS USA Food Co<sup>(b)</sup><br> 5.50%, 01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452190 |
| &nbsp;&nbsp;&nbsp;630000 | 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;662438 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | Lamb Weston Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2030 | &nbsp;&nbsp;&nbsp;$15477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 15243 |
|  | LifePoint Health Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp;9.88%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1254347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 387661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Medline Borrower LP / Medline Co-Issuer Inc<sup>(b)</sup><br> 6.25%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 630594 |
|  | Molina Healthcare Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15774 |
| &nbsp;&nbsp;&nbsp;&nbsp;1082000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363000 | Movida Europe SA<sup>(b)(g)</sup><br> 7.85%, 04/11/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | Opal Bidco SAS<sup>(b)</sup><br> 6.50%, 03/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92180 |
| &nbsp;&nbsp;&nbsp;&nbsp;1075000 | Organon & Co / Organon Foreign Debt Co-Issuer BV<sup>(b)</sup><br> 4.13%, 04/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Performance Food Group Inc<sup>(b)</sup><br> 4.25%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15643 |
|  | Pilgrim's Pride Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781531 |
| &nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119776 |
|  | Post Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | Prime Healthcare Services Inc<sup>(b)</sup><br> 9.38%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | Primo Water Holdings Inc / Triton Water Holdings Inc<sup>(b)</sup><br> 6.25%, 04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | Quest Diagnostics Inc<br> 6.40%, 11/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | Radiology Partners Inc<sup>(b)</sup><br> 8.50%, 07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | Smith & Nephew PLC<br> 5.40%, 03/20/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | 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;501445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | Synergy Infrastructure Holdings LLC<sup>(b)</sup><br> 7.88%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Tenet Healthcare Corp<sup>(b)</sup><br> 6.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | 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;162734 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | Teva Pharmaceutical Finance Netherlands II BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.38%, 09/15/2029 | &nbsp;&nbsp;&nbsp;$614776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 7.88%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 555303 |
|  | Teva Pharmaceutical Finance Netherlands III BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 419105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/09/2029<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 389351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 665517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351585 |
| &nbsp;&nbsp;&nbsp;&nbsp;4771000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | Teva Pharmaceutical Finance Netherlands IV BV<br> 5.75%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741616 |
|  | TriNet Group Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15462 |
|  | United Rentals North America Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229856 |
| &nbsp;&nbsp;&nbsp;&nbsp;1533000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531915 |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166674 |
|  | Universal Health Services Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1182000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72555453 |
| Energy — 6.04% | Energy — 6.04% | Energy — 6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;1455000 | Aker BP ASA<sup>(b)</sup><br> 5.13%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp<sup>(b)</sup><br> 8.63%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486476 | Alta Wind Holdings LLC<sup>(b)</sup><br> 7.00%, 06/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464257 |
|  | Antero Midstream Partners LP / Antero Midstream Finance Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp<sup>(b)</sup><br> 6.63%, 07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Azule Energy Finance PLC<sup>(b)</sup><br> 8.13%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300390 |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | BP Capital Markets PLC<sup>(i)</sup><br> 4.88%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | Buckeye Partners LP<sup>(b)</sup><br> 6.75%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377910 |
| &nbsp;&nbsp;&nbsp;&nbsp;2730000 | Canadian Natural Resources Ltd<br> 5.40%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | Caturus Energy LLC<sup>(b)</sup><br> 8.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963336 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | Cenovus Energy Inc<br> 5.40%, 03/20/2036 | &nbsp;&nbsp;&nbsp;$339554 |
|  | Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110231 |
| &nbsp;&nbsp;&nbsp;&nbsp;1980000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1928043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 262495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 561998 |
|  | Chord Energy Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94105 |
|  | Civitas Resources Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | Columbia Pipelines Operating Co LLC<sup>(b)</sup><br> 6.04%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | Constellation Oil Services Holding SA<sup>(b)</sup><br> 9.38%, 11/07/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249600 |
|  | Continental Resources Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99804 |
| &nbsp;&nbsp;&nbsp;&nbsp;5215000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347384 |
| &nbsp;&nbsp;&nbsp;&nbsp;2375000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/01/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Coronado Finance Pty Ltd<sup>(b)</sup><br> 9.25%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | Crescent Energy Finance LLC<sup>(b)</sup><br> 7.38%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | DBR Land Holdings LLC<sup>(b)</sup><br> 6.25%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | DCP Midstream Operating LP<sup>(b)</sup><br> 6.45%, 11/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890878 |
|  | Ecopetrol SA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | Enbridge Inc<sup>(g)</sup><br> 8.50%, 01/15/2084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032002 |
|  | Energean Israel Finance Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633473 |
|  | Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1233000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566694 |
| &nbsp;&nbsp;&nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32024 |
| &nbsp;&nbsp;&nbsp;&nbsp;1385000 | Flex Intermediate Holdco LLC<sup>(b)</sup><br> 3.36%, 06/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362000 | FS Luxembourg SARL<sup>(b)</sup><br> 8.63%, 06/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372860 |
| &nbsp;&nbsp;&nbsp;&nbsp;1195000 | Genesis Energy LP / Genesis Energy Finance Corp<br> 8.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257524 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;346000 | Geopark Ltd<sup>(b)</sup><br> 8.75%, 01/31/2030 | &nbsp;&nbsp;&nbsp;$322756 |
| &nbsp;&nbsp;&nbsp;630000 | Gulfport Energy Operating Corp<sup>(b)</sup><br> 6.75%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 650589 |
| 1160000 | Harbour Energy PLC<sup>(b)</sup><br> 6.33%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1174625 |
| &nbsp;&nbsp;&nbsp;740000 | Helix Energy Solutions Group Inc<sup>(b)</sup><br> 9.75%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 779139 |
| 2434000 | Helmerich & Payne Inc<sup>(g)</sup><br> 5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2396355 |
| &nbsp;&nbsp;&nbsp;395000 | Hess Midstream Operations LP<sup>(b)</sup><br> 4.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 386344 |
| 1085000 | HF Sinclair Corp<br> 6.25%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1131342 |
|  | Hilcorp Energy I LP / Hilcorp Finance Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393540 |
| &nbsp;&nbsp;&nbsp;578000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549465 |
| &nbsp;&nbsp;&nbsp;395000 | Kodiak Gas Services LLC<sup>(b)</sup><br> 6.75%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406143 |
|  | Leviathan Bond Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;30000 | &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;30173 |
| &nbsp;&nbsp;&nbsp;231000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235070 |
| 1155000 | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp<sup>(b)</sup><br> 6.88%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187078 |
|  | Matador Resources Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127736 |
| &nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74034 |
| &nbsp;&nbsp;&nbsp;485000 | Nabors Industries Ltd<sup>(b)(g)</sup><br> 7.50%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484925 |
|  | NGL Energy Operating LLC / NGL Energy Finance Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160884 |
| &nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942364 |
| &nbsp;&nbsp;&nbsp;990000 | Occidental Petroleum Corp<br> 6.20%, 03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005300 |
| &nbsp;&nbsp;&nbsp;&nbsp;16000 | Oceaneering International Inc<br> 6.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16180 |
| &nbsp;&nbsp;&nbsp;205000 | ONEOK Inc<sup>(b)</sup><br> 6.50%, 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219782 |
|  | Pertamina Persero PT<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/09/2031<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653580 |
| &nbsp;&nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;&nbsp;6.45%, 05/30/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338968 |
|  | Petroleos de Venezuela SA<sup>(j)</sup> |  |
| 6150000 | &nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/17/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325805 |
| &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;12.75%, 02/17/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220350 |
| &nbsp;&nbsp;&nbsp;500000 | Petroleos del Peru SA<br> 4.75%, 06/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368750 |
|  | Petroleos Mexicanos |  |
| &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903797 |
| 1039000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005588 |
| &nbsp;&nbsp;&nbsp;421000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419876 |
| &nbsp;&nbsp;&nbsp;794000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646395 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Petronas Capital Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/21/2030 | &nbsp;&nbsp;&nbsp;$310570 |
| &nbsp;&nbsp;&nbsp;&nbsp;1096000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/03/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1146608 |
|  | Plains All American Pipeline LP / PAA Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 480884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 757129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Sanchez Energy Corp<sup>(j)</sup><br> 0.00%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839000 | Sempra Infrastructure Partners LP<sup>(b)</sup><br> 3.25%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741894 |
|  | SM Energy Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10814 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | South Bow Canadian Infrastructure Holdings Ltd<br> 7.50%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | South Bow USA Infrastructure Holdings LLC<br> 5.58%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449407 |
|  | Targa Resources Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775516 |
| &nbsp;&nbsp;&nbsp;&nbsp;1610000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | Targa Resources Partners LP / Targa Resources Partners Finance Corp<br> 4.00%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533000 | Teine Energy Ltd<sup>(b)</sup><br> 6.88%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | Tidewater Inc<sup>(b)</sup><br> 9.13%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611575 |
|  | Transocean International Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427500 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29953 | Transocean Titan Financing Ltd<sup>(b)</sup><br> 8.38%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483000 | Uzbekneftegaz JSC<sup>(b)</sup><br> 8.75%, 05/07/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518314 |
| &nbsp;&nbsp;&nbsp;&nbsp;1837000 | Venture Global Calcasieu Pass LLC<sup>(b)</sup><br> 4.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671620 |
|  | Venture Global LNG Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752000 | &nbsp;&nbsp;&nbsp;&nbsp;9.00%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/01/2032<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914269 |
|  | Venture Global Plaquemines LNG LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445017 |
| &nbsp;&nbsp;&nbsp;&nbsp;1448000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564565 |
| &nbsp;&nbsp;&nbsp;&nbsp;1077000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007357 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036 | &nbsp;&nbsp;&nbsp;$35850 |
| &nbsp;&nbsp;&nbsp;&nbsp;2095000 | Viper Energy Partners LLC<br> 5.70%, 08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2138010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | Weatherford International Ltd<sup>(b)</sup><br> 6.75%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 23555 |
|  | Western Midstream Operating LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 505123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 117562 |
| &nbsp;&nbsp;&nbsp;&nbsp;1580000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1673006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &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;30790 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027260 |
|  | Whistler Pipeline LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289541 |
| &nbsp;&nbsp;&nbsp;&nbsp;2445000 | Williams Cos Inc<br> 5.15%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264000 | YPF SA<sup>(b)</sup><br> 9.50%, 01/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83960563 |
| Financial — 10.44% | Financial — 10.44% | Financial — 10.44% |
|  | Acrisure LLC / Acrisure Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379145 |
| &nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116217 |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 09/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497135 |
| &nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324963 |
| &nbsp;&nbsp;&nbsp;&nbsp;2425000 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/29/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189350 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | AGFC Capital Trust I<sup>(b)(c)</sup><br> 6.33%, 01/15/2067<br> 3-mo. SOFR + 2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | Air Lease Corp<sup>(i)</sup><br> 4.65%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631277 |
|  | Aircastle Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202934 |
|  | Aircastle Ltd / Aircastle Ireland Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469037 |
|  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263519 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2031 | &nbsp;&nbsp;&nbsp;$561724 |
|  | Allianz SE<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 09/06/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 858947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 09/03/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 383859 |
| &nbsp;&nbsp;&nbsp;&nbsp;1005000 | Ally Financial Inc<br> 5.54%, 01/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1028301 |
| &nbsp;&nbsp;&nbsp;&nbsp;1180000 | American Express Co<br> 5.63%, 07/28/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1232370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | American National Group Inc<br> 7.00%, 12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 238256 |
| &nbsp;&nbsp;&nbsp;&nbsp;2675000 | American Tower Corp REIT<br> 5.90%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | AmWINS Group Inc<sup>(b)</sup><br> 6.38%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23653 |
|  | Antares Holdings LP<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor 2 LLC<sup>(b)</sup><br> 7.88%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31310 |
| &nbsp;&nbsp;&nbsp;&nbsp;1060000 | Apollo Debt Solutions BDC<br> 6.90%, 04/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111440 |
| &nbsp;&nbsp;&nbsp;&nbsp;1145000 | Apollo Global Management Inc<br> 6.00%, 12/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Ardonagh Group Finco Ltd<sup>(b)</sup><br> 7.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209671 |
|  | Arthur J Gallagher & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | Ascot Group Ltd<sup>(b)</sup><br> 4.25%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785242 |
| &nbsp;&nbsp;&nbsp;&nbsp;1150000 | Athene Global Funding<sup>(b)</sup><br> 2.55%, 11/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | Athene Holding Ltd<br> 3.50%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363748 |
|  | Aviation Capital Group LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98651 |
| &nbsp;&nbsp;&nbsp;&nbsp;1145000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507443 |
| &nbsp;&nbsp;&nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435543 |
|  | Avolon Holdings Funding Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553415 |
|  | Azorra Finance Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance<sup>(b)</sup><br> 7.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39372 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502000 | Banco de Credito del Peru SA<sup>(b)</sup><br> 6.45%, 07/30/2035 | &nbsp;&nbsp;&nbsp;$522536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | Banco de Credito e Inversiones SA<sup>(b)(g)(i)</sup><br> 7.50%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 398748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302000 | Banco Mercantil del Norte SA<sup>(b)(i)</sup><br> 8.38%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 317100 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2099655 |
| &nbsp;&nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2349707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 381741 |
| &nbsp;&nbsp;&nbsp;&nbsp;2345000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208369 |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | Barclays PLC<br> 7.44%, 11/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(b)</sup><br> 8.13%, 01/08/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | BGC Group Inc<br> 6.15%, 04/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | Blackstone Private Credit Fund<br> 6.00%, 01/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | Blue Owl Credit Income Corp<br> 6.65%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685292 |
|  | Blue Owl Finance LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 06/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919835 |
| &nbsp;&nbsp;&nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | BPCE SA<sup>(b)</sup><br> 7.00%, 10/19/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940000 | Broadstreet Partners Group LLC<sup>(b)</sup><br> 5.88%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Brookfield Asset Management Ltd<br> 5.80%, 04/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | Brown & Brown Inc<br> 5.55%, 06/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | CaixaBank SA<sup>(b)</sup><br> 5.58%, 07/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425000 | Capital Farm Credit ACA<sup>(b)(i)</sup><br> 5.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420750 |
|  | Capital One Financial Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 07/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/08/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631797 |
|  | Central China Real Estate Ltd<sup>(j)</sup> |  |
| &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;3325 |
| &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;5637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | Charles Schwab Corp<sup>(i)</sup><br> 4.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695722 |
|  | Citadel LP<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212271 |
|  | Citigroup Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1370000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 11/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317534 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | CNO Financial Group Inc<br> 5.25%, 05/30/2029 | &nbsp;&nbsp;&nbsp;$486949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | COPT Defense Properties LP REIT<br> 2.75%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100335 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | Corebridge Financial Inc<br> 6.38%, 09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1309935 |
| &nbsp;&nbsp;&nbsp;&nbsp;1942000 | CoStar Group Inc<sup>(b)</sup><br> 2.80%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1780003 |
|  | Country Garden Holdings Co Ltd |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278784 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2031<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137311 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/2032<sup>(h)</sup><br> PIK rate, 5.00% | &nbsp;&nbsp;&nbsp;&nbsp; 13036 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | Deutsche Bank AG<sup>(g)</sup><br> 5.40%, 09/11/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060825 |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finco<sup>(b)</sup><br> 5.95%, 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | EPR Properties REIT<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171448 |
| &nbsp;&nbsp;&nbsp;&nbsp;1130000 | F&G Annuities & Life Inc<br> 6.50%, 06/04/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | Fifth Third Bancorp<br> 4.34%, 04/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | Focus Financial Partners LLC<sup>(b)</sup><br> 6.75%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370123 |
|  | Freedom Mortgage Holdings LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | GGAM Finance Ltd<sup>(b)</sup><br> 5.88%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31458 |
|  | Global Atlantic Fin Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;7.95%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;7.95%, 10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165000 | GLP Capital LP / GLP Financing II Inc REIT<br> 6.75%, 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179334 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310000 | Goldman Sachs Group Inc<br> 5.33%, 07/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345970 |
|  | HA Sustainable Infrastructure Capital Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496162 |
| &nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117865 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400000 | Host Hotels & Resorts LP REIT<br> 5.50%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417107 |
|  | Huntington Bancshares Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 02/02/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;6.14%, 11/18/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88575 |
|  | Icahn Enterprises LP / Icahn Enterprises Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627258 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/15/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$759464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | ING Groep NV<br> 6.11%, 09/11/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 275512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000 | Invitation Homes Operating Partnership LP REIT<br> 4.88%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 305974 |
|  | Iron Mountain Inc REIT<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 23626 |
| &nbsp;&nbsp;&nbsp;&nbsp;2099000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2073612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 811735 |
|  | Jane Street Group / JSG Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24007 |
|  | Jefferies Financial Group Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877904 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097612 |
|  | JPMorgan Chase & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675231 |
| &nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282717 |
|  | Kaisa Group Holdings Ltd<sup>(b)(h)(j)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96603 | &nbsp;&nbsp;&nbsp;&nbsp;7.72%, 12/28/2027<br> PIK rate, 7.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138393 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/28/2028<br> PIK rate, 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232508 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/28/2029<br> PIK rate, 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281233 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/28/2030<br> PIK rate, 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425184 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/28/2031<br> PIK rate, 7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401508 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 12/28/2032<br> PIK rate, 7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87733 |
| &nbsp;&nbsp;&nbsp;&nbsp;1110000 | KeyCorp<br> 6.40%, 03/06/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205677 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | KeyCorp Capital III<br> 7.75%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056406 |
| &nbsp;&nbsp;&nbsp;&nbsp;1610000 | Liberty Mutual Group Inc<sup>(b)</sup><br> 4.13%, 12/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Lloyds Banking Group PLC<sup>(g)(i)</sup><br> 6.63%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | Logan Group Co Ltd<sup>(j)</sup><br> 4.25%, 07/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18750 |
|  | Macquarie Airfinance Holdings Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/26/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149726 |
| &nbsp;&nbsp;&nbsp;&nbsp;1420000 | Marsh & McLennan Cos Inc<br> 5.00%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438416 |
|  | MetLife Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/08/2038<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;10.75%, 08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | Midcap Financial Issuer Trust<sup>(b)</sup><br> 6.50%, 05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983276 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | Millrose Properties REIT<sup>(b)</sup><br> 6.25%, 09/15/2032 | &nbsp;&nbsp;&nbsp;$570076 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 10/18/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1013774 |
| &nbsp;&nbsp;&nbsp;&nbsp;1610000 | &nbsp;&nbsp;&nbsp;&nbsp;5.42%, 07/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1674909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 345514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/18/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 69645 |
| &nbsp;&nbsp;&nbsp;&nbsp;1590000 | &nbsp;&nbsp;&nbsp;&nbsp;5.83%, 04/19/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1689624 |
| &nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442482 |
| &nbsp;&nbsp;&nbsp;&nbsp;4063000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/19/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152391 |
| &nbsp;&nbsp;&nbsp;&nbsp;1410000 | Mutual of Omaha Insurance Co<sup>(b)</sup><br> 6.80%, 06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557842 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015000 | Nationstar Mortgage Holdings Inc<sup>(b)</sup><br> 5.75%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | NatWest Group PLC<br> 6.48%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997422 |
|  | Navient Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676464 |
|  | Nippon Life Insurance Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/13/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/30/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | Northern Trust Corp<br> 5.12%, 11/19/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539258 |
|  | OneMain Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147840 |
| &nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | Osaic Holdings Inc<sup>(b)</sup><br> 6.75%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | PAC Designated Activity Co LLC<sup>(b)</sup><br> 9.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | Panther Escrow Issuer LLC<sup>(b)</sup><br> 7.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | Penn Mutual Life Insurance Co<sup>(b)</sup><br> 6.65%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577030 |
| &nbsp;&nbsp;&nbsp;&nbsp;1365000 | PNC Financial Services Group Inc<br> 5.58%, 01/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232000 | Port of Spain Waterfront Development<br> 7.88%, 02/19/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231420 |
|  | Prudential Financial Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935000 | Reinsurance Group of America Inc<br> 6.65%, 09/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | Rocket Cos Inc<sup>(b)</sup><br> 6.38%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620358 |
|  | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2860000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818283 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;$869286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 356098 |
| &nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2006848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61000 | Ryan Specialty LLC<sup>(b)</sup><br> 5.88%, 08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 62328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | Service Properties Trust REIT<br> 4.95%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 592530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 | Shimao Group Holdings Ltd<sup>(b)(h)(j)</sup><br> 5.00%, 07/21/2031<br>PIK rate, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124545 | Sino-Ocean Group Holding Ltd<sup>(b)</sup><br> 3.00%, 03/27/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 11209 |
|  | Societe Generale SA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 01/19/2035<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287648 |
| &nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 10/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513283 |
|  | State Street Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;6.12%, 11/21/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567188 |
| &nbsp;&nbsp;&nbsp;&nbsp;1525000 | Stewart Information Services Corp<br> 3.60%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348272 |
| &nbsp;&nbsp;&nbsp;&nbsp;1270000 | Sumitomo Life Insurance Co<sup>(b)</sup><br> 5.88%, 09/10/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282722 |
|  | Synchrony Financial |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 08/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/02/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843000 | Texas Capital Bancshares Inc<br> 4.00%, 05/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832946 |
|  | Times China Holdings Ltd<sup>(b)(h)(j)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34469 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/30/2029<br> PIK rate, 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127825 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 09/30/2032<br> PIK rate, 4.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | Toronto-Dominion Bank<br> 8.13%, 10/31/2082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854181 |
|  | Truist Financial Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 06/08/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824673 |
|  | UBS Group AG<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, Perpetual<sup>(g)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777804 |
| &nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;4.99%, 08/05/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp;4.84%, 11/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/08/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972605 |
|  | UniCredit SpA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 06/03/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 06/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 06/30/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285408 |
|  | Wells Fargo & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972804 |
| &nbsp;&nbsp;&nbsp;&nbsp;1715000 | &nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709644 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186000 | Willis North America Inc<br> 5.15%, 03/15/2036 | &nbsp;&nbsp;&nbsp;$186015 |
|  | Yuzhou Group Holdings Co Ltd<sup>(h)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59750 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/30/2027<br> PIK rate, 7.00% | &nbsp;&nbsp;&nbsp;&nbsp; 3215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47788 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2028<br> PIK rate, 4.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83220 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/30/2029<br> PIK rate, 4.50% | &nbsp;&nbsp;&nbsp;&nbsp; 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111080 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/2030<br> PIK rate, 5.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155826 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/2031<br> PIK rate, 5.50% | &nbsp;&nbsp;&nbsp;&nbsp; 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58602 | &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 06/30/2034<br> PIK rate, 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145049558 |
| Industrial — 4.64% | Industrial — 4.64% | Industrial — 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | Amrize Finance US LLC<br> 5.40%, 04/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | Arcosa Inc<sup>(b)</sup><br> 6.88%, 08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47436 |
|  | Axon Enterprise Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127960 |
| &nbsp;&nbsp;&nbsp;&nbsp;2480000 | BAE Systems PLC<sup>(b)</sup><br> 5.30%, 03/26/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568152 |
| &nbsp;&nbsp;&nbsp;&nbsp;2249000 | Ball Corp<br> 5.50%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | BNSF Funding Trust I<br> 6.61%, 12/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965464 |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063473 |
| &nbsp;&nbsp;&nbsp;&nbsp;1297000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287576 |
| &nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947282 |
| &nbsp;&nbsp;&nbsp;&nbsp;2905000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857342 |
| &nbsp;&nbsp;&nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;7.01%, 05/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870000 | Builders FirstSource Inc<sup>(b)</sup><br> 6.38%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899521 |
|  | Cemex SAB de CV<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;7.20%, Perpetual<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612836 |
|  | Clean Harbors Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | Cornerstone Building Brands Inc<sup>(b)</sup><br> 9.50%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714100 |
| &nbsp;&nbsp;&nbsp;&nbsp;1780000 | CRH America Finance Inc<br> 5.00%, 02/09/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867000 | DAE Funding LLC<sup>(b)</sup><br> 3.38%, 03/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844185 |
| &nbsp;&nbsp;&nbsp;&nbsp;1380000 | Eagle Materials Inc<br> 5.00%, 03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351753 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
|  | Entegris Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;$1854037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 587920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | Esab Corp<sup>(b)</sup><br> 6.25%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 23649 |
|  | FTAI Aviation Investors LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 489686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904078 |
|  | GFL Environmental Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686000 | Global Infrastructure Solutions Inc<sup>(b)</sup><br> 7.50%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731454 |
| &nbsp;&nbsp;&nbsp;&nbsp;1075000 | Graham Packaging Co Inc<sup>(b)</sup><br> 7.13%, 08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281000 | IHS Holding Ltd<sup>(b)</sup><br> 8.25%, 11/29/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | Imola Merger Corp<sup>(b)</sup><br> 4.75%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64156 |
| &nbsp;&nbsp;&nbsp;&nbsp;2355000 | Ingersoll Rand Inc<br> 5.70%, 08/14/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495116 |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | Jabil Inc<br> 3.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234545 |
|  | JH North America Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726756 |
| &nbsp;&nbsp;&nbsp;&nbsp;2210000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268691 |
|  | L3Harris Technologies Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041545 |
| &nbsp;&nbsp;&nbsp;&nbsp;1445000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495818 |
| &nbsp;&nbsp;&nbsp;&nbsp;1529000 | LSB Industries Inc<sup>(b)</sup><br> 6.25%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | Madison IAQ LLC<sup>(b)</sup><br> 5.88%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715626 |
| &nbsp;&nbsp;&nbsp;&nbsp;1220000 | Mauser Packaging Solutions Holding Co<sup>(b)</sup><br> 9.25%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | Maxam Prill SARL<sup>(b)</sup><br> 7.75%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596000 | New Enterprise Stone & Lime Co Inc<sup>(b)</sup><br> 9.75%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930000 | Nordson Corp<br> 5.80%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | Otis Worldwide Corp<br> 5.13%, 09/04/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178334 |
|  | Owens Corning |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461123 |
| &nbsp;&nbsp;&nbsp;&nbsp;1127000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278213 |
| &nbsp;&nbsp;&nbsp;&nbsp;1695000 | Quikrete Holdings Inc<sup>(b)</sup><br> 6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764292 |
| &nbsp;&nbsp;&nbsp;&nbsp;1136000 | Regal Rexnord Corp<br> 6.40%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754000 | Sensata Technologies BV<sup>(b)</sup><br> 4.00%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735673 |
|  | Sensata Technologies Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66000 | &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;64462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261835 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
|  | SMBC Aviation Capital Finance Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 05/03/2028 | &nbsp;&nbsp;&nbsp;$426017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 823387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | Sonoco Products Co<sup>(g)</sup><br> 5.00%, 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 782572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | Standard Building Solutions Inc<sup>(b)</sup><br> 5.88%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 591725 |
|  | TD SYNNEX Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 970299 |
| &nbsp;&nbsp;&nbsp;&nbsp;1530000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 10/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282213 |
|  | TopBuild Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31359 |
|  | TransDigm Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23540 |
| &nbsp;&nbsp;&nbsp;&nbsp;1775000 | Trimble Inc<br> 6.10%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911219 |
|  | Trivium Packaging Finance BV<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;12.25%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969000 | Weekley Homes LLC / Weekley Finance Corp<sup>(b)</sup><br> 4.88%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64461871 |
| Technology — 2.71% | Technology — 2.71% | Technology — 2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;1595000 | Atlassian Corp<br> 5.50%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650537 |
|  | Booz Allen Hamilton Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2029<sup>(b)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 08/04/2033<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531283 |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3980000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.14%, 11/15/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20354 |
| &nbsp;&nbsp;&nbsp;&nbsp;1791000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 05/15/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767732 |
|  | CDW LLC / CDW Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;3.28%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957930 |
| &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467100 |
| &nbsp;&nbsp;&nbsp;&nbsp;1195000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217603 |
| &nbsp;&nbsp;&nbsp;&nbsp;1230000 | Cloud Software Group Inc<sup>(b)</sup><br> 9.00%, 09/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461000 | Consensus Cloud Solutions Inc<sup>(b)</sup><br> 6.50%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463168 |
| &nbsp;&nbsp;&nbsp;&nbsp;1140000 | Dell International LLC / EMC Corp<br> 5.10%, 02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906000 | Fair Isaac Corp<sup>(b)</sup><br> 6.00%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930595 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 | Foundry JV Holdco LLC<sup>(b)</sup><br> 5.88%, 01/25/2034 | &nbsp;&nbsp;&nbsp;$878039 |
|  | Gartner Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 428933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 421995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Insight Enterprises Inc<sup>(b)</sup><br> 6.63%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 699037 |
|  | Leidos Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 99876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691099 |
| &nbsp;&nbsp;&nbsp;&nbsp;1632000 | Micron Technology Inc<br> 5.88%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733180 |
|  | MSCI Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1212000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759981 |
|  | NetApp Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/17/2035<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523272 |
|  | Open Text Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | Open Text Holdings Inc<sup>(b)</sup><br> 4.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36321 |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/09/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/03/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553634 |
| &nbsp;&nbsp;&nbsp;&nbsp;2398000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/26/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/03/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86415 |
| &nbsp;&nbsp;&nbsp;&nbsp;1067000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415000 | Paychex Inc<br> 5.60%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631000 | Rackspace Technology Global Inc<sup>(b)</sup><br> 5.38%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | Rocket Software Inc<sup>(b)</sup><br> 9.00%, 11/28/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835237 |
|  | Science Applications International Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16220 |
|  | Seagate Data Storage Technology Pte Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12299 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | VMware LLC<br> 2.20%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755271 |
|  | Western Digital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116089 |
| &nbsp;&nbsp;&nbsp;&nbsp;1140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091083 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;30000 | Zebra Technologies Corp<sup>(b)</sup><br> 6.50%, 06/01/2032 | &nbsp;&nbsp;&nbsp;$31012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37713143 |
| Utilities — 1.41% | Utilities — 1.41% | Utilities — 1.41% |
| &nbsp;&nbsp;&nbsp;565000 | AES Corp<br> 7.60%, 01/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 575400 |
| &nbsp;&nbsp;&nbsp;300000 | Alpha Generation LLC<sup>(b)</sup><br> 6.25%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 302693 |
| &nbsp;&nbsp;&nbsp;970000 | Capital Power US Holdings Inc<sup>(b)</sup><br> 6.19%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1012656 |
| 1275000 | CMS Energy Corp<br> 4.75%, 06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1254123 |
| &nbsp;&nbsp;&nbsp;248000 | Comision Ejecutiva Hidroelectrica del Rio Lempa<sup>(b)</sup><br> 8.65%, 01/24/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265980 |
|  | Dominion Energy Inc |  |
| &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579272 |
| &nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 02/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715487 |
| &nbsp;&nbsp;&nbsp;750000 | Duke Energy Corp<br> 5.45%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780969 |
| &nbsp;&nbsp;&nbsp;540000 | Electricite de France SA<sup>(b)</sup><br> 6.90%, 05/23/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594868 |
| &nbsp;&nbsp;&nbsp;775000 | Enel Finance International NV<sup>(b)</sup><br> 7.50%, 10/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892837 |
| &nbsp;&nbsp;&nbsp;975000 | Entergy Corp<br> 7.13%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023704 |
| &nbsp;&nbsp;&nbsp;450000 | Eskom Holdings <sup>(b)</sup><br> 8.45%, 08/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482443 |
| 1235000 | KeySpan Gas East Corp<sup>(b)</sup><br> 5.99%, 03/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303011 |
| &nbsp;&nbsp;&nbsp;225000 | Limak Yenilenebilir Enerji AS<sup>(b)</sup><br> 9.63%, 08/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220871 |
| 1040000 | NextEra Energy Capital Holdings Inc<br> 6.50%, 08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095692 |
|  | NRG Energy Inc<sup>(b)</sup> |  |
| 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239504 |
| 1470000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624922 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101663 |
| &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297756 |
| &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186410 |
| &nbsp;&nbsp;&nbsp;815000 | Southern California Edison Co<br> 6.00%, 01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855237 |
| &nbsp;&nbsp;&nbsp;845000 | Southern Co<br> 5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889590 |
| &nbsp;&nbsp;&nbsp;210000 | Southern Co Gas Capital Corp<br> 5.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222524 |
| &nbsp;&nbsp;&nbsp;190000 | Southern Power Co<br> 4.90%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187953 |
| &nbsp;&nbsp;&nbsp;729000 | Vistra Corp<sup>(b)(i)</sup><br> 8.00%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747329 |
|  | Vistra Operations Co LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;885000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932277 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034 | &nbsp;&nbsp;&nbsp;$227076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 219294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692000 | VoltaGrid LLC<sup>(b)</sup><br> 7.38%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 685596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19517137 |
| **TOTAL CORPORATE BONDS AND NOTES — 41.12%<br> (Cost $560,620,223)** | **TOTAL CORPORATE BONDS AND NOTES — 41.12%<br> (Cost $560,620,223)** | &nbsp;&nbsp;&nbsp;**$571423363** |
| **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** |
| Communications — 0.22% | Communications — 0.22% | Communications — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243000 | DoorDash Inc<sup>(b)(k)</sup><br> (0.99%), 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450532 | EchoStar Corp<sup>(h)</sup><br> 3.88%, 11/30/2030<br>PIK rate, 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | InterDigital Inc<br> 3.50%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | Lyft Inc<sup>(b)(k)</sup><br> (2.46%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | MakeMyTrip Ltd<sup>(b)(k)</sup><br> 0.48%, 07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | Spotify USA Inc<sup>(k)</sup><br> (57.09%), 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | Uber Technologies Inc<br> 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | Wix.com Ltd<sup>(b)(k)</sup><br> 2.80%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028179 |
| Consumer, Cyclical — 0.05% | Consumer, Cyclical — 0.05% | Consumer, Cyclical — 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216000 | Burlington Stores Inc<br> 1.25%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | Freshpet Inc<br> 3.00%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227000 | NCL Corp Ltd<sup>(b)</sup><br> 0.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653237 |
| Consumer, Non-Cyclical — 0.04% | Consumer, Non-Cyclical — 0.04% | Consumer, Non-Cyclical — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | Euronet Worldwide Inc<sup>(b)</sup><br> 0.63%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 | Post Holdings Inc<br> 2.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112000 | Zoetis Inc<sup>(b)</sup><br> 0.25%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619836 |
| Energy — 0.01% | Energy — 0.01% | Energy — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | Northern Oil & Gas Inc<br> 3.63%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79971 |
| Financial — 0.02% | Financial — 0.02% | Financial — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198900 | CIFI Holdings Group Co Ltd<sup>(k)</sup><br> 0.00%, 06/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18647 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | IREN Ltd<sup>(b)(k)</sup><br> 6.37%, 07/01/2031 | &nbsp;&nbsp;&nbsp;$159207 |
|  | Kaisa Group Holdings Ltd<sup>(b)(j)(k)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74267 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92838 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148535 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148535 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185669 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185669 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350277 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641821 | Shimao Group Holdings Ltd<sup>(b)(j)(k)</sup><br> 0.00%, 07/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307807 | Sino-Ocean Group Holding Ltd<sup>(b)(k)</sup><br> 0.00%, 03/27/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 |
|  | Sunac China Holdings Ltd<sup>(b)(k)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318711 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235513 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186979 | Times China Holdings Ltd<br> 0.00%, 03/30/2027<sup>(b)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308992 |
| Industrial — 0.06% | Industrial — 0.06% | Industrial — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152000 | Advanced Energy Industries Inc<br> 2.50%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211000 | Fluor Corp<br> 1.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67000 | Granite Construction Inc<br> 3.75%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246000 | Itron Inc<br> 1.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908168 |
| Technology — 0.21% | Technology — 0.21% | Technology — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148000 | Cloudflare Inc<sup>(b)(k)</sup><br> (1.80%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94000 | Commvault Systems Inc<sup>(b)(k)</sup><br> 2.77%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | CyberArk Software Ltd<sup>(b)(k)</sup><br> (2.59%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311000 | Guidewire Software Inc<br> 1.25%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187000 | Nova Ltd<sup>(b)(k)</sup><br> (4.17%), 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | Nutanix Inc<br> 0.50%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342000 | Rubrik Inc<sup>(b)(k)</sup><br> 0.40%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | Seagate HDD Cayman<br> 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192000 | Snowflake Inc<sup>(k)</sup><br> (9.39%), 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137000 | Tyler Technologies Inc<br> 0.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138507 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;354000 | Zscaler Inc<sup>(b)(k)</sup><br> 2.71%, 07/15/2028 | &nbsp;&nbsp;&nbsp;$331167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857688 |
| Utilities — 0.06% | Utilities — 0.06% | Utilities — 0.06% |
| &nbsp;&nbsp;&nbsp;128000 | Evergy Inc<br> 4.50%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155776 |
| &nbsp;&nbsp;&nbsp;238000 | FirstEnergy Corp<sup>(b)</sup><br> 3.88%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 256088 |
| &nbsp;&nbsp;&nbsp;206000 | Pinnacle West Capital Corp<br> 4.75%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 219905 |
| &nbsp;&nbsp;&nbsp;137000 | UGI Corp<br> 5.00%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 194129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825898 |
| **TOTAL CONVERTIBLE BONDS — 0.67%<br> (Cost $10,100,932)** | **TOTAL CONVERTIBLE BONDS — 0.67%<br> (Cost $10,100,932)** | &nbsp;&nbsp;&nbsp;**$9281969** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;526000 | Abu Dhabi Government International Bond<sup>(b)</sup><br> 3.88%, 04/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422387 |
|  | Angolan Government International Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;451000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440144 |
| &nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp;9.24%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520082 |
| &nbsp;&nbsp;&nbsp;743000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/14/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723956 |
|  | Argentine Republic Government International Bond<sup>(d)</sup> |  |
| 3292800 | &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/09/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798880 |
| &nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403992 |
| &nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/09/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440112 |
| &nbsp;&nbsp;&nbsp;961227 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685836 |
| &nbsp;&nbsp;&nbsp;172000 | Benin Government International Bond<sup>(b)</sup><br> 7.96%, 02/13/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178304 |
| &nbsp;&nbsp;&nbsp;&nbsp;27548 | Brazil Notas do Tesouro Nacional Serie F<sup>(j)</sup><br> BRL, 10.00%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414799 |
|  | Brazilian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302398 |
| &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737665 |
| 1553000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599901 |
| 1034000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/12/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022729 |
| &nbsp;&nbsp;&nbsp;538000 | Bulgaria Government International Bond<br> 5.00%, 03/05/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534234 |
|  | Chile Government International Bond |  |
| &nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/31/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193898 |
| 1659000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672521 |
| &nbsp;&nbsp;&nbsp;387000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408711 |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 03/07/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355360 |
| &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;5.33%, 01/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255539 |
| 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/22/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890640 |
| 2321000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/21/2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433101 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
|  | Colombia Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;868000 | &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/25/2030 | &nbsp;&nbsp;&nbsp;$916608 |
| &nbsp;&nbsp;&nbsp;&nbsp;411000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 441825 |
| &nbsp;&nbsp;1602000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1706931 |
| &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/14/2053<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 258735 |
|  | Costa Rica Government International Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;787000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 04/03/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 857830 |
| &nbsp;&nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp;7.30%, 11/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535433 |
| 60580000 | Czech Republic Government Bond<br> CZK, 1.75%, 06/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532842 |
|  | Dominican Republic International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;966000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/28/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967642 |
| &nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 06/01/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522015 |
| &nbsp;&nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724343 |
| &nbsp;&nbsp;1116000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197580 |
| &nbsp;&nbsp;&nbsp;&nbsp;814000 | Eagle Funding Luxco SARL<sup>(b)</sup><br> 5.50%, 08/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829132 |
|  | Ecuador Government International Bond<sup>(d)</sup> |  |
| &nbsp;&nbsp;1180899 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 07/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164083 |
| &nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 07/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171011 |
| &nbsp;&nbsp;&nbsp;&nbsp;449000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351343 |
|  | Egypt Government International Bond |  |
| &nbsp;&nbsp;1368000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 09/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382281 |
| &nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 02/04/2030<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175275 |
| &nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/16/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780052 |
| &nbsp;&nbsp;1176000 | &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/31/2047<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153636 |
| &nbsp;&nbsp;&nbsp;&nbsp;654000 | &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/30/2051<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654330 |
|  | El Salvador Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;263000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 02/28/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280095 |
| &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363058 |
| &nbsp;&nbsp;&nbsp;&nbsp;696000 | &nbsp;&nbsp;&nbsp;&nbsp;7.65%, 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721752 |
| &nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222220 |
| &nbsp;&nbsp;&nbsp;&nbsp;410000 | Emirate of Dubai Government International Bonds<br> 3.90%, 09/09/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309710 |
| &nbsp;&nbsp;&nbsp;&nbsp;143000 | Ethiopia International Bond<sup>(b)(j)</sup><br> 6.63%, 12/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153207 |
|  | Gabon Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182557 |
| &nbsp;&nbsp;&nbsp;&nbsp;862000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/06/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667628 |
|  | Ghana Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/03/2026<sup>(b)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/03/2026<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18811 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/03/2030<sup>(b)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13779 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/03/2030<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12170 |
| &nbsp;&nbsp;1113792 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/03/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017759 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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)** |
|  | Guatemala Government Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2036 | &nbsp;&nbsp;&nbsp;$545490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/07/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 347991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/15/2055<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 520106 |
|  | Hungary Government Bond |  |
| 395790000 | &nbsp;&nbsp;&nbsp;&nbsp;HUF, 9.50%, 10/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1239873 |
| 474610000 | &nbsp;&nbsp;&nbsp;&nbsp;HUF, 2.75%, 12/22/2026<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1407650 |
|  | Hungary Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/22/2031<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/22/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/16/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/26/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440761 |
| &nbsp;&nbsp;&nbsp;&nbsp;2042000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/26/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036546 |
|  | Indonesia Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 02/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/10/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/15/2035<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/10/2054<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 09/23/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67958 |
|  | Ivory Coast Government International Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2033<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;8.08%, 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/30/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499923 |
| &nbsp;&nbsp;&nbsp;&nbsp;1104000 | Kazakhstan Government International Bond<sup>(b)</sup><br> 5.50%, 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538000 | KSA Ijarah Sukuk Ltd<sup>(b)</sup><br> 4.88%, 09/09/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540556 |
|  | Kuwait International Government Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1859000 | &nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/09/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858218 |
| &nbsp;&nbsp;&nbsp;&nbsp;1649000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/09/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646723 |
| &nbsp;&nbsp;&nbsp;&nbsp;1665000 | Kyrgyz Republic International Bond<sup>(b)</sup><br> 7.75%, 06/03/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758000 | Lebanon Government International Bond<sup>(j)</sup><br> 7.00%, 03/23/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177781 |
| &nbsp;&nbsp;11000000 | Malaysia Government Bond<br> MYR, 2.63%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616078 |
|  | Mexican Bonos |  |
| &nbsp;&nbsp;&nbsp;&nbsp;256200<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MXN, 8.50%, 05/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434592 |
| &nbsp;&nbsp;&nbsp;&nbsp;706000<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MXN, 8.50%, 11/18/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673089 |
| &nbsp;&nbsp;&nbsp;&nbsp;258000<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;MXN, 7.75%, 11/13/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224631 |
|  | Mexico Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/22/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701628 |
| &nbsp;&nbsp;&nbsp;&nbsp;1465000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 05/04/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;3.77%, 05/24/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547000 | Mozambique International Bond<sup>(b)(d)</sup><br> 9.00%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467171 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
|  | Nigeria Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/28/2027 | &nbsp;&nbsp;&nbsp;$815842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;9.63%, 06/09/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 340491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784000 | &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/28/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 797347 |
| &nbsp;&nbsp;&nbsp;&nbsp;1274000 | &nbsp;&nbsp;&nbsp;&nbsp;10.38%, 12/09/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1511333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 01/13/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 246954 |
| &nbsp;&nbsp;&nbsp;&nbsp;2237000 | Oman Government International Bond<sup>(b)</sup><br> 6.50%, 03/08/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2400554 |
|  | Pakistan Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1173000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702000 | &nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/08/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699036 |
|  | Panama Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736000 | &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 07/23/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486570 |
|  | Peruvian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/08/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 01/15/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518896 |
|  | Philippine Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/04/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462610 |
| &nbsp;&nbsp;&nbsp;&nbsp;1449000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/05/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454445 |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | Republic of Cameroon International Bond<sup>(g)</sup><br> 9.50%, 07/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285285 |
|  | Republic of Kenya Government International Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;9.75%, 02/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/09/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397000 | &nbsp;&nbsp;&nbsp;&nbsp;9.50%, 03/05/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422609 |
|  | Republic of Poland Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/04/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383038 |
| &nbsp;&nbsp;&nbsp;&nbsp;2867000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/12/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972071 |
| &nbsp;&nbsp;&nbsp;&nbsp;2674000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557233 |
|  | Republic of South Africa Government Bond |  |
| 114404000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918519 |
| &nbsp;&nbsp;51600000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR, 8.75%, 02/28/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995257 |
|  | Republic of South Africa Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/11/2037<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/24/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274631 |
| &nbsp;&nbsp;&nbsp;&nbsp;1617000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/27/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602000 | &nbsp;&nbsp;&nbsp;&nbsp;7.95%, 11/19/2054<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647185 |
|  | Republic of Uzbekistan International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.38%, 05/29/2027<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906555 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;7.85%, 10/12/2028<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$321077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.10%, 02/25/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 534357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.10%, 02/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 619368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 185610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 790386 |
| &nbsp;&nbsp;&nbsp;&nbsp;2595000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 02/28/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2788988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 05/25/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 885330 |
|  | Romanian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1344000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386788 |
| &nbsp;&nbsp;&nbsp;&nbsp;1416000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/17/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/17/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/30/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423292 |
| &nbsp;&nbsp;&nbsp;&nbsp;1812000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263702 |
| &nbsp;&nbsp;&nbsp;&nbsp;2236000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331030 |
|  | Saudi Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/25/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721823 |
| &nbsp;&nbsp;&nbsp;&nbsp;1429000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/13/2035<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/13/2035<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600030 |
| &nbsp;&nbsp;&nbsp;&nbsp;1131000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/26/2046<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | Senegal Government International Bond<sup>(b)</sup><br> 6.25%, 05/23/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482996 |
|  | Sri Lanka Government International Bond<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62826 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329229 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/15/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131870 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/15/2033<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112914 |
| &nbsp;&nbsp;&nbsp;&nbsp;1397042 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/15/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123647 | &nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/15/2038<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112210 |
|  | Trinidad & Tobago Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/14/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254898 |
|  | Turkiye Government Bond |  |
| &nbsp;&nbsp;94830000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 37.00%, 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210352 |
| 105855000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484435 |
|  | Turkiye Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1865000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150087 |
| &nbsp;&nbsp;&nbsp;&nbsp;1415000 | &nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537369 |
| &nbsp;&nbsp;&nbsp;&nbsp;1748000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 09/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/17/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199000 | UAE International Government Bond<sup>(b)</sup><br> 4.05%, 07/07/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199191 |
|  | Ukraine Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107444 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30723 | &nbsp;&nbsp;&nbsp;&nbsp;13.23%, 02/01/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18203 |
| &nbsp;&nbsp;&nbsp;&nbsp;1196000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2034<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114812 | &nbsp;&nbsp;&nbsp;&nbsp;9.44%, 02/01/2034<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939860 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2035<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58769 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2036<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34542 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;771840 | &nbsp;&nbsp;&nbsp;&nbsp;1.92%, 05/31/2041 | &nbsp;&nbsp;&nbsp;$575021 |
|  | Uruguay Government International Bond |  |
| 35540000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 8.50%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 928972 |
| 34665000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 9.75%, 07/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 997567 |
| 33623000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 8.00%, 10/29/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 887775 |
| &nbsp;&nbsp;1529000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/18/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1441388 |
| &nbsp;&nbsp;&nbsp;&nbsp;797000 | &nbsp;&nbsp;&nbsp;&nbsp;4.98%, 04/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 725868 |
| &nbsp;&nbsp;1190000 | Venezuela Government International Bond<sup>(j)</sup><br> 12.75%, 08/23/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371875 |
| &nbsp;&nbsp;&nbsp;&nbsp;339389 | Zambia Government International Bond<sup>(b)(d)</sup><br> 5.75%, 06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334185 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 10.83%<br> (Cost $143,907,617)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 10.83%<br> (Cost $143,907,617)** | &nbsp;&nbsp;&nbsp;**$150451552** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 7.88% | Non-Agency — 7.88% | Non-Agency — 7.88% |
|  | A&D Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;748672 | &nbsp;&nbsp;&nbsp;&nbsp;6.73%, 07/25/2068<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM2 Class A1 |  |
| &nbsp;&nbsp;1251538 | &nbsp;&nbsp;&nbsp;&nbsp;5.79%, 06/25/2070<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263384 |
|  | Ajax Mortgage Loan Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-D Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;102020 | &nbsp;&nbsp;&nbsp;&nbsp;2.96%, 09/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B Class A1 |  |
| &nbsp;&nbsp;1117807 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/27/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084697 |
| &nbsp;&nbsp;1725000 | ALA Trust<sup>(b)(c)</sup><br> Series 2025-OANA Class A<br> 5.49%, 06/15/2040<br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731466 |
|  | Angel Oak Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;242609 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 05/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5 Class A1 |  |
| &nbsp;&nbsp;1444260 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/25/2067<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A1 |  |
| &nbsp;&nbsp;2314579 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/26/2067<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306620 |
| &nbsp;&nbsp;&nbsp;&nbsp;315000 | Arixa Mortgage Trust<sup>(b)</sup><br> Series 2025-RTL1 Class A1<br> 5.74%, 08/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317019 |
|  | Arroyo Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80381 | &nbsp;&nbsp;&nbsp;&nbsp;3.81%, 01/25/2049<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;303405 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 04/25/2049<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296431 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1 Class A3 |  |
| &nbsp;&nbsp;1810000 | &nbsp;&nbsp;&nbsp;&nbsp;3.33%, 03/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672229 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;289105 | ATLX Trust<sup>(b)(d)</sup><br> Series 2024-RPL2 Class A1<br> 3.85%, 04/25/2063 | &nbsp;&nbsp;&nbsp;$282409 |
| &nbsp;&nbsp;&nbsp;480000 | BANK<br> Series 2021-BN35 Class AS<br> 2.46%, 06/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp; 416601 |
|  | Barclays Commercial Mortgage Securities Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-CBM Class A |  |
| 1629000 | &nbsp;&nbsp;&nbsp;&nbsp;5.03%, 07/15/2037<br> 1-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1591067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-TALL Class A |  |
| 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;4.67%, 03/15/2037<br> 1-mo. SOFR + 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1192710 |
|  | BFLD Commercial Mortgage Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-660F Class B |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 11/15/2042<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-660F Class C |  |
| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/2042<br> 1-mo. SOFR + 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221093 |
|  | BPR Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class B |  |
| &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 12/15/2038<sup>(c)</sup><br> 1-mo. SOFR + 2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class C |  |
| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;6.37%, 12/15/2038<sup>(c)</sup><br> 1-mo. SOFR + 2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;7.67%, 12/15/2038<sup>(c)</sup><br> 1-mo. SOFR + 3.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89158 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-STAR Class A |  |
| &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/05/2042<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150873 |
| &nbsp;&nbsp;&nbsp;&nbsp;58220 | Bunker Hill Loan Depositary Trust<sup>(b)(d)</sup><br> Series 2019-2 Class A1<br> 2.88%, 07/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57289 |
|  | BX Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-OC11 Class B |  |
| &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;3.61%, 12/09/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-OC11 Class D |  |
| 1129000 | &nbsp;&nbsp;&nbsp;&nbsp;3.94%, 12/09/2041<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-AHP Class B |  |
| &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;5.59%, 01/17/2039<sup>(c)</sup><br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CLS Class A |  |
| 1294000 | &nbsp;&nbsp;&nbsp;&nbsp;5.76%, 10/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT4 Class A |  |
| &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp;5.24%, 06/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414870 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT5 Class B |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 11/13/2046<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-XL5 Class A |  |
| &nbsp;&nbsp;&nbsp;975870 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2041<sup>(c)</sup><br> 1-mo. SOFR + 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976471 |

---

---

| | | |
|:---|:---|:---|
| **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-DELC Class C |  |
| &nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp;&nbsp;6.16%, 12/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 2.20% | &nbsp;&nbsp;&nbsp;$245612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ROIC Class C |  |
| 1055882 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 03/15/2030<sup>(c)</sup><br> 1-mo. SOFR + 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1051925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT6 Class A |  |
| 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 2552964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT7 Class A |  |
| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2044<sup>(c)</sup><br> 1-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT7 Class B |  |
| &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2044<sup>(c)</sup><br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791224 |
| &nbsp;&nbsp;&nbsp;&nbsp;90516 | CAFL Issuer LLC<sup>(b)(d)</sup><br> Series 2021-RTL1 Class A1<br> 4.24%, 03/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85894 |
| &nbsp;&nbsp;&nbsp;545000 | Cardinal Mortgage Trust<sup>(b)(d)</sup><br> Series 2025-RTL1 Class A1<br> 5.59%, 11/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546502 |
| 1540000 | CENT Trust<sup>(b)(e)</sup><br> Series 2025-CITY Class A<br> 4.92%, 07/10/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558730 |
| &nbsp;&nbsp;&nbsp;379316 | Chase Mortgage Finance Corp<sup>(b)(e)</sup><br> Series 2016-SH2 Class M2<br> 3.70%, 12/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357155 |
|  | Citigroup Mortgage Loan Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-RP1 Class M2 |  |
| &nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;848419 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864062 |
| &nbsp;&nbsp;&nbsp;124696 | COLT Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2023-4 Class A1<br> 7.16%, 10/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126228 |
|  | COMM Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LTRT Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;55237 | &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;54867 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CBM Class A2 |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 12/10/2041<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203583 |
| &nbsp;&nbsp;&nbsp;495000 | CoreVest American Finance Trust<sup>(b)(d)</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;495000 |
|  | Credit Suisse Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class B |  |
| &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.37%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84934 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-RPL1 Class A1 |  |
| 1194494 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$1171975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;136654 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/27/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 136126 |
| &nbsp;&nbsp;&nbsp;460000 | DC Commercial Mortgage Trust<sup>(b)(e)</sup><br> Series 2023-DC Class C<br> 7.14%, 09/12/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 475672 |
|  | Deephaven Residential Mortgage Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A1 |  |
| 1442758 | &nbsp;&nbsp;&nbsp;&nbsp;2.21%, 01/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;936287 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 11/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938056 |
|  | Ellington Financial Mortgage Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;26943 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;793081 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800433 |
| 1058000 | ELM Trust<sup>(b)(e)</sup><br> Series 2024-ELM Class A10<br> 5.80%, 06/10/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063555 |
|  | Extended Stay America Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH Class C |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2042<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH Class D |  |
| &nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 10/15/2042<br> 1-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105656 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH Class E |  |
| &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;7.10%, 10/15/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120749 |
| 1575000 | Fashion Show Mall LLC<sup>(b)(e)</sup><br> Series 2024-SHOW Class A<br> 5.10%, 10/10/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598685 |
| &nbsp;&nbsp;&nbsp;820000 | Fontainebleau Miami Beach Mortgage Trust<sup>(b)(c)</sup><br> Series 2024-FBLU Class A<br> 5.19%, 12/15/2039<br> 1-mo. SOFR + 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821794 |
| &nbsp;&nbsp;&nbsp;&nbsp;83253 | GCAT Trust<sup>(b)(e)</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;&nbsp;&nbsp;81376 |
| 1090000 | GITSIT Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2025-NPL2 Class A1<br> 5.42%, 12/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090000 |
|  | GS Mortgage Securities Trust<sup>(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-G1 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;66727 | &nbsp;&nbsp;&nbsp;&nbsp;3.72%, 04/10/2031<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66147 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class A |  |
| &nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/05/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$92950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class D |  |
| &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/05/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15050 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC22 Class B |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.39%, 06/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 163117 |
| 1075000 | Houston Galleria Mall Trust<sup>(b)(e)</sup><br> Series 2025-HGLR Class A<br> 5.46%, 02/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1113902 |
| 1790000 | Hudson Yards Mortgage Trust<sup>(b)(e)</sup><br> Series 2025-SPRL Class A<br> 5.47%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855854 |
| 1379592 | Imperial Fund Mortgage Trust<sup>(b)(d)</sup><br> Series 2022-NQM3 Class A1<br> 4.38%, 05/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374957 |
|  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LC9 Class C |  |
| &nbsp;&nbsp;&nbsp;143790 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/15/2047<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-OMNI Class A |  |
| 1535000 | &nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/05/2039<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class A |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 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;399875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class B |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 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;298882 |
| 1051551 | JPMorgan Mortgage Trust<sup>(b)(e)</sup><br> Series 2025-NQM2 Class A1<br> 5.57%, 09/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060933 |
| &nbsp;&nbsp;&nbsp;819734 | JPMorgan Seasoned Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-1 Class A4<br> 4.38%, 01/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803620 |
|  | Legacy Mortgage Asset Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182448 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;81408 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/25/2060<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81470 |
| &nbsp;&nbsp;&nbsp;200000 | LEX Mortgage Trust<sup>(b)(e)</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;201179 |
| 1680000 | LHOME Mortgage Trust<sup>(b)(d)</sup><br> Series 2024-RTL1 Class A1<br> 7.02%, 01/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686254 |
| &nbsp;&nbsp;&nbsp;900000 | MetLife Securitization Trust<sup>(b)(e)</sup><br> Series 2017-1A Class M1<br> 3.39%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826408 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;819494 | MFA Trust<sup>(b)(d)</sup><br> Series 2022-INV1 Class A1<br> 3.91%, 04/25/2066 | &nbsp;&nbsp;&nbsp;$813500 |
|  | MFRA Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;401926 | &nbsp;&nbsp;&nbsp;&nbsp;1.01%, 01/26/2065<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 384019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV2 Class A1 |  |
| 1037617 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/25/2057<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1035502 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;237358 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/25/2067<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;464988 | &nbsp;&nbsp;&nbsp;&nbsp;6.33%, 09/25/2054<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM2 Class A1 |  |
| 1148361 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 08/25/2069<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150099 |
|  | Mill City Mortgage Loan Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class M2 |  |
| &nbsp;&nbsp;&nbsp;603888 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GS1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;85618 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84177 |
| 1225000 | MIRA Trust<sup>(b)</sup><br> Series 2023-MILE Class A<br> 6.75%, 06/10/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272246 |
|  | Morgan Stanley BAML Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-CKSV Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;80762 | &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;&nbsp;&nbsp;77530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C11 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.08%, 08/15/2046<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;14551 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 10/15/2046<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13824 |
| 1922000 | MSSG Trust<sup>(b)</sup><br> Series 2017-237P Class A<br> 3.40%, 09/13/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834305 |
|  | New Residential Mortgage Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A Class A3 |  |
| &nbsp;&nbsp;&nbsp;918794 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ2R Class A1 |  |
| &nbsp;&nbsp;&nbsp;217870 | &nbsp;&nbsp;&nbsp;&nbsp;0.94%, 10/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2 Class A1 |  |
| 2351701 | &nbsp;&nbsp;&nbsp;&nbsp;3.08%, 03/27/2062<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RTL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;6.66%, 03/25/2039<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617849 |
|  | New York Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-CP1 Class A1 |  |
| 1978201 | &nbsp;&nbsp;&nbsp;&nbsp;2.04%, 07/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;6.51%, 05/25/2039<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706292 |

---

---

| | | |
|:---|:---|:---|
| **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-BPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 09/25/2039<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$340793 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CP1 Class A1 |  |
| 1741486 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/25/2068<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1625394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;58695 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 58852 |
|  | NYC Commercial Mortgage Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-299P Class A |  |
| &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp;5.66%, 02/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-300P Class A |  |
| 2155000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/13/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163438 |
|  | Onslow Bay Financial LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM5 Class A1A |  |
| &nbsp;&nbsp;&nbsp;604508 | &nbsp;&nbsp;&nbsp;&nbsp;6.57%, 06/25/2063<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM9 Class A1 |  |
| &nbsp;&nbsp;&nbsp;954953 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%, 10/25/2063<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966624 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HYB2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;631111 | &nbsp;&nbsp;&nbsp;&nbsp;3.69%, 04/25/2053<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM9 Class A1 |  |
| &nbsp;&nbsp;&nbsp;746132 | &nbsp;&nbsp;&nbsp;&nbsp;6.03%, 01/25/2064<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755846 |
| &nbsp;&nbsp;&nbsp;&nbsp;63686 | Palisades Mortgage Loan Trust<sup>(b)(d)</sup><br> Series 2021-RTL1 Class A1<br> 3.49%, 06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63686 |
|  | PMT Loan Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;746454 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-INV7 Class A7 |  |
| 1367634 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394194 |
|  | Pretium Mortgage Credit Partners<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-RPL1 Class A1 |  |
| 1431022 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/25/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL1 Class A1 |  |
| 1049644 | &nbsp;&nbsp;&nbsp;&nbsp;6.06%, 02/25/2055<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;413647 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 04/25/2055<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;388226 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 06/25/2055<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389731 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL8 Class A1 |  |
| 1024522 | &nbsp;&nbsp;&nbsp;&nbsp;5.73%, 08/25/2055<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027247 |
| 1365206 | PRKCM Trust<sup>(b)(e)</sup><br> Series 2022-AFC1 Class A1A<br> 4.10%, 04/25/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362930 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | PRP Advisors LLC<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;266403 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 11/25/2029 | &nbsp;&nbsp;&nbsp;$266540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;211978 | &nbsp;&nbsp;&nbsp;&nbsp;6.47%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 212373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;913941 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 912177 |
| &nbsp;&nbsp;&nbsp;&nbsp;95423 | RCKT Mortgage Trust<sup>(b)(e)</sup><br> Series 2020-1 Class A1<br> 3.00%, 02/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83529 |
|  | RCO IX Mortgage LLC<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A1 |  |
| 1184951 | &nbsp;&nbsp;&nbsp;&nbsp;6.51%, 04/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188744 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class A1 |  |
| 1270906 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271229 |
| &nbsp;&nbsp;&nbsp;510583 | RCO VIII Mortgage LLC<sup>(b)(d)</sup><br> Series 2025-3 Class A1<br> 6.43%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511702 |
| &nbsp;&nbsp;&nbsp;934722 | RCO X Mortgage LLC<sup>(b)(d)</sup><br> Series 2025-1 Class A1<br> 5.88%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936693 |
| &nbsp;&nbsp;&nbsp;711102 | Redwood Funding Trust<sup>(b)(d)</sup><br> Series 2025-1 Class A<br> 7.58%, 05/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711884 |
| 1415000 | RFR Trust<sup>(b)(e)</sup><br> Series 2025-SGRM Class A<br> 5.38%, 03/11/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448000 |
| 1410000 | RIDE<sup>(b)(e)</sup><br> Series 2025-SHRE Class C<br> 6.12%, 02/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432606 |
| &nbsp;&nbsp;&nbsp;815000 | ROC Mortgage Trust<sup>(b)(d)</sup><br> Series 2024-RTL1 Class A1<br> 5.59%, 10/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822961 |
|  | ROCC Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class A |  |
| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CNTR Class C |  |
| 1135000 | &nbsp;&nbsp;&nbsp;&nbsp;6.47%, 11/13/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180153 |
| &nbsp;&nbsp;&nbsp;190000 | TCO Commercial Mortgage Trust<sup>(b)(c)</sup><br> Series 2024-DPM Class A<br> 4.99%, 12/15/2039<br> 1-mo. SOFR + 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 |
| &nbsp;&nbsp;&nbsp;130000 | Toorak Mortgage Trust<sup>(b)(d)</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;130497 |
|  | Towd Point Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4 Class B1 |  |
| &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;3.96%, 07/25/2056<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1 Class M1 |  |
| &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/25/2056<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class A2 |  |
| 1241583 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4 Class M2 |  |
| &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/25/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288839 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5 Class M1 |  |
| &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$145353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-6 Class A2 |  |
| 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1474944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A2 |  |
| 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1074138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class M1 |  |
| &nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/25/2058<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827929 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;136080 | &nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class A2 |  |
| &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/25/2059<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HY2 Class M1 |  |
| &nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;5.44%, 05/25/2058<sup>(c)</sup><br> 1-mo. SOFR + 1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class A2 |  |
| 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905636 |
| &nbsp;&nbsp;&nbsp;850000 | TVC Mortgage Trust<sup>(b)(d)</sup><br> Series 2024-RRTL1 Class A1<br> 5.55%, 07/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851621 |
|  | VCAT LLC<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;313692 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;747504 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749239 |
|  | Verus Securitization Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;445096 | &nbsp;&nbsp;&nbsp;&nbsp;6.26%, 12/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449286 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;685603 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688279 |
|  | Visio Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;22265 | &nbsp;&nbsp;&nbsp;&nbsp;2.72%, 11/25/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1R Class A1 |  |
| &nbsp;&nbsp;&nbsp;398826 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1R Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;46385 | &nbsp;&nbsp;&nbsp;&nbsp;1.57%, 11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;679996 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/25/2057<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677629 |
| &nbsp;&nbsp;&nbsp;135000 | Wells Fargo Commercial Mortgage Trust<sup>(e)</sup><br> Series 2016-C36 Class B<br> 3.67%, 11/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128847 |
|  | WFRBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15 Class B |  |
| &nbsp;&nbsp;&nbsp;198542 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2046<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191291 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;121709 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2047 | &nbsp;&nbsp;&nbsp;$105378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109501822 |
| U.S. Government Agency — 5.48% | U.S. Government Agency — 5.48% | U.S. Government Agency — 5.48% |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;2110313 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2146791 |
| &nbsp;&nbsp;1692350 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1722724 |
| &nbsp;&nbsp;2942132 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894099 |
| &nbsp;&nbsp;4884414 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880347 |
| &nbsp;&nbsp;5335908 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487750 |
| &nbsp;&nbsp;5646019 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5797258 |
| 10615399 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10592331 |
| 12608578 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12788992 |
| &nbsp;&nbsp;3689220 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748014 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;1346326 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350480 |
| &nbsp;&nbsp;1926131 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887424 |
| &nbsp;&nbsp;&nbsp;&nbsp;920515 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921790 |
| &nbsp;&nbsp;4612423 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394040 |
| &nbsp;&nbsp;1096084 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114891 |
| &nbsp;&nbsp;1514503 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486728 |
| &nbsp;&nbsp;2566648 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612034 |
| &nbsp;&nbsp;4822028 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954337 |
| &nbsp;&nbsp;2257000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323002 |
| &nbsp;&nbsp;3687542 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789349 |
| &nbsp;&nbsp;1350625 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76178016 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 13.36%<br> (Cost $186,461,049)** | **TOTAL MORTGAGE-BACKED SECURITIES — 13.36%<br> (Cost $186,461,049)** | &nbsp;&nbsp;&nbsp;**$185679838** |
| **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** | **MUNICIPAL BONDS AND NOTES** |
| &nbsp;&nbsp;1085000 | Tobacco Settlement Financing Corp<br> Series A-1, RB<br> 6.71%, 06/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865615 |
| **TOTAL MUNICIPAL BONDS AND NOTES — 0.06%<br> (Cost $1,081,447)** | **TOTAL MUNICIPAL BONDS AND NOTES — 0.06%<br> (Cost $1,081,447)** | &nbsp;&nbsp;&nbsp;**$865615** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | United States Treasury Note/Bond |  |
| 35945000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36402737 |
| &nbsp;&nbsp;1705000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717588 |
| 91752000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90827312 |
| &nbsp;&nbsp;5970000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196907 |
| &nbsp;&nbsp;6115000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528342 |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852344 |
| &nbsp;&nbsp;5850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5517738 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| 8915000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;$8625262 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 11.42%<br> (Cost $158,736,520)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 11.42%<br> (Cost $158,736,520)** | &nbsp;&nbsp;&nbsp;**$158668230** |
| **Shares** |  |  |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Communications — 0.02% | Communications — 0.02% | Communications — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | Altice France SA<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 101405 |
| &nbsp;&nbsp;&nbsp;&nbsp;95643 | Optimum Communications Inc Class A<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 157811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259216 |
| Consumer, Non-Cyclical — 0.10% | Consumer, Non-Cyclical — 0.10% | Consumer, Non-Cyclical — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;24250 | BioMarin Pharmaceutical Inc<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681 | Lannett Co Inc<sup>(n)(o)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | Rising Tide Holdings Inc<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448976 |
| Financial — 0.00%<sup>(p)</sup> | Financial — 0.00%<sup>(p)</sup> | Financial — 0.00%<sup>(p)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | Country Garden Holdings Co Ltd<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;92058 | Kaisa Group Holdings Ltd<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | NMG Parent LLC<sup>(n)(o)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;27230 | Sunac China Holdings Ltd<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;88317 | Times China Holdings Ltd<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;54029 | Yuzhou Group Holdings Co Ltd<sup>(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990 |
| **TOTAL COMMON STOCK — 0.12%<br> (Cost $3,815,655)** | **TOTAL COMMON STOCK — 0.12%<br> (Cost $3,815,655)** | &nbsp;&nbsp;&nbsp;**$1717182** |
| **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** | **CONVERTIBLE PREFERRED STOCK** |
| Financial — 0.06% | Financial — 0.06% | Financial — 0.06% |
| &nbsp;&nbsp;&nbsp;909000 | Charles Schwab Corp Series H 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848629 |
| **TOTAL CONVERTIBLE PREFERRED STOCK — 0.06%<br> (Cost $815,591)** | **TOTAL CONVERTIBLE PREFERRED STOCK — 0.06%<br> (Cost $815,591)** | &nbsp;&nbsp;&nbsp;**$848629** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Financial — 0.01% | Financial — 0.01% | Financial — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79086 |
| Industrial — 0.04% | Industrial — 0.04% | Industrial — 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155 | Boeing Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566365 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — 0.02% | Utilities — 0.02% | Utilities — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | PG&E Corp | &nbsp;&nbsp;&nbsp;$256843 |
| **TOTAL PREFERRED STOCK — 0.07%<br> (Cost $758,569)** | **TOTAL PREFERRED STOCK — 0.07%<br> (Cost $758,569)** | &nbsp;&nbsp;&nbsp;**$902294** |
| **RIGHTS** | **RIGHTS** | **RIGHTS** |
| Communications — 0.00%<sup>(p)</sup> | Communications — 0.00%<sup>(p)</sup> | Communications — 0.00%<sup>(p)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | Altice France SA<sup>(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5526 |
| **TOTAL RIGHTS — 0.00%<sup>(p)</sup><br> (Cost $20,309)** | **TOTAL RIGHTS — 0.00%<sup>(p)</sup><br> (Cost $20,309)** | &nbsp;&nbsp;&nbsp;**$5526** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 18708786 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(q)</sup>, 3.71%<sup>(r)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18708786 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.35%<br> (Cost $18,708,786)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.35%<br> (Cost $18,708,786)** | &nbsp;&nbsp;&nbsp;**$18708786** |

---

---

| | |
|:---|:---|
| **Principal Amount<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.49% | U.S. Treasury Bonds and Notes — 0.49% |
| 6959000 U.S. Treasury Bills<sup>(k)</sup><br> 3.56%, 07/02/2026 | &nbsp;&nbsp;&nbsp;$6836628 |
| **TOTAL SHORT TERM INVESTMENTS — 0.49%<br> (Cost $6,836,628)** | &nbsp;&nbsp;&nbsp;**$6836628** |
| **TOTAL INVESTMENTS — 98.17%<br> (Cost $1,351,698,347)** | &nbsp;&nbsp;&nbsp;**$1364131819** |
| **OTHER ASSETS & LIABILITIES, NET — 1.83%** | &nbsp;&nbsp;&nbsp;**$25466437** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1389598256** |

---

<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 December 31, 2025, the aggregate fair value of 144A securities was $607,278,379, representing 43.70% 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 December 31, 2025.

<sup>(d)</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 December 31, 2025. Maturity date disclosed represents final maturity date.

<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. Interest rate shown reflects the rate in effect as of December 31, 2025.

<sup>(f)</sup> All or a portion of this position has not settled as of December 31, 2025. The interest rate shown represents the stated spread over the Secured Overnight Financing Rate ("SOFR") or the applicable SOFR floor; the Fund will not accrue interest until the settlement date, at which point the SOFR will be established.

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

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

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

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

<sup>(l)</sup> Principal amount is stated in 100 Mexican Peso Units.

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

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

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

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

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

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

<sup>LP</sup> Limited Partnership

<sup>RB</sup> Revenue Bonds

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

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

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER MULTI-SECTOR BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 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 | 207 | USD | &nbsp;&nbsp;23275 | Mar 2026 | $(184145) |
| U.S. 5 Year Treasury Note Futures | 4104 | USD | 448586 | Mar 2026 | &nbsp;&nbsp;(1257800) |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Treasury Ultra Futures | 1439 | USD | 165507 | Mar 2026 | &nbsp;&nbsp;&nbsp;1241102 |
| U.S. 2 Year Treasury Note Futures | 36 | USD | &nbsp;&nbsp;&nbsp;&nbsp;7516 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 |
| U.S. Long Bond Futures | 84 | USD | &nbsp;&nbsp;&nbsp;&nbsp;9710 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140489 |
| U.S. Ultra Bond Futures | 93 | USD | &nbsp;&nbsp;10974 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248372 |
|  |  |  |  | **Net Appreciation** | **$190269** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Real |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Koruna |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euro Dollar |
| HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungarian Forint |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Peso |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian Ringgit |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkish Lira |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Dollar |
| UYU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguayan Peso |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African Rand |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 7.47% | Non-Agency — 7.47% | Non-Agency — 7.47% |
| $250000 | Allegro XII Ltd<sup>(a)(b)</sup><br> Series 2020-1A Class A1R<br> 5.31%, 07/21/2037<br> 3-mo. SOFR + 1.44% | &nbsp;&nbsp;&nbsp;$250589 |
| &nbsp;&nbsp; 550000 | AmeriCredit Automobile Receivables Trust<br> Series 2023-2 Class C<br> 6.00%, 07/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 564224 |
| &nbsp;&nbsp; 309944 | Angel Oak Mortgage Trust <sup>(a)(b)</sup><br> Series 2025-HB1 Class A1<br> 5.87%, 02/25/2055<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp; 311899 |
| &nbsp;&nbsp; 700000 | Bain Capital Credit Ltd<sup>(a)(b)</sup><br> Series 2022-2A Class A1R<br> 5.01%, 04/22/2035<br> 3-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 699426 |
| &nbsp;&nbsp; 351000 | Bank of America Auto Trust<sup>(a)</sup><br> Series 2023-2A Class A4<br> 5.66%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 357884 |
| &nbsp;&nbsp; 500000 | Battalion CLO X Ltd<sup>(a)(b)</sup><br> Series 2016-10A Class A1R3<br> 4.87%, 01/24/2035<br> 3-mo. SOFR + 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 500423 |
|  | Birch Grove Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A1R |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 10/19/2037<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400973 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-8A Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.51%, 04/20/2037<br> 3-mo. SOFR + 1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456908 | BofA Auto Trust<sup>(a)</sup><br> Series 2024-1A Class A3<br> 5.35%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602223 | BRAVO Residential Funding Trust<sup>(a)(b)</sup><br> Series 2025-HE1 Class A1<br> 5.22%, 09/25/2072<br> 1-mo. SOFR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601790 |
|  | Capital One Prime Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92045 | &nbsp;&nbsp;&nbsp;&nbsp;3.17%, 04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765790 |
| &nbsp;&nbsp;&nbsp;&nbsp;1131940 | Carmax Auto Owner Trust<br> Series 2025-2 Class A2A<br> 4.59%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135288 |
| &nbsp;&nbsp;&nbsp;&nbsp;1540000 | Cathedral Lake VIII Ltd<sup>(a)(b)</sup><br> Series 2021-8A Class A1R<br> 5.05%, 01/20/2035<br> 3-mo. SOFR + 1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82995 | CCG Receivables Trust<sup>(a)</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;83322 |
|  | Chase Auto Owner Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655051 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822000 | &nbsp;&nbsp;&nbsp;&nbsp;4.29%, 06/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828830 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $1370000 | CIFC Funding I Ltd<sup>(a)(b)</sup><br> Series 2020-1A Class A1R<br> 5.32%, 07/15/2036<br> 3-mo. SOFR + 1.41% | &nbsp;&nbsp;&nbsp;$1370643 |
| &nbsp;&nbsp; 272021 | Citizens Auto Receivables Trust<sup>(a)</sup><br> Series 2024-1 Class A3<br> 5.11%, 04/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 273514 |
|  | Elevation Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-10A Class AR |  |
| &nbsp;&nbsp; 103613 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/20/2031<br> 3-mo. SOFR + 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 103594 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-13A Class A1R |  |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.96%, 07/15/2034<br> 3-mo. SOFR + 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 499408 |
|  | Elmwood Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A Class A1RR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.26%, 07/18/2037<br> 3-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/18/2037<br> 3-mo. SOFR + 1.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802141 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9RA Class AR |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/21/2037<br> 3-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | FIGRE Trust<sup>(a)(c)</sup><br> Series 2025-FL2 Class A1<br> 5.05%, 11/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150369 |
|  | Ford Credit Auto Owner Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-C Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295989 | &nbsp;&nbsp;&nbsp;&nbsp;4.59%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296511 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1975131 | &nbsp;&nbsp;&nbsp;&nbsp;5.09%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991900 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992000 | &nbsp;&nbsp;&nbsp;&nbsp;3.71%, 12/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486609 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728000 | GM Financial Revolving Receivables Trust<sup>(a)</sup><br> Series 2024-1 Class A<br> 4.98%, 12/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | GoldenTree Loan Management US Ltd<sup>(a)(b)</sup><br> Series 2021-9A Class AR<br> 5.38%, 04/20/2037<br> 3-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190490 | GS Mortgage-Backed Securities Trust<sup>(a)(c)</sup><br> Series 2025-CES2 Class A1<br> 5.18%, 09/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | HalseyPoint Ltd<sup>(a)(b)</sup><br> Series 2021-4A Class A<br> 5.37%, 04/20/2034<br> 3-mo. SOFR + 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800534 |
| &nbsp;&nbsp;&nbsp;&nbsp;1165000 | Harley-Davidson Motorcycle Trust<br> Series 2025-A Class A3<br> 4.67%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179796 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $338876 | Honda Auto Receivables Owner Trust<br> Series 2023-2 Class A3<br> 4.93%, 11/15/2027 | &nbsp;&nbsp;&nbsp;$340447 |
| &nbsp;&nbsp; 1587000 | Honda Auto Receivables Trust<br> Series 2025-4 Class A2A<br> 4.04%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589637 |
|  | Hyundai Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A3 |  |
| &nbsp;&nbsp; 616401 | &nbsp;&nbsp;&nbsp;&nbsp;4.99%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 621677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C Class A3 |  |
| &nbsp;&nbsp; 368000 | &nbsp;&nbsp;&nbsp;&nbsp;4.41%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 370901 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp;4.36%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1687000 | &nbsp;&nbsp;&nbsp;&nbsp;4.33%, 07/17/2028<sup>(b)</sup><br> 1-mo. SOFR + 0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687538 |
|  | JPMorgan Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HE2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284338 | &nbsp;&nbsp;&nbsp;&nbsp;5.62%, 03/20/2054<sup>(b)</sup><br> 1-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285417 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES1 Class A1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241297 | &nbsp;&nbsp;&nbsp;&nbsp;5.92%, 06/25/2054<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | KKR Ltd<sup>(a)(b)</sup><br> Series 2022-43A Class A1R<br> 5.65%, 01/15/2036<br> 3-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | Madison Park Funding XXX Ltd<sup>(a)(b)</sup><br> Series 2018-30A Class AIR<br> 5.25%, 07/16/2037<br> 3-mo. SOFR + 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Magnetite XL Ltd<sup>(a)(b)</sup><br> Series 2024-40A Class A1<br> 5.35%, 07/15/2037<br> 3-mo. SOFR + 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Neuberger Berman XVII Ltd<sup>(a)(b)</sup><br> Series 2014-17A Class AR3<br> 5.26%, 07/22/2038<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284000 | Nissan Auto Receivables Owner Trust<br> Series 2025-B Class A2A<br> 4.00%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429000 | Oaktree Ltd<sup>(a)(b)</sup><br> Series 2021-1A Class A1R<br> 5.25%, 01/15/2038<br> 3-mo. SOFR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332000 | OCCU Auto Receivables <sup>(a)</sup><br> Series 2025-1A Class A3<br> 4.81%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334925 |
| &nbsp;&nbsp;&nbsp;&nbsp;1150000 | OneMain Direct Auto Receivables Trust<sup>(a)</sup><br> Series 2021-1A Class D<br> 1.62%, 11/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244196 | PK Alift Loan Funding 7 LP<sup>(a)</sup><br> Series 2025-2 Class A<br> 4.75%, 03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244657 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $500000 | Sandstone Peak III Ltd<sup>(a)(b)</sup><br> Series 2024-1A Class A1<br> 5.49%, 04/25/2037<br> 3-mo. SOFR + 1.63% | &nbsp;&nbsp;&nbsp;$501279 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class C |  |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 307558 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class D |  |
| &nbsp;&nbsp; 273131 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 272837 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339137 | &nbsp;&nbsp;&nbsp;&nbsp;5.61%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Signal Peak Ltd<sup>(a)(b)</sup><br> Series 2018-5A Class AIR<br> 5.41%, 04/25/2037<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Sound Point XXVI Ltd<sup>(a)(b)</sup><br> Series 2020-1A Class AR<br> 5.32%, 07/20/2034<br> 3-mo. SOFR + 1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Sound Point XXXII Ltd<sup>(a)(b)</sup><br> Series 2021-4A Class A<br> 5.27%, 10/25/2034<br> 3-mo. SOFR + 1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630183 | Symphony XXIII Ltd<sup>(a)(b)</sup><br> Series 2020-23A Class AR2<br> 4.80%, 01/15/2034<br> 3-mo. SOFR + 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629651 |
|  | Toyota Auto Receivables Owner Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170087 | &nbsp;&nbsp;&nbsp;&nbsp;4.71%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170729 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1050734 | &nbsp;&nbsp;&nbsp;&nbsp;4.83%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-D Class A2B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/15/2028<sup>(b)</sup><br> 1-mo. SOFR + 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970997 |
| &nbsp;&nbsp;&nbsp;&nbsp;1014958 | Volkswagen Auto Loan Enhanced Trust<br> Series 2025-1 Class A2A<br> 4.51%, 01/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387392 | Voya Ltd<sup>(a)(b)</sup><br> Series 2019-3A Class AR<br> 5.22%, 10/17/2032<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388113 |
|  | Wise Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 01/15/2037<br> 3-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.36%, 07/15/2037<br> 3-mo. SOFR + 1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400677 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $360000 | Zais Ltd<sup>(a)(b)</sup><br> Series 2020-16A Class A1R2<br> 5.01%, 10/20/2034<br> 3-mo. SOFR + 1.13% | &nbsp;&nbsp;&nbsp;$359485 |
| **TOTAL ASSET-BACKED SECURITIES — 7.47%<br> (Cost $40,925,260)** | **TOTAL ASSET-BACKED SECURITIES — 7.47%<br> (Cost $40,925,260)** | &nbsp;&nbsp;&nbsp;**$41014460** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 0.58% | Basic Materials — 0.58% | Basic Materials — 0.58% |
| &nbsp;&nbsp; 558000 | Celanese US Holdings LLC<sup>(d)</sup><br> 1.40%, 08/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 549086 |
|  | Georgia-Pacific LLC<sup>(a)</sup> |  |
| &nbsp;&nbsp; 314000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 317723 |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706000 | Glencore Funding LLC<sup>(a)</sup><br> 6.13%, 10/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429000 | Rio Tinto Finance USA PLC<br> 4.88%, 03/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187340 |
| Communications — 3.08% | Communications — 3.08% | Communications — 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | Alphabet Inc<br> 4.10%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | Amazon.com Inc<br> 4.10%, 11/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | CCO Holdings LLC / CCO Holdings Capital Corp<sup>(a)</sup><br> 5.13%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319560 |
| &nbsp;&nbsp;&nbsp;&nbsp;1855000 | Charter Communications Operating LLC / Charter Communications Operating Capital<br> 4.20%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845768 |
| &nbsp;&nbsp;&nbsp;&nbsp;1220000 | Cipher Compute LLC<sup>(a)</sup><br> 7.13%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242549 |
| &nbsp;&nbsp;&nbsp;&nbsp;1255000 | Meta Platforms Inc<br> 4.20%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257652 |
|  | Motorola Solutions Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354202 |
| &nbsp;&nbsp;&nbsp;&nbsp;3080000 | Netflix Inc<sup>(a)</sup><br> 5.38%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210628 |
|  | Paramount Global |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181214 |
| &nbsp;&nbsp;&nbsp;&nbsp;1159000 | Rogers Communications Inc<br> 5.00%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180970 |
| &nbsp;&nbsp;&nbsp;&nbsp;3650000 | Sprint Capital Corp<br> 6.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916921 |
| &nbsp;&nbsp;&nbsp;&nbsp;1653000 | T-Mobile USA Inc<br> 2.25%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16928385 |
| Consumer, Cyclical — 4.53% | Consumer, Cyclical — 4.53% | Consumer, Cyclical — 4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;1695000 | 7-Eleven Inc<sup>(a)</sup><br> 1.30%, 02/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599648 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $883000 | Alimentation Couche-Tard Inc<sup>(a)</sup><br> 3.55%, 07/26/2027 | &nbsp;&nbsp;&nbsp;$876792 |
| &nbsp;&nbsp; 1029000 | AS Mileage Plan IP Ltd<sup>(a)</sup><br> 5.02%, 10/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036142 |
| &nbsp;&nbsp; 614000 | Brunswick Corp<br> 2.40%, 08/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 537718 |
|  | Carnival Corp<sup>(a)</sup> |  |
| &nbsp;&nbsp; 3005000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2960735 |
| &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 722929 |
| &nbsp;&nbsp; 1562000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606380 |
| &nbsp;&nbsp;&nbsp;&nbsp;2193000 | DR Horton Inc<br> 1.30%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148220 |
|  | General Motors Financial Co Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1656000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637267 |
| &nbsp;&nbsp;&nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170242 |
|  | Hyatt Hotels Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1236000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584409 |
|  | Hyundai Capital America<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3908000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/08/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578000 | Las Vegas Sands Corp<br> 3.50%, 08/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | Marriott International Inc<br> 4.00%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Royal Caribbean Cruises Ltd<sup>(a)</sup><br> 5.50%, 08/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449000 | Tapestry Inc<br> 5.10%, 03/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460946 |
|  | Toll Brothers Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583000 | &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438000 | Walmart Inc<br> 4.35%, 04/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24892131 |
| Consumer, Non-Cyclical — 7.57% | Consumer, Non-Cyclical — 7.57% | Consumer, Non-Cyclical — 7.57% |
|  | Amgen Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1329000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679383 |
|  | Ashtead Capital Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100881 |
| &nbsp;&nbsp;&nbsp;&nbsp;1235000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233872 |
|  | BAT Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5175000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 04/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 08/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | Biogen Inc<br> 2.25%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601705 |
| &nbsp;&nbsp;&nbsp;&nbsp;2902000 | Block Inc<br> 2.75%, 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 | Bunge Ltd Finance Corp<br> 3.20%, 04/21/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152440 |
| &nbsp;&nbsp;&nbsp;&nbsp;2974000 | CVS Health Corp<br> 5.40%, 06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080158 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
|  | GE HealthCare Technologies Inc |  |
| $275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/15/2028 | &nbsp;&nbsp;&nbsp;$275758 |
| &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 152301 |
| &nbsp;&nbsp; 1365000 | Haleon US Capital LLC<br> 3.38%, 03/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1354988 |
|  | HCA Inc |  |
| &nbsp;&nbsp; 1653000 | &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635689 |
| &nbsp;&nbsp; 828000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 848350 |
|  | Icon Investments Six Designated Activity Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 05/08/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208724 |
| &nbsp;&nbsp;&nbsp;&nbsp;1073000 | Illumina Inc<br> 4.65%, 09/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | IQVIA Inc<br> 5.70%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825440 |
| &nbsp;&nbsp;&nbsp;&nbsp;1395000 | JBS USA Holding Lux SARL / JBS USA Food Co / JBS Lux Co SARL<br> 3.00%, 02/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | Kellanova<br> 7.45%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81232 |
|  | Mars Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2680000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716717 |
| &nbsp;&nbsp;&nbsp;&nbsp;2015000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37772 |
| &nbsp;&nbsp;&nbsp;&nbsp;3310000 | Mondelez International Holdings Netherlands BV<sup>(a)</sup><br> 1.25%, 09/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245476 |
| &nbsp;&nbsp;&nbsp;&nbsp;1095000 | Novartis Capital Corp<br> 4.10%, 11/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093833 |
|  | Philip Morris International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827818 |
| &nbsp;&nbsp;&nbsp;&nbsp;1115000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460778 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310000 | Regeneron Pharmaceuticals Inc<br> 1.75%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168674 |
|  | Royalty Pharma PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847842 |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | S&P Global Inc<br> 2.50%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376000 | Verisk Analytics Inc<br> 4.50%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41594776 |
| Energy — 2.00% | Energy — 2.00% | Energy — 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;1063000 | Boardwalk Pipelines LP<br> 5.95%, 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066249 |
| &nbsp;&nbsp;&nbsp;&nbsp;1512000 | Cheniere Energy Partners LP<br> 4.50%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515179 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310000 | Coterra Energy Operating Co<br> 3.90%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627000 | Diamondback Energy Inc<br> 5.15%, 01/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683000 | Enbridge Inc<br> 1.60%, 10/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670657 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Energy Transfer LP |  |
| $1655000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 12/01/2026 | &nbsp;&nbsp;&nbsp;$1681557 |
| &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 16465 |
| &nbsp;&nbsp; 83000 | EQT Corp<sup>(a)</sup><br> 3.13%, 05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 82526 |
| &nbsp;&nbsp; 870000 | Occidental Petroleum Corp<br> 5.20%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 891742 |
| &nbsp;&nbsp; 827000 | ONEOK Inc<br> 5.55%, 11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 835905 |
|  | South Bow USA Infrastructure Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764000 | &nbsp;&nbsp;&nbsp;&nbsp;4.91%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877000 | Venture Global Calcasieu Pass LLC<sup>(a)</sup><br> 6.25%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 | Viper Energy Partners LLC<br> 4.90%, 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10971960 |
| Financial — 18.63% | Financial — 18.63% | Financial — 18.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;1150000 | ABN AMRO Bank NV<sup>(a)</sup><br> 6.34%, 09/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | AEGON Funding Co LLC<sup>(a)</sup><br> 5.50%, 04/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675494 |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3082000 | &nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040109 |
| &nbsp;&nbsp;&nbsp;&nbsp;1157000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708000 | Air Lease Corp<br> 5.30%, 06/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774000 | Aircastle Ltd<sup>(a)</sup><br> 6.50%, 07/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813696 |
|  | American Express Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 07/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp;&nbsp;4.73%, 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310695 |
|  | American Tower Corp REIT |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224693 |
|  | Ares Capital Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1186000 | &nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | Arthur J Gallagher & Co<br> 4.85%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885133 |
| &nbsp;&nbsp;&nbsp;&nbsp;3690000 | Athene Global Funding<sup>(a)</sup><br> 1.73%, 10/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494000 | Aviation Capital Group LLC<sup>(a)</sup><br> 5.38%, 07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593000 | Avolon Holdings Funding Ltd<sup>(a)</sup><br> 5.75%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615213 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Banco Bilbao Vizcaya Argentaria SA<br> 5.38%, 03/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243841 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600000 | Banco Santander SA<sup>(d)</sup><br> 1.72%, 09/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538926 |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;8.05%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198174 |
| &nbsp;&nbsp;&nbsp;&nbsp;5833000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061138 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $440000 | Bank of New York Mellon<br> 4.73%, 04/20/2029 | &nbsp;&nbsp;&nbsp;$447247 |
| &nbsp;&nbsp; 1390000 | Banque Federative du Credit Mutuel SA<sup>(a)(d)</sup><br> 1.60%, 10/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365583 |
| &nbsp;&nbsp; 320000 | Barclays PLC<br> 5.37%, 02/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 330742 |
| &nbsp;&nbsp; 417000 | Blackstone Private Credit Fund<br> 3.25%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 409841 |
| &nbsp;&nbsp; 475000 | BPCE SA<sup>(a)</sup><br> 5.98%, 01/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 475286 |
| &nbsp;&nbsp; 2440000 | Brown & Brown Inc<br> 4.70%, 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2469250 |
|  | CaixaBank SA<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/03/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446350 |
| &nbsp;&nbsp;&nbsp;&nbsp;1255000 | Capital One Financial Corp<br> 4.49%, 09/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253159 |
| &nbsp;&nbsp;&nbsp;&nbsp;1180000 | Citibank NA<br> 4.91%, 05/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213877 |
|  | Citigroup Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2069000 | &nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/09/2027<sup>(b)</sup><br> 1-day SOFR + 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071205 |
| &nbsp;&nbsp;&nbsp;&nbsp;2190000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196777 |
| &nbsp;&nbsp;&nbsp;&nbsp;2073000 | CNO Global Funding<sup>(a)(d)</sup><br> 1.75%, 10/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036152 |
| &nbsp;&nbsp;&nbsp;&nbsp;1319000 | Corebridge Financial Inc<br> 3.65%, 04/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | Credit Agricole SA<sup>(a)</sup><br> 5.34%, 01/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391200 |
| &nbsp;&nbsp;&nbsp;&nbsp;1707000 | Crown Castle Inc REIT<br> 4.90%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733480 |
| &nbsp;&nbsp;&nbsp;&nbsp;1042000 | Danske Bank A/S<sup>(a)(d)</sup><br> 1.55%, 09/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927000 | Deutsche Bank AG<br> 2.31%, 11/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911971 |
| &nbsp;&nbsp;&nbsp;&nbsp;1200000 | Equinix Inc REIT<br> 2.90%, 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188094 |
| &nbsp;&nbsp;&nbsp;&nbsp;1250000 | Equitable America Global Funding<sup>(a)</sup><br> 4.30%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343000 | F&G Annuities & Life Inc<br> 6.50%, 06/04/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Federation des Caisses Desjardins du Quebec<sup>(a)</sup><br> 4.57%, 08/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553586 |
|  | Fifth Third Bancorp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816000 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 07/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829000 | First-Citizens Bank & Trust Co<br> 6.13%, 03/09/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859207 |
| &nbsp;&nbsp;&nbsp;&nbsp;6820000 | Goldman Sachs Group Inc<br> 4.15%, 10/21/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6818474 |
|  | ING Groep NV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1130000 | &nbsp;&nbsp;&nbsp;&nbsp;6.08%, 09/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;4.86%, 03/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598827 |
| &nbsp;&nbsp;&nbsp;&nbsp;1347000 | Intesa Sanpaolo SpA<sup>(a)</sup><br> 5.71%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347649 |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | Jane Street Group / JSG Finance Inc<sup>(a)</sup><br> 4.50%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477290 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $745000 | Jefferies Financial Group Inc<sup>(d)</sup><br> 4.50%, 09/15/2026 | &nbsp;&nbsp;&nbsp;$745048 |
|  | JPMorgan Chase & Co |  |
| &nbsp;&nbsp; 1986000 | &nbsp;&nbsp;&nbsp;&nbsp;1.47%, 09/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949757 |
| &nbsp;&nbsp; 1649000 | &nbsp;&nbsp;&nbsp;&nbsp;5.04%, 01/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1666066 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp;4.26%, 10/22/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 752710 |
|  | Lloyds Banking Group PLC |  |
| &nbsp;&nbsp; 1384000 | &nbsp;&nbsp;&nbsp;&nbsp;5.46%, 01/05/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402600 |
| &nbsp;&nbsp;&nbsp;&nbsp;1076000 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 06/13/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539000 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/05/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564898 |
|  | LPL Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1137000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2027<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254000 | Macquarie Airfinance Holdings Ltd<sup>(a)</sup><br> 5.15%, 03/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257485 |
|  | Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1649000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 01/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650119 |
| &nbsp;&nbsp;&nbsp;&nbsp;3489000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/23/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580270 |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099646 |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | Morgan Stanley Bank NA<br> 4.95%, 01/14/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306000 | Nationwide Building Society<sup>(a)</sup><br> 4.65%, 07/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895000 | NatWest Markets PLC<sup>(a)</sup><br> 4.41%, 11/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895950 |
| &nbsp;&nbsp;&nbsp;&nbsp;1737000 | PNC Bank NA<br> 4.05%, 07/26/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739513 |
| &nbsp;&nbsp;&nbsp;&nbsp;1340000 | Santander Holdings USA Inc<sup>(d)</sup><br> 2.49%, 01/06/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317070 |
| &nbsp;&nbsp;&nbsp;&nbsp;1648000 | Toronto-Dominion Bank<br> 5.53%, 07/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | Truist Bank<br> 4.63%, 09/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431332 |
| &nbsp;&nbsp;&nbsp;&nbsp;2499000 | Truist Financial Corp<br> 6.05%, 06/08/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519107 |
|  | VICI Properties LP / VICI Note Co Inc REIT<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873186 |
| &nbsp;&nbsp;&nbsp;&nbsp;1480000 | VICI Properties LP REIT<sup>(a)</sup><br> 3.88%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849000 | Wells Fargo & Co<br> 4.81%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858507 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650000 | Willis North America Inc<br> 4.65%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;102267829 |
| Industrial — 5.64% | Industrial — 5.64% | Industrial — 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | Amphenol Corp<br> 3.90%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | AptarGroup Inc<br> 4.75%, 03/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322259 |
| &nbsp;&nbsp;&nbsp;&nbsp;2085000 | Avolon Holdings Funding Ltd<sup>(a)</sup><br> 4.90%, 10/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096059 |
|  | BAE Systems PLC<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/26/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828808 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $3760000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/26/2029 | &nbsp;&nbsp;&nbsp;$3865310 |
|  | Berry Global Inc |  |
| &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173096 |
| &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 104017 |
|  | Boeing Co |  |
| &nbsp;&nbsp; 4362000 | &nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4356869 |
| &nbsp;&nbsp; 181000 | &nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185709 |
| &nbsp;&nbsp;&nbsp;&nbsp;4119000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108006 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | General Electric Co<br> 4.30%, 07/29/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919000 | Graphic Packaging International LLC<sup>(a)</sup><br> 1.51%, 04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910614 |
| &nbsp;&nbsp;&nbsp;&nbsp;2437000 | Howmet Aerospace Inc<br> 3.00%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827000 | Penske Truck Leasing Co LP / PTL Finance Corp<sup>(a)</sup><br> 5.75%, 05/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677000 | Regal Rexnord Corp<br> 6.05%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203000 | Republic Services Inc<br> 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210024 |
| &nbsp;&nbsp;&nbsp;&nbsp;1152000 | SMBC Aviation Capital Finance Designated Activity Co<sup>(a)</sup><br> 5.30%, 04/03/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183464 |
| &nbsp;&nbsp;&nbsp;&nbsp;3600000 | Spirit AeroSystems Inc<br> 4.60%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604176 |
| &nbsp;&nbsp;&nbsp;&nbsp;1690000 | Vertiv Group Corp<sup>(a)</sup><br> 4.13%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669230 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30953506 |
| Technology — 4.01% | Technology — 4.01% | Technology — 4.01% |
|  | Broadcom Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1067000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098559 |
| &nbsp;&nbsp;&nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | Fiserv Inc<br> 5.45%, 03/02/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844790 |
|  | Foundry JV Holdco LLC<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 01/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277638 |
| &nbsp;&nbsp;&nbsp;&nbsp;2485000 | Gartner Inc<sup>(a)</sup><br> 4.50%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476963 |
| &nbsp;&nbsp;&nbsp;&nbsp;1922000 | Hewlett Packard Enterprise Co<br> 4.55%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933042 |
|  | Marvell Technology Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1138000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958323 |
| &nbsp;&nbsp;&nbsp;&nbsp;2114000 | MSCI Inc<sup>(a)</sup><br> 4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066841 |
|  | Oracle Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2482000 | &nbsp;&nbsp;&nbsp;&nbsp;1.65%, 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/26/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686000 | Paychex Inc<br> 5.10%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706247 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $1046000 | ServiceNow Inc<br> 1.40%, 09/01/2030 | &nbsp;&nbsp;&nbsp;$921550 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 314178 |
| &nbsp;&nbsp; 1136000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160257 |
| &nbsp;&nbsp; 1294000 | VMware LLC<br> 1.40%, 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274880 |
| &nbsp;&nbsp; 880000 | Workday Inc<br> 3.50%, 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 874683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22003382 |
| Utilities — 4.46% | Utilities — 4.46% | Utilities — 4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;1968000 | AES Corp<br> 1.38%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730000 | Alexander Funding Trust II<sup>(a)</sup><br> 7.47%, 07/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777743 |
| &nbsp;&nbsp;&nbsp;&nbsp;2067000 | Constellation Energy Generation LLC<br> 5.60%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132437 |
|  | Dominion Energy Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1248000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806000 | &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 | DTE Energy Co<br> 4.95%, 07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795000 | Electricite de France SA<sup>(a)</sup><br> 5.70%, 05/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | Enel Finance International NV<sup>(a)</sup><br> 4.13%, 09/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499000 | Eversource Energy<br> 5.45%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511483 |
| &nbsp;&nbsp;&nbsp;&nbsp;2017000 | FirstEnergy Corp<br> 3.90%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008953 |
|  | NextEra Energy Capital Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263090 |
| &nbsp;&nbsp;&nbsp;&nbsp;2103000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169531 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2413000 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | Palomino Funding Trust I<sup>(a)</sup><br> 7.23%, 05/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719186 |
|  | Southern Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1762000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | Southern Co Gas Capital Corp<br> 4.05%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945000 | Southern Power Co<br> 4.25%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942474 |
|  | Vistra Operations Co LLC<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1205000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 12/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213596 |
| &nbsp;&nbsp;&nbsp;&nbsp;2405000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | Wisconsin Electric Power Co<br> 4.15%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24476789 |
| **TOTAL CORPORATE BONDS AND NOTES — 50.50%<br> (Cost $274,174,649)** | **TOTAL CORPORATE BONDS AND NOTES — 50.50%<br> (Cost $274,174,649)** | &nbsp;&nbsp;&nbsp;**$277276098** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 7.53% | Non-Agency — 7.53% | Non-Agency — 7.53% |
|  | A&D Mortgage Trust<sup>(a)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1 |  |
| $1487221 | &nbsp;&nbsp;&nbsp;&nbsp;7.47%, 09/25/2068 | &nbsp;&nbsp;&nbsp;$1506555 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM5 Class A1 |  |
| &nbsp;&nbsp; 2128959 | &nbsp;&nbsp;&nbsp;&nbsp;7.05%, 11/25/2068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153765 |
| &nbsp;&nbsp; 712000 | Anchor Mortgage Trust <sup>(a)(c)</sup><br> Series 2025-RTL1 Class A1<br> 5.72%, 05/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 715768 |
|  | Angel Oak Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346584 | &nbsp;&nbsp;&nbsp;&nbsp;1.46%, 05/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256673 | &nbsp;&nbsp;&nbsp;&nbsp;5.14%, 09/25/2069<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257373 |
|  | BANK |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 05/15/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619291 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN26 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4001728 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%, 03/15/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147259 |
|  | BANK5<sup>(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9631069 | &nbsp;&nbsp;&nbsp;&nbsp;1.19%, 10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR7 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;9144819 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%, 06/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296013 | Barclays Commercial Mortgage Trust<br> Series 2019-C3 Class A2<br> 3.44%, 05/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292355 |
| &nbsp;&nbsp;18330058 | BBCMS Mortgage Trust<sup>(e)</sup><br> Series 2024-5C29 Class XA<br> 1.60%, 09/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383568 | BDS Ltd<sup>(a)(b)</sup><br> Series 2021-FL10 Class A<br> 5.20%, 12/16/2036<br> 1-mo. SOFR + 1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383721 |
|  | Benchmark Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B13 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1085271 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 08/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3969614 | &nbsp;&nbsp;&nbsp;&nbsp;1.49%, 01/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-V10 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8393286 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 09/15/2057<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353899 |
| &nbsp;&nbsp;&nbsp;&nbsp;9089155 | BMO Mortgage Trust<sup>(e)</sup><br> Series 2024-5C6 Class XA<br> 1.35%, 09/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382888 |
|  | BRAVO Residential Funding Trust<sup>(a)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129266 | &nbsp;&nbsp;&nbsp;&nbsp;6.44%, 05/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275902 | &nbsp;&nbsp;&nbsp;&nbsp;6.39%, 10/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277900 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97483 | &nbsp;&nbsp;&nbsp;&nbsp;6.29%, 02/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566175 | &nbsp;&nbsp;&nbsp;&nbsp;6.19%, 03/25/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697000 | CGMS Commercial Mortgage Trust<sup>(e)</sup><br> Series 2017-B1 Class AS<br> 3.71%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683455 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Citigroup Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C3 Class A4 |  |
| $1054000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 11/15/2049 | &nbsp;&nbsp;&nbsp;$1042527 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC46 Class A2 |  |
| &nbsp;&nbsp; 520062 | &nbsp;&nbsp;&nbsp;&nbsp;2.71%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 499976 |
| &nbsp;&nbsp; 2350129 | COLT Mortgage Loan Trust<sup>(a)(c)</sup><br> Series 2024-INV2 Class A1<br> 6.42%, 05/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2383968 |
|  | COMM Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR14 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133381 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 02/10/2047<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR17 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456477 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS5 Class AM |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346489 | &nbsp;&nbsp;&nbsp;&nbsp;4.19%, 09/10/2047<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR22 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463239 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 03/10/2048<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216000 | CoreVest American Finance Ltd<sup>(a)(c)</sup><br> Series 2025-RRTL1 Class A1<br> 5.68%, 05/28/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217623 |
|  | Cross Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431202 | &nbsp;&nbsp;&nbsp;&nbsp;6.09%, 12/25/2068<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-H2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501917 | &nbsp;&nbsp;&nbsp;&nbsp;6.09%, 04/25/2069<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506674 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-H1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771713 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/25/2070<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779280 |
|  | CSAIL Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C16 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298693 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C18 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635029 | &nbsp;&nbsp;&nbsp;&nbsp;2.84%, 12/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-C20 Class XA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5929260 | &nbsp;&nbsp;&nbsp;&nbsp;0.99%, 03/15/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482722 | Ellington Financial Mortgage Trust<sup>(a)(b)</sup><br> Series 2025-NQM4 Class A1F<br> 5.07%, 09/25/2070<br> 1-mo. SOFR + 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482322 |
| &nbsp;&nbsp;12269034 | GS Mortgage Securities Trust<sup>(e)</sup><br> Series 2019-GC38 Class XA<br> 1.01%, 02/10/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329714 |
| &nbsp;&nbsp;&nbsp;&nbsp;1812866 | GS Mortgage-Backed Securities Trust<sup>(a)(e)</sup><br> Series 2024-RPL2 Class A1<br> 3.75%, 07/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413135 | HOMES Trust<sup>(a)(c)</sup><br> Series 2024-NQM1 Class A1<br> 5.92%, 07/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417195 |
|  | JPMBB Commercial Mortgage Securities Trust<sup>(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509086 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709824 | &nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681707 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | JPMorgan Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10 Class A11 |  |
| $478538 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 03/25/2055<sup>(b)</sup><br> 1-mo. SOFR + 1.25% | &nbsp;&nbsp;&nbsp;$477510 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VIS2 Class A1 |  |
| &nbsp;&nbsp; 306153 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/25/2064<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 309689 |
| &nbsp;&nbsp; 337000 | Lhome Mortgage Trust <sup>(a)(e)</sup><br> Series 2025-RTL2 Class A1<br> 5.61%, 04/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 339488 |
| &nbsp;&nbsp; 406421 | Morgan Stanley Bank of America Merrill Lynch Trust<sup>(e)</sup><br> Series 2013-C10 Class B<br> 3.95%, 07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 387628 |
|  | Morgan Stanley Capital I Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK2 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp;3.05%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387567 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-L1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661032 | &nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661074 |
|  | Morgan Stanley Residential Mortgage Loan Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class AF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214273 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 09/25/2054<sup>(b)</sup><br> 1-mo. SOFR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NQM1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1254135 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 12/25/2068<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755462 | Onslow Bay Financial LLC<sup>(a)(c)</sup><br> Series 2024-NQM2 Class A1<br> 5.88%, 12/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513000 | SG Commercial Mortgage Securities Trust<br> Series 2016-C5 Class A4<br> 3.06%, 10/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507949 |
|  | Station Place Securitization Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1969000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/23/2026<br> 1-mo. SOFR + 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/23/2026<br> 1-mo. SOFR + 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1849000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/24/2026<br> 1-mo. SOFR + 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Toorak Mortgage Trust <sup>(a)(c)</sup><br> Series 2025-RRTL1 Class A1<br> 5.52%, 02/25/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261202 |
|  | UBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C7 Class A4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;3.68%, 12/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17 Class XA |  |
| &nbsp;&nbsp;10418105 | &nbsp;&nbsp;&nbsp;&nbsp;1.44%, 10/15/2052<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459382 |
|  | Verus Securitization Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398817 | &nbsp;&nbsp;&nbsp;&nbsp;1.55%, 02/25/2066<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367433 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-INV3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1383453 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/25/2068<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402711 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291739 | &nbsp;&nbsp;&nbsp;&nbsp;6.34%, 04/25/2069<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295012 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class A1 |  |
| $385365 | &nbsp;&nbsp;&nbsp;&nbsp;6.22%, 06/25/2069<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;$390296 |
|  | Wells Fargo Commercial Mortgage Trust<sup>(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C33 Class B |  |
| &nbsp;&nbsp; 1049000 | &nbsp;&nbsp;&nbsp;&nbsp;4.51%, 03/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C3 Class XA |  |
| &nbsp;&nbsp; 6207956 | &nbsp;&nbsp;&nbsp;&nbsp;0.81%, 01/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 186586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488000 | WFRBS Commercial Mortgage Trust<sup>(e)</sup><br> Series 2013-C11 Class C<br> 4.01%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41339202 |
| U.S. Government Agency — 3.39% | U.S. Government Agency — 3.39% | U.S. Government Agency — 3.39% |
|  | Connecticut Avenue Securities Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R03 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 12/25/2041<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R02 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;6.87%, 01/25/2042<br> 1-mo. SOFR + 3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R03 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;7.37%, 03/25/2042<br> 1-mo. SOFR + 3.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R04 Class 1M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;6.97%, 03/25/2042<br> 1-mo. SOFR + 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R01 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128033 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 12/25/2042<br> 1-mo. SOFR + 2.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R02 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183943 | &nbsp;&nbsp;&nbsp;&nbsp;6.17%, 01/25/2043<br> 1-mo. SOFR + 2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R06 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7444 | &nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2043<br> 1-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7473 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191858 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 02/25/2044<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R03 Class 2M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 03/25/2044<br> 1-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5668 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R04 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 05/25/2044<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06 Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158312 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 09/25/2044<br> 1-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264 | &nbsp;&nbsp;&nbsp;&nbsp;4.92%, 09/25/2044<br> 1-mo. SOFR + 1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01 Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253353 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 01/25/2045<br> 1-mo. SOFR + 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253353 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199601 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 01/25/2045<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199660 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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 2025-R02 Class 1A1 |  |
| $189008 | &nbsp;&nbsp;&nbsp;&nbsp;4.87%, 02/25/2045<br> 1-mo. SOFR + 1.00% | &nbsp;&nbsp;&nbsp;$189298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02 Class 1M1 |  |
| &nbsp;&nbsp; 368398 | &nbsp;&nbsp;&nbsp;&nbsp;5.02%, 02/25/2045<br> 1-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 368913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 Class 2A1 |  |
| &nbsp;&nbsp; 568521 | &nbsp;&nbsp;&nbsp;&nbsp;5.32%, 03/25/2045<br> 1-mo. SOFR + 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 571235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345430 | &nbsp;&nbsp;&nbsp;&nbsp;4.87%, 05/25/2045<br> 1-mo. SOFR + 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 Class 1M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845502 | &nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/25/2045<br> 1-mo. SOFR + 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R06 Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623017 | &nbsp;&nbsp;&nbsp;&nbsp;4.77%, 09/25/2045<br> 1-mo. SOFR + 0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623202 |
| &nbsp;&nbsp;&nbsp;&nbsp;1355284 | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit<sup>(b)</sup><br> Series 5537 Class FC<br> 5.02%, 05/25/2055<br> 1-mo. SOFR + 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360238 |
|  | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5 Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 01/25/2034<br> 1-mo. SOFR + 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6 Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85599 | &nbsp;&nbsp;&nbsp;&nbsp;5.37%, 10/25/2041<br> 1-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7 Class M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1242000 | &nbsp;&nbsp;&nbsp;&nbsp;5.67%, 11/25/2041<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251254 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA2 Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 02/25/2042<br> 1-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3 Class M1B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;6.77%, 04/25/2042<br> 1-mo. SOFR + 2.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17423 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5 Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1520169 | &nbsp;&nbsp;&nbsp;&nbsp;6.82%, 06/25/2042<br> 1-mo. SOFR + 2.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA1 Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp;5.97%, 03/25/2042<br> 1-mo. SOFR + 2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-DNA1 Class M1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31710 | &nbsp;&nbsp;&nbsp;&nbsp;5.97%, 03/25/2043<br> 1-mo. SOFR + 2.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30363 | &nbsp;&nbsp;&nbsp;&nbsp;5.72%, 11/25/2043<br> 1-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30533 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |
| $932500 | &nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/25/2044<br> 1-mo. SOFR + 1.25% | &nbsp;&nbsp;&nbsp;$937472 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA1 Class A1 |  |
| &nbsp;&nbsp; 640200 | &nbsp;&nbsp;&nbsp;&nbsp;4.82%, 01/25/2045<br> 1-mo. SOFR + 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 640201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 Class A1 |  |
| &nbsp;&nbsp; 488225 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 05/25/2045<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 489313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1961338 | &nbsp;&nbsp;&nbsp;&nbsp;5.07%, 05/25/2045<br> 1-mo. SOFR + 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960687 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696377 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 09/25/2045<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696848 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA4 Class M1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406254 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 10/25/2045<br> 1-mo. SOFR + 1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406444 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312170 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732000 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928604 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887767 |
|  | Federal National Mortgage Association Connecticut Avenue Securities<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C07 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256109 | &nbsp;&nbsp;&nbsp;&nbsp;8.34%, 05/25/2029<br> 1-mo. SOFR + 4.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C06 Class 2M2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492003 | &nbsp;&nbsp;&nbsp;&nbsp;6.79%, 02/25/2030<br> 1-mo. SOFR + 2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18602065 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 10.92%<br> (Cost $60,904,278)** | **TOTAL MORTGAGE-BACKED SECURITIES — 10.92%<br> (Cost $60,904,278)** | &nbsp;&nbsp;&nbsp;**$59941267** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
| &nbsp;&nbsp;28500000 | United States Treasury Note/Bond<br> 3.88%, 05/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28645840 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 5.22%<br> (Cost $28,444,454)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 5.22%<br> (Cost $28,444,454)** | &nbsp;&nbsp;&nbsp;**$28645840** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;10965465 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(f)</sup>, 3.71%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10965465 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.00%<br> (Cost $10,965,465)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.00%<br> (Cost $10,965,465)** | &nbsp;&nbsp;&nbsp;**$10965465** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| Commercial Paper — 15.76% | Commercial Paper — 15.76% | Commercial Paper — 15.76% |
|  | Agree LP<sup>(a)</sup> |  |
| $1485000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 01/05/2026 | &nbsp;&nbsp;&nbsp;$1484353 |
| &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 564271 |
|  | Air Lease Corp<sup>(a)</sup> |  |
| &nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp;&nbsp;4.21%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2589701 |
| &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;4.22%, 01/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1123310 |
|  | Alimentation Couche-Tard Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;4.22%, 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904375 |
| &nbsp;&nbsp;&nbsp;&nbsp;1565000 | &nbsp;&nbsp;&nbsp;&nbsp;4.09%, 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | AutoNation Inc<sup>(a)</sup><br> 4.06%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419953 |
|  | AvalonBay Communities Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;3.94%, 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404242 |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.92%, 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299162 |
| &nbsp;&nbsp;&nbsp;&nbsp;3705000 | Aviation Capital Group LLC<sup>(a)</sup><br> 3.85%, 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703435 |
| &nbsp;&nbsp;&nbsp;&nbsp;2350000 | Bayer Corp<sup>(a)</sup><br> 3.76%, 07/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302254 |
| &nbsp;&nbsp;&nbsp;&nbsp;2915000 | Bell Canada<sup>(a)</sup><br> 4.00%, 01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908944 |
|  | Boston Properties LP<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962823 |
| &nbsp;&nbsp;&nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056863 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.04%, 02/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237628 |
|  | Chariot Funding LLC<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2760000 | &nbsp;&nbsp;&nbsp;&nbsp;3.62%, 02/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750994 |
| &nbsp;&nbsp;&nbsp;&nbsp;2655000 | &nbsp;&nbsp;&nbsp;&nbsp;3.61%, 02/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639844 |
| &nbsp;&nbsp;&nbsp;&nbsp;1345000 | Charles Schwab Corp<sup>(a)</sup><br> 3.67%, 05/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327892 |
|  | Duke Energy Corp<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899394 |
| &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.94%, 02/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414041 |
|  | Enbridge US Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1460000 | &nbsp;&nbsp;&nbsp;&nbsp;3.99%, 01/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455863 |
| &nbsp;&nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445589 |
|  | Enel Finance America LLC<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.84%, 02/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205303 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032828 |
|  | Energy Transfer LP<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.89%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714692 |
|  | ERAC USA Finance LLC<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp;3.99%, 01/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967153 |
| &nbsp;&nbsp;&nbsp;&nbsp;1225000 | Extra Space Storage LP<sup>(a)</sup><br> 3.90%, 01/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221605 |
| &nbsp;&nbsp;&nbsp;&nbsp;1870000 | Honeywell International Inc<sup>(a)</sup><br> 3.70%, 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1856453 |
|  | Intercontinental Exchange Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;4.14%, 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629661 |
| &nbsp;&nbsp;&nbsp;&nbsp;3330000 | &nbsp;&nbsp;&nbsp;&nbsp;3.94%, 01/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324624 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Commercial Paper — (continued) | Commercial Paper — (continued) | Commercial Paper — (continued) |
|  | Macquarie Group Ltd |  |
| $980000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 03/19/2026 | &nbsp;&nbsp;&nbsp;$971757 |
| &nbsp;&nbsp; 2040000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 04/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018841 |
| &nbsp;&nbsp; 2635000 | Manhattan Asset Funding Co LLC<sup>(a)</sup><br> 3.88%, 01/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2626908 |
| &nbsp;&nbsp; 760000 | Marriott International Inc<sup>(a)</sup><br> 3.97%, 01/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 758268 |
|  | Mid-America Apartments LP<sup>(a)</sup> |  |
| &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;3.94%, 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014562 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 01/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903622 |
|  | ONEOK Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104287 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.94%, 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899221 |
|  | O'Reilly Automotive Inc<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1005000 | &nbsp;&nbsp;&nbsp;&nbsp;3.99%, 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004452 |
| &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;4.11%, 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269000 |
| &nbsp;&nbsp;&nbsp;&nbsp;1520000 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 01/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518186 |
|  | Penske Truck Leasing Co LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 02/03/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777118 |
|  | Plains All American Pipeline LP<sup>(a)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;3.93%, 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789660 |
| &nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;3.91%, 01/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329289 |
|  | Ryder System Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2110000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;3.92%, 01/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619601 |
| &nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;3.98%, 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034210 |
| &nbsp;&nbsp;&nbsp;&nbsp;1085000 | Southern Co Funding Corp<sup>(a)</sup><br> 3.88%, 01/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084194 |
| &nbsp;&nbsp;&nbsp;&nbsp;1650000 | Sumitomo Mitsui Trust Bank Ltd<sup>(a)</sup><br> 3.91%, 03/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638070 |
| &nbsp;&nbsp;&nbsp;&nbsp;1090000 | Targa Resources Corp<sup>(a)</sup><br> 3.99%, 01/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088454 |
| &nbsp;&nbsp;&nbsp;&nbsp;2250000 | UDR Inc<sup>(a)</sup><br> 3.97%, 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86516540 |
| U.S. Government Agency Bonds and Notes — 3.43% | U.S. Government Agency Bonds and Notes — 3.43% | U.S. Government Agency Bonds and Notes — 3.43% |
|  | Federal Home Loan Bank<sup>(h)</sup> |  |
| &nbsp;&nbsp;10870000 | &nbsp;&nbsp;&nbsp;&nbsp;3.55%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868943 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.58%, 01/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7985135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18854078 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER SHORT DURATION BOND FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | |
|:---|:---|
| **Principal Amount** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Treasury Bonds and Notes — 5.46% | U.S. Treasury Bonds and Notes — 5.46% |
| $30000000 U.S. Treasury Bills<sup>(d)(h)</sup><br> 3.63%, 01/06/2026 | &nbsp;&nbsp;&nbsp;$29984885 |
| **TOTAL SHORT TERM INVESTMENTS — 24.65%<br> (Cost $135,337,532)** | &nbsp;&nbsp;&nbsp;**$135355503** |
| **TOTAL INVESTMENTS — 100.76%<br> (Cost $550,751,638)** | &nbsp;&nbsp;&nbsp;**$553198633** |
| **OTHER ASSETS & LIABILITIES, NET — (0.76)%** | &nbsp;&nbsp;&nbsp;**$(4180893)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$549017740** |

---

<sup>(a)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $220,501,438, representing 40.16% 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 December 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 December 31, 2025. Maturity date disclosed represents final maturity date.

<sup>(d)</sup> All or a portion of the security is on loan as of December 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. Interest rate shown reflects the rate in effect as of December 31, 2025.

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

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

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

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 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** |  |  |  |  |  |
| U.S. 2 Year Treasury Note Futures | 270 | USD | 56373 | Mar 2026 | $(18984) |
|  |  |  |  | **Net Depreciation** | **$(18984)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 31, 2025, the Fund held the following centrally cleared interest rate swaps: | As of December 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)** |
| 3.58% | Annually | 1-day SOFR | Annually | USD | 164730 | 09/17/2027 | &nbsp;&nbsp;$683842 | &nbsp;&nbsp;$(1116018) | $1799860 |
| 1-day SOFR | Annually | 3.63% | Annually | USD | &nbsp;&nbsp;43535 | 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385614) |
| 3.18% | Annually | 1-day SOFR | Annually | USD | &nbsp;&nbsp;11240 | 12/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54706) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$171072** | &nbsp;&nbsp;**$(1188468)** | **$1359540** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER U.S. GOVERNMENT SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 5.91% | Non-Agency — 5.91% | Non-Agency — 5.91% |
| $550000 | AGL Ltd<sup>(a)(b)</sup><br> Series 2022-23A Class BR<br> 5.43%, 04/20/2038<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;$550067 |
|  | American Credit Acceptance Receivables Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class B |  |
| &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1358846 |
| &nbsp;&nbsp;&nbsp;&nbsp;1050000 | AmeriCredit Automobile Receivables Trust<br> Series 2023-2 Class C<br> 6.00%, 07/18/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077155 |
| &nbsp;&nbsp;&nbsp;&nbsp;2600000 | Apidos XXXVII<sup>(a)(b)</sup><br> Series 2021-37A Class B<br> 5.72%, 10/22/2034<br> 3-mo. SOFR + 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600941 |
| &nbsp;&nbsp;&nbsp;&nbsp;1510000 | Birch Grove Ltd<sup>(a)(b)</sup><br> Series 2024-11A Class A1<br> 5.22%, 01/22/2038<br> 3-mo. SOFR + 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513730 |
|  | Bridgecrest Lending Auto Securitization Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 03/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.73%, 09/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201102 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.81%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.27%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130421 | CCG Receivables Trust<sup>(a)</sup><br> Series 2023-1 Class A2<br> 5.82%, 09/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130937 |
|  | Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;4.39%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639482 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 12/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919658 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657707 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5A Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851456 |
|  | Exeter Select Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011033 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453312 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class D |  |
| $1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/15/2032 | &nbsp;&nbsp;&nbsp;$1057529 |
| &nbsp;&nbsp; 2000000 | Ford Credit Auto Owner Trust<sup>(a)(c)</sup><br> Series 2025-1 Class A<br> 4.86%, 08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055295 |
| &nbsp;&nbsp; 850000 | Hilton Grand Vacations Trust<sup>(a)</sup><br> Series 2025-3EXT Class A<br> 4.56%, 10/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 853440 |
| &nbsp;&nbsp; 2800000 | HPS Loan Management Ltd<sup>(a)(b)</sup><br> Series 2019-15A Class A1R2<br> 5.16%, 10/22/2038<br> 3-mo. SOFR + 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2802797 |
| &nbsp;&nbsp; 2000000 | KKR Ltd<sup>(a)(b)</sup><br> Series 31A Class B<br> 5.65%, 04/20/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002176 |
| &nbsp;&nbsp; 2000000 | Marathon Ltd<sup>(a)(b)</sup><br> Series 2021-16A Class A2R<br> 5.45%, 04/15/2034<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | Sagard-Halseypoint Ltd<sup>(a)(b)</sup><br> Series 2024-8A Class A1<br> 5.23%, 01/30/2038<br> 3-mo. SOFR + 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490617 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;6.04%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.06%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;4.49%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251724 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.68%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.11%, 09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306779 |
|  | Westlake Automobile Receivables Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;6.02%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.08%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402189 |
| **TOTAL ASSET-BACKED SECURITIES — 5.91%<br> (Cost $37,051,282)** | **TOTAL ASSET-BACKED SECURITIES — 5.91%<br> (Cost $37,051,282)** | &nbsp;&nbsp;&nbsp;**$37321930** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 0.83% | Non-Agency — 0.83% | Non-Agency — 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884647 | Angel Oak Mortgage Trust<sup>(a)(c)</sup><br> Series 2024-10 Class A1<br> 5.35%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888850 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER U.S. GOVERNMENT SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $680000 | Benchmark Mortgage Trust<sup>(d)</sup><br> Series 2018-B2 Class A5<br> 3.88%, 02/15/2051 | &nbsp;&nbsp;&nbsp;$674669 |
| &nbsp;&nbsp; 922710 | UBS Commercial Mortgage Trust<br> Series 2018-C10 Class A3<br> 4.05%, 05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 919646 |
| &nbsp;&nbsp; 2630000 | Wells Fargo Commercial Mortgage Trust<br> Series 2025-5C3 Class A3<br> 6.10%, 01/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2784814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267979 |
| U.S. Government Agency — 46.81% | U.S. Government Agency — 46.81% | U.S. Government Agency — 46.81% |
| &nbsp;&nbsp; 440000 | Connecticut Avenue Securities Trust<sup>(a)(b)</sup><br> Series 2023-R01 Class 1M2<br> 7.62%, 12/25/2042<br> 1-mo. SOFR + 3.75% | &nbsp;&nbsp;&nbsp;&nbsp; 459562 |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23787 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61299 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60738 |
| &nbsp;&nbsp;&nbsp;&nbsp;1787000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178699 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19466 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17167 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194067 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39599 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735513 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77194 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88860 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703978 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7336 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70804 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32950 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36532 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466535 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8251 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12520 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27195 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183386 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281696 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290014 |
| &nbsp;&nbsp;&nbsp;&nbsp;1520117 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569730 |
| &nbsp;&nbsp;&nbsp;&nbsp;1814037 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576718 |
| &nbsp;&nbsp;&nbsp;&nbsp;1723173 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166741 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99294 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477019 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413513 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826274 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83807 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81193 |
| &nbsp;&nbsp;&nbsp;&nbsp;1254919 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070797 |
| &nbsp;&nbsp;&nbsp;&nbsp;1180736 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062161 |
| &nbsp;&nbsp;&nbsp;&nbsp;1482600 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233569 |
| &nbsp;&nbsp;&nbsp;&nbsp;3264332 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655133 |
| &nbsp;&nbsp;&nbsp;&nbsp;2109241 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898516 |
| &nbsp;&nbsp;&nbsp;&nbsp;2124855 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802873 |
| &nbsp;&nbsp;&nbsp;&nbsp;3473109 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833280 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $1246893 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;$1009882 |
| &nbsp;&nbsp; 2272195 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1948782 |
| &nbsp;&nbsp; 1363869 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122054 |
| &nbsp;&nbsp; 2391803 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138144 |
| &nbsp;&nbsp; 379029 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 363543 |
| &nbsp;&nbsp; 1932157 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1666368 |
| &nbsp;&nbsp; 2595377 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416332 |
| &nbsp;&nbsp;&nbsp;&nbsp;4188247 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4120455 |
| &nbsp;&nbsp;&nbsp;&nbsp;1392092 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294311 |
| &nbsp;&nbsp;&nbsp;&nbsp;2979541 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933226 |
| &nbsp;&nbsp;&nbsp;&nbsp;1513217 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494309 |
| &nbsp;&nbsp;&nbsp;&nbsp;1424659 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396913 |
| &nbsp;&nbsp;&nbsp;&nbsp;2377631 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935415 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939862 |
| &nbsp;&nbsp;&nbsp;&nbsp;1630409 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679762 |
| &nbsp;&nbsp;&nbsp;&nbsp;4665671 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754784 |
| &nbsp;&nbsp;&nbsp;&nbsp;2506559 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614830 |
| &nbsp;&nbsp;&nbsp;&nbsp;2510702 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574261 |
| &nbsp;&nbsp;&nbsp;&nbsp;2826022 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878179 |
| &nbsp;&nbsp;&nbsp;&nbsp;1310738 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350375 |
| &nbsp;&nbsp;&nbsp;&nbsp;2291221 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401919 |
| &nbsp;&nbsp;&nbsp;&nbsp;1330547 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300913 |
| &nbsp;&nbsp;&nbsp;&nbsp;1381035 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401497 |
| &nbsp;&nbsp;&nbsp;&nbsp;2117369 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221970 |
| &nbsp;&nbsp;&nbsp;&nbsp;3911755 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931910 |
| &nbsp;&nbsp;&nbsp;&nbsp;1550082 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513636 |
| &nbsp;&nbsp;&nbsp;&nbsp;1345815 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351847 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024051 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992254 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K136 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1780000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 11/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591817 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K517 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.36%, 01/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K522 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2347403 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404790 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K532 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K533 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2690000 | &nbsp;&nbsp;&nbsp;&nbsp;4.23%, 12/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K535 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2640000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701211 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K537 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1550000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 02/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K539 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.41%, 01/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K753 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2760000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795454 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K760 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/25/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114234 |
|  | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4769 Class QL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2257647 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5238 Class BC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2404330 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366573 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER U.S. GOVERNMENT SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **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 5559 Class BA |  |
| $1262613 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/25/2052 | &nbsp;&nbsp;&nbsp;$1267690 |
| &nbsp;&nbsp; 1020000 | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(a)(b)</sup><br> Series 2022-DNA4 Class M1B<br> 7.22%, 05/25/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052518 |
| &nbsp;&nbsp; 65239 | Federal Home Loan Mortgage Corp Structured Pass Through Certificates<sup>(b)</sup><br> Series T-34 Class A1V<br> 4.23%, 07/25/2031<br> 1-mo. SOFR + 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 64677 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp; 16435 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16304 |
| &nbsp;&nbsp; 114891 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 113283 |
| &nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269136 |
| &nbsp;&nbsp;&nbsp;&nbsp;1270000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305175 |
| &nbsp;&nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152003 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15886 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32780 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20955 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44086 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22728 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596579 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55288 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33399 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73930 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621 |
| &nbsp;&nbsp;&nbsp;&nbsp;1691152 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28523 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801581 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879910 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43362 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67314 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39385 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92886 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32942 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51421 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10859 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15727 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56662 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59240 |
| &nbsp;&nbsp;&nbsp;&nbsp;1889875 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751679 |
| &nbsp;&nbsp;&nbsp;&nbsp;1793224 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660975 |
| &nbsp;&nbsp;&nbsp;&nbsp;1594224 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20742 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30540 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74707 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175362 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67881 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57697 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173994 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178925 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $100765 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2039 | &nbsp;&nbsp;&nbsp;$103621 |
| &nbsp;&nbsp; 1635362 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636313 |
| &nbsp;&nbsp; 112276 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 115459 |
| &nbsp;&nbsp; 442740 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 446428 |
| &nbsp;&nbsp; 44855 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 45174 |
| &nbsp;&nbsp; 139628 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 143587 |
| &nbsp;&nbsp; 124520 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 125424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89361 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109905 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22295 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516977 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143869 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196667 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423428 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607412 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594182 |
| &nbsp;&nbsp;&nbsp;&nbsp;2163963 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342663 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206630 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218719 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297354 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274791 |
| &nbsp;&nbsp;&nbsp;&nbsp;2295320 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334992 |
| &nbsp;&nbsp;&nbsp;&nbsp;2581861 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223097 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311360 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199750 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184678 |
| &nbsp;&nbsp;&nbsp;&nbsp;1582542 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511824 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015994 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429256 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402528 |
| &nbsp;&nbsp;&nbsp;&nbsp;1244953 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362681 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246509 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494351 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422413 |
| &nbsp;&nbsp;&nbsp;&nbsp;1252271 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070216 |
| &nbsp;&nbsp;&nbsp;&nbsp;2959596 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445730 |
| &nbsp;&nbsp;&nbsp;&nbsp;2308246 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911275 |
| &nbsp;&nbsp;&nbsp;&nbsp;2767804 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290699 |
| &nbsp;&nbsp;&nbsp;&nbsp;3635481 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954761 |
| &nbsp;&nbsp;&nbsp;&nbsp;3651534 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966680 |
| &nbsp;&nbsp;&nbsp;&nbsp;1814696 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558140 |
| &nbsp;&nbsp;&nbsp;&nbsp;3804744 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116021 |
| &nbsp;&nbsp;&nbsp;&nbsp;4431120 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799910 |
| &nbsp;&nbsp;&nbsp;&nbsp;4273883 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983195 |
| &nbsp;&nbsp;&nbsp;&nbsp;7589480 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6518905 |
| &nbsp;&nbsp;&nbsp;&nbsp;9923113 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166542 |
| &nbsp;&nbsp;&nbsp;&nbsp;2340783 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009037 |
| &nbsp;&nbsp;&nbsp;&nbsp;8911623 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7959267 |
| &nbsp;&nbsp;&nbsp;&nbsp;1890497 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760790 |
| &nbsp;&nbsp;&nbsp;&nbsp;3579958 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432018 |
| &nbsp;&nbsp;&nbsp;&nbsp;2564975 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2447894 |
| &nbsp;&nbsp;&nbsp;&nbsp;1970811 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982286 |
| &nbsp;&nbsp;&nbsp;&nbsp;2821866 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695453 |
| &nbsp;&nbsp;&nbsp;&nbsp;1801291 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807963 |
| &nbsp;&nbsp;&nbsp;&nbsp;2561351 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523721 |
| &nbsp;&nbsp;&nbsp;&nbsp;1327300 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333345 |
| &nbsp;&nbsp;&nbsp;&nbsp;1127011 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298206 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285929 |
| &nbsp;&nbsp;&nbsp;&nbsp;1229534 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276577 |
| &nbsp;&nbsp;&nbsp;&nbsp;2418354 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521627 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER U.S. GOVERNMENT SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
| $2346223 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2054 | &nbsp;&nbsp;&nbsp;$2414230 |
| &nbsp;&nbsp; 2426929 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2523204 |
| &nbsp;&nbsp; 2989839 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2925719 |
| &nbsp;&nbsp; 673393 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 678866 |
| &nbsp;&nbsp; 2704880 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720818 |
| &nbsp;&nbsp; 2444247 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502996 |
| &nbsp;&nbsp; 2633579 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2692901 |
| &nbsp;&nbsp;&nbsp;&nbsp;2760333 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857567 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937719 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806578 |
|  | Federal National Mortgage Association Alternative Credit Enhancement Security<sup>(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M3 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2384918 | &nbsp;&nbsp;&nbsp;&nbsp;3.07%, 02/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304325 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M5 Class 2A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2948249 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973384 |
|  | Government National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| &nbsp;&nbsp;&nbsp;&nbsp;2335052 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005875 |
| &nbsp;&nbsp;&nbsp;&nbsp;1518528 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366218 |
| &nbsp;&nbsp;&nbsp;&nbsp;3595859 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978961 |
| &nbsp;&nbsp;&nbsp;&nbsp;5595323 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4828933 |
| &nbsp;&nbsp;&nbsp;&nbsp;5939032 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920144 |
| &nbsp;&nbsp;&nbsp;&nbsp;5304788 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867796 |
| &nbsp;&nbsp;&nbsp;&nbsp;2438292 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242081 |
| &nbsp;&nbsp;&nbsp;&nbsp;2666631 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522905 |
| &nbsp;&nbsp;&nbsp;&nbsp;2704298 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478384 |
| &nbsp;&nbsp;&nbsp;&nbsp;2613875 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566151 |
| &nbsp;&nbsp;&nbsp;&nbsp;5161779 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056834 |
| &nbsp;&nbsp;&nbsp;&nbsp;2522969 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526301 |
| &nbsp;&nbsp;&nbsp;&nbsp;2408311 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423364 |
| &nbsp;&nbsp;&nbsp;&nbsp;1249912 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250408 |
| &nbsp;&nbsp;&nbsp;&nbsp;4906037 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4919972 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-125 Class H |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1503758 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491592 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-150 Class HP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1490685 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481104 |
|  | Vendee Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1996-3 Class 1Z |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58376 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2002-1 Class 1A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105048 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;295388451 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 47.64%<br> (Cost $307,795,404)** | **TOTAL MORTGAGE-BACKED SECURITIES — 47.64%<br> (Cost $307,795,404)** | &nbsp;&nbsp;&nbsp;**$300656430** |
| **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;7000000 | Federal Farm Credit Bank Funding Corp<br> 4.50%, 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7012353 |
|  | Federal Home Loan Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504649 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **U.S. Government Agency Bonds and Notes — (continued)** | **U.S. Government Agency Bonds and Notes — (continued)** | **U.S. Government Agency Bonds and Notes — (continued)** |
| $3500000 | &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/19/2029 | &nbsp;&nbsp;&nbsp;$3304072 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 1.71%<br> (Cost $10,740,106)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 1.71%<br> (Cost $10,740,106)** | &nbsp;&nbsp;&nbsp;**$10821074** |
| **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;26900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 27067074 |
| &nbsp;&nbsp;28800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2028<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29224126 |
| &nbsp;&nbsp;14900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15127574 |
| &nbsp;&nbsp;17800000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17950187 |
| &nbsp;&nbsp;20200000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20177907 |
| &nbsp;&nbsp;30400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30934374 |
| &nbsp;&nbsp;18600000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18412546 |
| &nbsp;&nbsp;26000000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25711562 |
| &nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20143750 |
| &nbsp;&nbsp;24000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23878125 |
| &nbsp;&nbsp;12600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12312562 |
| &nbsp;&nbsp;27900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26879907 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 42.44%<br> (Cost $267,540,858)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 42.44%<br> (Cost $267,540,858)** | &nbsp;&nbsp;&nbsp;**$267819694** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;3774000 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(f)</sup>, 3.71%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774000 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.60%<br> (Cost $3,774,000)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.60%<br> (Cost $3,774,000)** | &nbsp;&nbsp;&nbsp;**$3774000** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Government Agency Bonds and Notes — 1.19% | U.S. Government Agency Bonds and Notes — 1.19% | U.S. Government Agency Bonds and Notes — 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;7500000 | Federal Home Loan Bank<sup>(h)</sup><br> 3.55%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499271 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER U.S. GOVERNMENT SECURITIES FUND

### Schedule of Investments
*As of December 31, 2025*

---

| | |
|:---|:---|
| **Principal Amount** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Treasury Bonds and Notes — 0.59% | U.S. Treasury Bonds and Notes — 0.59% |
| $3700000 U.S. Treasury Bills<sup>(h)(i)</sup><br> 3.51%, 01/02/2026 | &nbsp;&nbsp;&nbsp;$3699640 |
| **TOTAL SHORT TERM INVESTMENTS — 1.78%<br> (Cost $11,198,911)** | &nbsp;&nbsp;&nbsp;**$11198911** |
| **TOTAL INVESTMENTS — 100.08%<br> (Cost $638,100,561)** | &nbsp;&nbsp;&nbsp;**$631592039** |
| **OTHER ASSETS & LIABILITIES, NET — (0.08)%** | &nbsp;&nbsp;&nbsp;**$(493732)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$631098307** |

---

<sup>(a)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of December 31, 2025, the aggregate fair value of 144A securities was $20,582,096, representing 3.26% 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 December 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 December 31, 2025. Maturity date disclosed represents final maturity date.

<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. Interest rate shown reflects the rate in effect as of December 31, 2025.

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of December 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** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 100 | USD | 11244 | Mar 2026 | $(36719) |
| U.S. 10 Year Treasury Ultra Futures | 14 | USD | &nbsp;&nbsp;1610 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1094) |
| U.S. 5 Year Treasury Note Futures | 219 | USD | 23938 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(34679) |
| U.S. Long Bond Futures | 73 | USD | &nbsp;&nbsp;8438 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(66962) |
| U.S. Ultra Bond Futures | 19 | USD | &nbsp;&nbsp;2242 | Mar 2026 | &nbsp;&nbsp;&nbsp;&nbsp;(36209) |
|  |  |  |  | **Net Depreciation** | **$(175663)** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Bond Index Fund* | *Empower<br> Core Bond Fund* | *Empower<br> Global Bond Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $4658864475 | $822540121 | $673461738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;109153431 | &nbsp;&nbsp;&nbsp;&nbsp;14180126 | &nbsp;&nbsp;&nbsp;&nbsp;17537361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, fair value<sup>(c)</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;11770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4816745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on centrally cleared 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;1997468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35923902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8072483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11820775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for 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;37457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared 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;73569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium paid on OTC 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on OTC 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4820407678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851949186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721333944 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for TBA investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;93416138 | &nbsp;&nbsp;&nbsp;&nbsp;48184010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12051792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17546786 | &nbsp;&nbsp;&nbsp;&nbsp;11179701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on OTC 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Written swaptions, fair value<sup>(d)</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;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premium received on OTC 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96008 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBA sale commitments, fair value<sup>(e)</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;5387180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received for TBA 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33741086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111951326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55575568 |
| **NET ASSETS** | **$4786666592** | **$739997860** | **$665758376** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$40964817 | &nbsp;&nbsp;&nbsp;&nbsp;$8668363 | &nbsp;&nbsp;&nbsp;&nbsp;$8503634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;4982764741 | &nbsp;&nbsp;&nbsp;808149292 | &nbsp;&nbsp;&nbsp;716948737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;&nbsp;(237062966) | &nbsp;&nbsp;&nbsp;(76819795) | &nbsp;&nbsp;&nbsp;(59693995) |
| **NET ASSETS** | **$4786666592** | **$739997860** | **$665758376** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$3829201800** | &nbsp;&nbsp;&nbsp;**$19155899** | &nbsp;&nbsp;&nbsp;**$16090402** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;**$957464792** | **$720841961** | **$649667974** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294057909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115590256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84748048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82729182 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC. Statement of Assets and Liabilities
*As of December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Bond Index Fund* | *Empower<br> Core Bond Fund* | *Empower<br> Global Bond Fund* |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**13.02** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**9.90** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**6.97** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.28** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.51** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**7.85** |
| <sup>(a)</sup> Cost of investments | $4840439490 | $837423919 | $688924000 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;$16893461 | &nbsp;&nbsp;&nbsp;$10926699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$919488 |
| <sup>(c)</sup> Cost of cash denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11770 | &nbsp;&nbsp;&nbsp;&nbsp;$3222611 |
| <sup>(d)</sup> Premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(46650) |
| <sup>(e)</sup> Proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;$5396836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> High Yield<br> Bond Fund* | *Empower<br> Inflation-Protected<br> Securities Fund* | *Empower<br> Multi-Sector<br> Bond Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $772469705 | $459563831 | $1364131819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;54027988 | &nbsp;&nbsp;&nbsp;&nbsp;38001348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41785128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, fair value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7527101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;11078950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14884841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840431730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514094841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422867834 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12980644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;28846958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18708786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37191993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33269578 |
| **NET ASSETS** | **$803239737** | **$510632548** | **$1389598256** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$8807938 | &nbsp;&nbsp;&nbsp;&nbsp;$5627234 | &nbsp;&nbsp;&nbsp;&nbsp;$14542302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;802240295 | &nbsp;&nbsp;&nbsp;541265640 | &nbsp;&nbsp;&nbsp;1413202889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;&nbsp;(7808496) | &nbsp;&nbsp;&nbsp;(36260326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38146935) |
| **NET ASSETS** | **$803239737** | **$510632548** | **$1389598256** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$415544036** | &nbsp;&nbsp;&nbsp;&nbsp;**$3496887** | &nbsp;&nbsp;&nbsp;&nbsp;**$475933873** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | **$387695701** | **$507135661** | &nbsp;&nbsp;&nbsp;&nbsp;**$913664383** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51295277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35136942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36784102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55891850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110286080 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**9.19** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**13.55** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**9.07** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.28** |
| <sup>(a)</sup> Cost of investments | $745745617 | $461861620 | $1351698347 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;$27660363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$220655 | &nbsp;&nbsp;&nbsp;&nbsp;$17915035 |
| <sup>(c)</sup> Cost of cash denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1813 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | *Empower<br> Short Duration<br> Bond Fund* | *Empower<br> U.S. Government<br> Securities Fund* |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $553198633 | $631592039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560494286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637018992 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;10965465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11476546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5920685 |
| **NET ASSETS** | **$549017740** | **$631098307** |
| **NET ASSETS REPRESENTED BY:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$5643117 | &nbsp;&nbsp;&nbsp;&nbsp;$7414750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;554104398 | &nbsp;&nbsp;&nbsp;718698843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated deficit | &nbsp;&nbsp;&nbsp;(10729775) | &nbsp;&nbsp;&nbsp;(95015286) |
| **NET ASSETS** | **$549017740** | **$631098307** |
| **NET ASSETS BY CLASS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;**$64718423** | &nbsp;&nbsp;&nbsp;**$91050860** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | **$484299317** | **$540047447** |
| **CAPITAL STOCK:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8186495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50262412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65961008 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.49** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**9.64** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.19** |
| <sup>(a)</sup> Cost of investments | $550751638 | $638100561 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;$10718670 | &nbsp;&nbsp;&nbsp;&nbsp;$3699640 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Bond Index Fund* | &nbsp;&nbsp;*Empower<br> Core Bond Fund* | &nbsp;&nbsp;*Empower<br> Global Bond Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$175976601 | &nbsp;&nbsp;$27348449 | &nbsp;&nbsp;$25126479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176091372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27381884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25211247 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3319405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12051671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17918535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17918535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834591 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**158172837** | &nbsp;&nbsp;&nbsp;&nbsp;**25103983** | &nbsp;&nbsp;&nbsp;&nbsp;**21376656** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(14839228) | &nbsp;&nbsp;&nbsp;&nbsp;(2824517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on 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;918098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152468) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127099) | &nbsp;&nbsp;&nbsp;&nbsp;(7428409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14839228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1956136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;136580866 | &nbsp;&nbsp;&nbsp;&nbsp;19427790 | &nbsp;&nbsp;&nbsp;&nbsp;18848209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on 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;302922 | &nbsp;&nbsp;&nbsp;&nbsp;(1194401) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3911) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731470) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136580866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20017594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17011958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121741638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18061458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22311461 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$279914475** | &nbsp;&nbsp;**$43165441** | &nbsp;&nbsp;**$43688117** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> High Yield<br> Bond Fund* | &nbsp;&nbsp;*Empower<br> Inflation-Protected<br> Securities Fund* | &nbsp;&nbsp;*Empower<br> Multi-Sector<br> Bond Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$36701111 | &nbsp;&nbsp;$21400212 | &nbsp;&nbsp;$72560931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38097505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21408060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72988645 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207842 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**32360018** | &nbsp;&nbsp;&nbsp;&nbsp;**19767696** | &nbsp;&nbsp;&nbsp;&nbsp;**64780803** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;13677388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61687) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13606052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;15469014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5593719 | &nbsp;&nbsp;&nbsp;&nbsp;28628937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58370) | &nbsp;&nbsp;&nbsp;&nbsp;(4229532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(1023830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15260922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28727028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28866974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12497623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30735501 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$61226992** | &nbsp;&nbsp;**$32265319** | &nbsp;&nbsp;**$95516304** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the fiscal year ended December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Short Duration<br> Bond Fund* | &nbsp;&nbsp;*Empower<br> U.S. Government<br> Securities Fund* |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$25256986 | &nbsp;&nbsp;$24737307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25269157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24738318 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692083 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**23730651** | &nbsp;&nbsp;&nbsp;&nbsp;**23046235** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655549 | &nbsp;&nbsp;&nbsp;&nbsp;(4684632) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3886698) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209770 | &nbsp;&nbsp;&nbsp;&nbsp;18742470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4067836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14661320 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$27798487** | &nbsp;&nbsp;**$37707555** |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Bond Index Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$158172837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$132772064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14839228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24134260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136580866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73164657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279914475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35473147 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103153270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73675436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44510057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36463706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147663327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110139142) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134917019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898154649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221958879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175618179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103153270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73675436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44510057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36463706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640981252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577745894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206274177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138531058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657283796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467635018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789534944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392969023 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3997131648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604162625 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4786666592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3997131648 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87361453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70319131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26253172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20914176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5889323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49492868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45255030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24621688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16402417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52748689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39972440 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Bond Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25103983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20403894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1956136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8430004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20017594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3517067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43165441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456823 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25337000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19846712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25861203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20736737) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9761560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18677502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238111003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127932233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25337000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19846712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20450879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14906862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73731911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89727187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179550976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62712423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;196855214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50432509 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543142646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492710137 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$739997860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$543142646 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27891914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15116469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8657900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10627118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21138399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363049 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Global Bond Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21376656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18217422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2735951) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17011958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19342006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43688117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3860535) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18354058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14201222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18826085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14616281) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195616011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141108770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14201222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5837133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7702257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128938094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107449026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84762929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45388646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;109624961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26911830 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556133415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529221585 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$665758376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$556133415 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24799929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18291802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16612259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13969005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10459238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858554 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower High Yield Bond Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32360018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23772184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13606052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15260922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61226992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38403689 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18420291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14299129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13872781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9077525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32293072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23376654) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115035557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243364198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107738214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65705125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18420291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14299129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13872781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9077525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87328948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58429940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44928783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59327366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122809112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214688671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;151743032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229715706 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651496705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421780999 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$803239737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$651496705 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14182006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30967747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10259726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6623902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10911378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7524961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4327884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6002281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12784866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26806547 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Inflation-Protected Securities Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19767696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18439169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12157266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4165799) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32265319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13828486 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19336806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18280848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19458280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18417641) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141746722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100078170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19336806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18280848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1723885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1226651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139013860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71412607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21532301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46574253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34339340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41985098 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476293208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434308110 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$510632548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$476293208 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15360774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15306928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7932728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169457 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Multi-Sector Bond Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64780803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54959100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(830132) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28727028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2813239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95516304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51315729 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15097399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15096125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51762104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39196638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66859503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54292763) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126030479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179350180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339437568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178480619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15097399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15096125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51762104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39196638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109336564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104283771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122502228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145473513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300488758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162366278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329145559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159389244 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060452697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901063453 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1389598256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1060452697 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9364756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13798014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40228082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21256381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6235156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8166791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8013332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14561932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17411775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34211417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636783 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Short Duration Bond Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23730651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18414132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6474913) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6426257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27798487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18365476 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1943859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2763401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18743811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18021020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20687670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20784421) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107801720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17912022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140023500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92912663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18743811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18021020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113835949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21236617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44552147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84203711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110124794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26168778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;117235611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23749833 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431782129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408032296 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$549017740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$431782129 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10364889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14311404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10794170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2033492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4577167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8669013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11432971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707926 |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the fiscal years ended December 31, 2025 and December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower U.S. Government Securities Fund* | &nbsp;&nbsp;*2025* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23046235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22410104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3886698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16647065) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3359602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37707555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403437 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2365380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3649329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21081598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17486186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23446978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21135515) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48442996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89711536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175947054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174288691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21081598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17486186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100783292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259024964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87843201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106573155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59210535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80462377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73471112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99194455) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557627195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656821650 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$631098307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$557627195 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21266520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21089867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9227506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23898594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10643778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12988576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8539749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5046583) |

---

See Notes to Financial Statements.

------

*Annual Report - December 31, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER BOND INDEX FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $12.55 | 0.47 | 0.36 | 0.83 | &nbsp;&nbsp;&nbsp;— | (0.36) | &nbsp;&nbsp;&nbsp;— | (0.36) | $13.02 | &nbsp;&nbsp;6.62% |
| &nbsp;&nbsp;12/31/2024 | $12.75 | 0.44 | (0.34) | 0.10 | &nbsp;&nbsp;&nbsp;— | (0.30) | &nbsp;&nbsp;&nbsp;— | (0.30) | $12.55 | &nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;12/31/2023 | $12.39 | 0.37 | 0.24 | 0.61 | (0.01) | (0.24) | &nbsp;&nbsp;&nbsp;— | (0.25) | $12.75 | &nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;12/31/2022 | $14.54 | 0.23 | (2.22) | (1.99) | &nbsp;&nbsp;&nbsp;— | (0.15) | (0.01) | (0.16) | $12.39 | (13.68%) |
| &nbsp;&nbsp;12/31/2021 | $15.12 | 0.16 | (0.52) | (0.36) | &nbsp;&nbsp;&nbsp;— | (0.12) | (0.10) | (0.22) | $14.54 | (2.39%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $8.12 | 0.33 | 0.23 | 0.56 | &nbsp;&nbsp;&nbsp;— | (0.40) | &nbsp;&nbsp;&nbsp;— | (0.40) | $8.28 | &nbsp;&nbsp;6.94% |
| &nbsp;&nbsp;12/31/2024 | $8.37 | 0.31 | (0.21) | 0.10 | &nbsp;&nbsp;&nbsp;— | (0.35) | &nbsp;&nbsp;&nbsp;— | (0.35) | $8.12 | &nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;12/31/2023 | $8.25 | 0.28 | 0.15 | 0.43 | (0.01) | (0.30) | &nbsp;&nbsp;&nbsp;— | (0.31) | $8.37 | &nbsp;&nbsp;5.38% |
| &nbsp;&nbsp;12/31/2022 | $9.77 | 0.18 | (1.49) | (1.31) | &nbsp;&nbsp;&nbsp;— | (0.20) | (0.01) | (0.21) | $8.25 | (13.44%) |
| &nbsp;&nbsp;12/31/2021 | $10.22 | 0.14 | (0.34) | (0.20) | &nbsp;&nbsp;&nbsp;— | (0.15) | (0.10) | (0.25) | $9.77 | (1.98%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(d)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $3829202 | 0.49% | 0.49% | 3.58% | 21% |
| 12/31/2024 | $3115595 | 0.49% | 0.49% | 3.43% | 27% |
| 12/31/2023 | $2770265 | 0.50% | 0.50% | 3.01% | 27% |
| 12/31/2022 | $1862529 | 0.51% | 0.50% | 1.78% | 25% |
| 12/31/2021 | $1349431 | 0.50% | 0.50% | 1.05% | 39% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $957465 | 0.13% | 0.13% | 3.93% | 21% |
| 12/31/2024 | $881537 | 0.14% | 0.14% | 3.73% | 27% |
| 12/31/2023 | $833898 | 0.14% | 0.14% | 3.33% | 27% |
| 12/31/2022 | $795453 | 0.15% | 0.15% | 2.07% | 25% |
| 12/31/2021 | $954505 | 0.14% | 0.14% | 1.43% | 39% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

------

### EMPOWER FUNDS, INC. EMPOWER CORE BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return <sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $9.54 | 0.36 | 0.28 | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.28) | $9.90 | &nbsp;&nbsp;6.75% |
| &nbsp;&nbsp;12/31/2024 | $9.71 | 0.36 | (0.22) | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | $9.54 | &nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;12/31/2023 | $9.34 | 0.31 | 0.27 | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.21) | $9.71 | &nbsp;&nbsp;6.20% |
| &nbsp;&nbsp;12/31/2022 | $11.08 | 0.18 | (1.81) | (1.63) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.11) | $9.34 | (14.70%) |
| &nbsp;&nbsp;12/31/2021 | $11.55 | 0.12 | (0.30) | (0.18) | (0.01) | (0.08) | (0.20) | (0.29) | $11.08 | (1.55%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $8.23 | 0.34 | 0.25 | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.31) | $8.51 | &nbsp;&nbsp;7.18% |
| &nbsp;&nbsp;12/31/2024 | $8.41 | 0.34 | (0.19) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.33) | $8.23 | &nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;12/31/2023 | $8.38 | 0.31 | 0.24 | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.52) | $8.41 | &nbsp;&nbsp;6.62% |
| &nbsp;&nbsp;12/31/2022 | $10.01 | 0.20 | (1.64) | (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.19) | $8.38 | (14.37%) |
| &nbsp;&nbsp;12/31/2021 | $10.51 | 0.15 | (0.28) | (0.13) | (0.01) | (0.16) | (0.20) | (0.37) | $10.01 | (1.21%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(d)(e)</sup> |
| **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** |  |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$19156 | &nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;197% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$28602 | &nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;3.67% | &nbsp;&nbsp;&nbsp;278% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$24640 | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;440% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$45622 | &nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;490% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$95010 | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;407% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$720842 | &nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;3.99% | &nbsp;&nbsp;&nbsp;197% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$514541 | &nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;278% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$468070 | &nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;440% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$394322 | &nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;490% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$474577 | &nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;407% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(e)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 48%, 58%, 47%, 50% and 72% for the years ended December 31 2025, 2024, 2023, 2022, and 2021, respectively.

------

### EMPOWER FUNDS, INC. EMPOWER GLOBAL BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return <sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $6.68 | 0.23 | 0.27 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.21) | $6.97 | &nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;12/31/2024 | $6.92 | 0.21 | (0.27) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.18) | $6.68 | (0.87%) |
| &nbsp;&nbsp;12/31/2023 | $6.64 | 0.16 | 0.18 | 0.34 | (0.03) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.06) | $6.92 | &nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;12/31/2022 | $7.88 | 0.10 | (1.26) | (1.16) | (0.03) | (0.02) | (0.03) | (0.08) | $6.64 | (14.65%) |
| &nbsp;&nbsp;12/31/2021 | $8.43 | 0.03 | (0.57) | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.01) | $7.88 | (6.46%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $7.48 | 0.29 | 0.31 | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.23) | $7.85 | &nbsp;&nbsp;7.89% |
| &nbsp;&nbsp;12/31/2024 | $7.73 | 0.26 | (0.31) | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.20) | $7.48 | (0.49%) |
| &nbsp;&nbsp;12/31/2023 | $7.40 | 0.21 | 0.19 | 0.40 | (0.03) | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.07) | $7.73 | &nbsp;&nbsp;5.42% |
| &nbsp;&nbsp;12/31/2022 | $8.75 | 0.14 | (1.40) | (1.26) | (0.03) | (0.03) | (0.03) | (0.09) | $7.40 | (14.35%) |
| &nbsp;&nbsp;12/31/2021 | $9.33 | 0.07 | (0.63) | (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.02) | $8.75 | (6.03%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(d)(e)</sup> |
| **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** |  |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$16090 | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;3.34% | &nbsp;&nbsp;&nbsp;153% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$15780 | &nbsp;&nbsp;&nbsp;1.22% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;197% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$18858 | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;160% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$20801 | &nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;176% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$25775 | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;184% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$649668 | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;3.68% | &nbsp;&nbsp;&nbsp;153% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$540353 | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;3.42% | &nbsp;&nbsp;&nbsp;197% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$510363 | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;160% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$421489 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;176% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$513789 | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;184% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(e)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 76%, 99%, 90%, 96%, and 138% for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

------

### EMPOWER FUNDS, INC. EMPOWER HIGH YIELD BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return <sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $7.78 | 0.36 | 0.34 | 0.70 | (0.38) |  | (0.38) | $8.10 | &nbsp;&nbsp;8.96% |
| &nbsp;&nbsp;12/31/2024 | $7.53 | 0.35 | 0.23 | 0.58 | (0.33) |  | (0.33) | $7.78 | &nbsp;&nbsp;7.64% |
| &nbsp;&nbsp;12/31/2023 | $7.15 | 0.30 | 0.49 | 0.79 | (0.41) |  | (0.41) | $7.53 | 11.14% |
| &nbsp;&nbsp;12/31/2022 | $8.40 | 0.21 | (1.21) | (1.00) | (0.25) |  | (0.25) | $7.15 | (11.80%) |
| &nbsp;&nbsp;12/31/2021 | $8.36 | 0.16 | 0.14 | 0.30 | (0.26) |  | (0.26) | $8.40 | &nbsp;&nbsp;3.65% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $10.00 | 0.50 | 0.43 | 0.93 | (0.39) |  | (0.39) | $10.54 | &nbsp;&nbsp;9.34% |
| &nbsp;&nbsp;12/31/2024 | $9.55 | 0.48 | 0.29 | 0.77 | (0.32) |  | (0.32) | $10.00 | &nbsp;&nbsp;8.03% |
| &nbsp;&nbsp;12/31/2023 | $8.99 | 0.43 | 0.59 | 1.02 | (0.46) |  | (0.46) | $9.55 | 11.55% |
| &nbsp;&nbsp;12/31/2022 | $10.47 | 0.30 | (1.52) | (1.22) | (0.26) |  | (0.26) | $8.99 | (11.61%) |
| &nbsp;&nbsp;12/31/2021 | $10.28 | 0.31 | 0.10 | 0.41 | (0.22) |  | (0.22) | $10.47 | &nbsp;&nbsp;4.03% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(d)</sup> |
| **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** |  |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$415544 | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;4.43% | &nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$356078 | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;4.45% | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$154223 | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;&nbsp;64% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$277799 | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$290677 | &nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;58% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$387696 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;4.78% | &nbsp;&nbsp;&nbsp;57% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$295418 | &nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;4.84% | &nbsp;&nbsp;&nbsp;59% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$267558 | &nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;4.62% | &nbsp;&nbsp;&nbsp;64% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$224746 | &nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;49% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$293237 | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;58% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

------

### EMPOWER FUNDS, INC. EMPOWER INFLATION-PROTECTED SECURITIES FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $8.91 | 0.37 | 0.24 | 0.61 | (0.33) | &nbsp;&nbsp;&nbsp;— | (0.33) | $9.19 | 6.75% |
| &nbsp;&nbsp;12/31/2024 | $8.97 | 0.34 | (0.08) | 0.26 | (0.32) | &nbsp;&nbsp;&nbsp;— | (0.32) | $8.91 | 2.80% |
| &nbsp;&nbsp;12/31/2023 | $8.94 | 0.33 | 0.08 | 0.41 | (0.38) | &nbsp;&nbsp;&nbsp;— | (0.38) | $8.97 | 4.76% |
| &nbsp;&nbsp;12/31/2022 | $10.63 | 0.43 | (1.36) | (0.93) | (0.50) | (0.26) | (0.76) | $8.94 | (8.92%) |
| &nbsp;&nbsp;12/31/2021 | $10.46 | 0.29 | 0.20 | 0.49 | (0.26) | (0.06) | (0.32) | $10.63 | 4.76% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $8.79 | 0.39 | 0.25 | 0.64 | (0.36) | &nbsp;&nbsp;&nbsp;— | (0.36) | $9.07 | 7.17% |
| &nbsp;&nbsp;12/31/2024 | $8.87 | 0.37 | (0.10) | 0.27 | (0.35) | &nbsp;&nbsp;&nbsp;— | (0.35) | $8.79 | 3.10% |
| &nbsp;&nbsp;12/31/2023 | $8.85 | 0.36 | 0.09 | 0.45 | (0.43) | &nbsp;&nbsp;&nbsp;— | (0.43) | $8.87 | 5.13% |
| &nbsp;&nbsp;12/31/2022 | $10.54 | 0.46 | (1.35) | (0.89) | (0.54) | (0.26) | (0.80) | $8.85 | (8.66%) |
| &nbsp;&nbsp;12/31/2021 | $10.39 | 0.33 | 0.20 | 0.53 | (0.32) | (0.06) | (0.38) | $10.54 | 5.18% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(d)(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $3497 | 1.83% | 0.70% | 3.94% | 180% |
| 12/31/2024 | $3937 | 2.02% | 0.70% | 3.72% | 144% |
| 12/31/2023 | $4337 | 1.82% | 0.70% | 3.70% | 121% |
| 12/31/2022 | $4312 | 1.57% | 0.70% | 4.34% | &nbsp;&nbsp;&nbsp;49% |
| 12/31/2021 | $6194 | 1.12% | 0.70% | 2.75% | 137% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $507136 | 0.39% | 0.35% | 4.25% | 180% |
| 12/31/2024 | $472357 | 0.39% | 0.35% | 4.07% | 144% |
| 12/31/2023 | $429971 | 0.39% | 0.35% | 4.05% | 121% |
| 12/31/2022 | $376522 | 0.39% | 0.35% | 4.72% | &nbsp;&nbsp;&nbsp;49% |
| 12/31/2021 | $483913 | 0.37% | 0.35% | 3.09% | 137% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(e)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions. Excluding TBA and dollar roll transactions in fiscal years shown prior to 2025, the portfolio turnover would have been 120%, 109%, 48%, and 46% for the years ended December 31, 2024, 2023, 2022, and 2021, respectively.

------

### EMPOWER FUNDS, INC. EMPOWER MULTI-SECTOR BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $12.95 | 0.69 | 0.35 | 1.04 | (0.44) | &nbsp;&nbsp;&nbsp;— | (0.44) | $13.55 | &nbsp;&nbsp;7.98% |
| &nbsp;&nbsp;12/31/2024 | $12.77 | 0.71 | (0.05) | 0.66 | (0.48) | &nbsp;&nbsp;&nbsp;— | (0.48) | $12.95 | &nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;12/31/2023 | $12.22 | 0.63 | 0.32 | 0.95 | (0.40) | &nbsp;&nbsp;&nbsp;— | (0.40) | $12.77 | &nbsp;&nbsp;7.88% |
| &nbsp;&nbsp;12/31/2022 | $14.15 | 0.47 | (2.08) | (1.61) | (0.30) | (0.02) | (0.32) | $12.22 | (11.42%) |
| &nbsp;&nbsp;12/31/2021 | $14.57 | 0.41 | (0.28) | 0.13 | (0.34) | (0.21) | (0.55) | $14.15 | &nbsp;&nbsp;0.89% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $8.10 | 0.46 | 0.22 | 0.68 | (0.50) | &nbsp;&nbsp;&nbsp;— | (0.50) | $8.28 | &nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;12/31/2024 | $8.19 | 0.48 | (0.04) | 0.44 | (0.53) | &nbsp;&nbsp;&nbsp;— | (0.53) | $8.10 | &nbsp;&nbsp;5.55% |
| &nbsp;&nbsp;12/31/2023 | $8.01 | 0.44 | 0.21 | 0.65 | (0.47) | &nbsp;&nbsp;&nbsp;— | (0.47) | $8.19 | &nbsp;&nbsp;8.17% |
| &nbsp;&nbsp;12/31/2022 | $9.44 | 0.34 | (1.38) | (1.04) | (0.37) | (0.02) | (0.39) | $8.01 | (11.06%) |
| &nbsp;&nbsp;12/31/2021 | $9.98 | 0.31 | (0.19) | 0.12 | (0.45) | (0.21) | (0.66) | $9.44 | &nbsp;&nbsp;1.16% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(d)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $475934 | 0.93% | 0.90% | 5.13% | 74% |
| 12/31/2024 | $425171 | 0.96% | 0.90% | 5.40% | 65% |
| 12/31/2023 | $330430 | 0.97% | 0.90% | 5.04% | 63% |
| 12/31/2022 | $234286 | 0.99% | 0.90% | 3.65% | 67% |
| 12/31/2021 | $162932 | 0.93% | 0.90% | 2.83% | 67% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $913664 | 0.56% | 0.55% | 5.48% | 74% |
| 12/31/2024 | $635282 | 0.58% | 0.55% | 5.75% | 65% |
| 12/31/2023 | $570633 | 0.59% | 0.55% | 5.37% | 63% |
| 12/31/2022 | $431059 | 0.60% | 0.55% | 4.03% | 67% |
| 12/31/2021 | $527720 | 0.57% | 0.55% | 3.16% | 67% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Portfolio turnover is calculated at the Fund level.

------

### EMPOWER FUNDS, INC. EMPOWER SHORT DURATION BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return<sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $10.27 | 0.47 | 0.07 | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | &nbsp;&nbsp;&nbsp;— | (0.32) | $10.49 | 5.29% |
| &nbsp;&nbsp;12/31/2024 | $10.29 | 0.43 | 0.01 | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.46) | &nbsp;&nbsp;&nbsp;— | (0.46) | $10.27 | 4.24% |
| &nbsp;&nbsp;12/31/2023 | $9.97 | 0.32 | 0.24 | 0.56 | (0.00) <sup>(d)</sup> | (0.24) | &nbsp;&nbsp;&nbsp;— | (0.24) | $10.29 | 5.67% |
| &nbsp;&nbsp;12/31/2022 | $10.57 | 0.19 | (0.64) | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | &nbsp;&nbsp;&nbsp;— | (0.15) | $9.97 | (4.25%) |
| &nbsp;&nbsp;12/31/2021 | $10.77 | 0.11 | (0.11) | 0.00 <sup>(d)</sup> | (0.00) <sup>(d)</sup> | (0.11) | (0.09) | (0.20) | $10.57 | (0.03%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $9.48 | 0.46 | 0.09 | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | &nbsp;&nbsp;&nbsp;— | (0.39) | $9.64 | 5.80% |
| &nbsp;&nbsp;12/31/2024 | $9.53 | 0.44 | (0.00) <sup>(d)</sup> | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.49) | &nbsp;&nbsp;&nbsp;— | (0.49) | $9.48 | 4.65% |
| &nbsp;&nbsp;12/31/2023 | $9.29 | 0.33 | 0.22 | 0.55 | (0.00) <sup>(d)</sup> | (0.31) | &nbsp;&nbsp;&nbsp;— | (0.31) | $9.53 | 5.98% |
| &nbsp;&nbsp;12/31/2022 | $9.88 | 0.20 | (0.59) | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;&nbsp;— | (0.20) | $9.29 | (3.95%) |
| &nbsp;&nbsp;12/31/2021 | $10.11 | 0.14 | (0.10) | 0.04 | (0.00) <sup>(d)</sup> | (0.18) | (0.09) | (0.27) | $9.88 | 0.34% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(e)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 12/31/2025 | $64718 | 0.66% | 0.59% | 4.42% | &nbsp;&nbsp;&nbsp;50% |
| 12/31/2024 | $65870 | 0.69% | 0.59% | 4.11% | &nbsp;&nbsp;&nbsp;96% |
| 12/31/2023 | $66610 | 0.67% | 0.60% | 3.15% | &nbsp;&nbsp;&nbsp;58% |
| 12/31/2022 | $63874 | 0.68% | 0.60% | 1.84% | &nbsp;&nbsp;&nbsp;76% |
| 12/31/2021 | $58567 | 0.66% | 0.60% | 1.06% | 123% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 12/31/2025 | $484299 | 0.29% | 0.24% | 4.73% | &nbsp;&nbsp;&nbsp;50% |
| 12/31/2024 | $365913 | 0.29% | 0.24% | 4.47% | &nbsp;&nbsp;&nbsp;96% |
| 12/31/2023 | $341422 | 0.28% | 0.25% | 3.51% | &nbsp;&nbsp;&nbsp;58% |
| 12/31/2022 | $271140 | 0.28% | 0.25% | 2.12% | &nbsp;&nbsp;&nbsp;76% |
| 12/31/2021 | $317200 | 0.26% | 0.25% | 1.43% | 123% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Amount was less than $0.01 per share.

<sup>(e)</sup> Portfolio turnover is calculated at the Fund level.

------

### EMPOWER FUNDS, INC. EMPOWER U.S. GOVERNMENT SECURITIES FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of year** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of year** | **Total<br> Return <sup>(b)(c)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | $10.71 | 0.42 | 0.29 | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.30) | $11.12 | &nbsp;&nbsp;6.60% |
| &nbsp;&nbsp;12/31/2024 | $10.92 | 0.40 | (0.32) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.29) | $10.71 | &nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;12/31/2023 | $10.71 | 0.37 | 0.10 | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.26) | $10.92 | &nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;12/31/2022 | $12.36 | 0.21 | (1.70) | (1.49) | (0.00) <sup>(d)</sup> | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.16) | $10.71 | (12.08%) |
| &nbsp;&nbsp;12/31/2021 | $12.91 | 0.08 | (0.36) | (0.28) | (0.02) | (0.06) | (0.19) | (0.27) | $12.36 | (2.15%) |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | $7.96 | 0.34 | 0.22 | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.33) | $8.19 | &nbsp;&nbsp;7.06% |
| &nbsp;&nbsp;12/31/2024 | $8.22 | 0.33 | (0.24) | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.35) | $7.96 | &nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;12/31/2023 | $8.20 | 0.31 | 0.07 | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.36) | $8.22 | &nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;12/31/2022 | $9.56 | 0.18 | (1.30) | (1.12) | (0.00) <sup>(d)</sup> | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;- | (0.24) | $8.20 | (11.72%) |
| &nbsp;&nbsp;12/31/2021 | $10.03 | 0.10 | (0.28) | (0.18) | (0.03) | (0.07) | (0.19) | (0.29) | $9.56 | (1.84%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of year<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(e)(f)</sup> |
| **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** | **Supplemental Data and Ratios** |  |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$91051 | &nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;3.79% | &nbsp;&nbsp;&nbsp;&nbsp;95% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$137462 | &nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;3.65% | &nbsp;&nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$307756 | &nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$374269 | &nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;1.84% | &nbsp;&nbsp;&nbsp;247% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$326788 | &nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;264% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;$540047 | &nbsp;&nbsp;&nbsp;0.27% | &nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;4.10% | &nbsp;&nbsp;&nbsp;&nbsp;95% |
| &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;&nbsp;$420165 | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;4.03% | &nbsp;&nbsp;&nbsp;&nbsp;78% |
| &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;&nbsp;$349065 | &nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;47% |
| &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;&nbsp;$210079 | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;247% |
| &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;&nbsp;$250972 | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;264% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return does not include any fees or expenses of variable insurance contracts, if applicable. If such fees or expenses were included, the return shown would have been lower.

<sup>(c)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(d)</sup> Amount was less than $0.01 per share.

<sup>(e)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(f)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 89%, 76%, 40%, 115% and 85%, for the years ended December 31, 2025, 2024, 2023, 2022, and 2021, respectively.

------

### EMPOWER FUNDS, INC.

### Notes to Financial Statements

------

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Empower Funds, a Maryland corporation, was organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. Empower Funds presently consists of forty-four funds. Interests in the Funds are included herein. Each Fund is diversified as defined in the 1940 Act, except the Empower Global Bond Fund which is non-diversified. The Funds are available as an investment option to insurance company separate accounts for certain variable annuity contracts and variable life insurance policies, to individual retirement account custodians or trustees, to plan sponsors of qualified retirement plans, to college savings programs, and to asset allocation funds that are a series of Empower Funds.

<u>Investment Objectives</u>

Empower Bond Index Fund - seeks investment results that track the total return of the debt securities that comprise the Bloomberg U.S. Aggregate Bond Index

Empower Core Bond Fund - seeks to provide total return, consisting of two components: (1) changes in the market value of its portfolio holdings (both realized and unrealized appreciation); and (2) income received from its portfolio holdings

Empower Global Bond Fund - seeks current income with capital appreciation and growth of income

Empower High Yield Bond Fund - seeks to obtain high current income with capital appreciation as a secondary objective when consistent with the primary objective

Empower Inflation-Protected Securities Fund - seeks real return consistent with the preservation of capital

Empower Multi-Sector Bond Fund - seeks high total investment return through a combination of current income and capital appreciation

Empower Short Duration Bond Fund - seeks maximum total return that is consistent with preservation of capital and liquidity

Empower U.S. Government Securities Fund - seeks the highest level of return consistent with preservation of capital and substantial credit protection

The Funds each offer two share classes, referred to as Investor Class and Institutional Class shares. All shares of each Fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, expenses (other than those attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against operations of that class. Expenses incurred by Empower Funds, which are not Fund specific, are allocated based on relative net assets or other appropriate allocation methods.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of the significant accounting policies of the Funds.

------

*Annual Report - December 31, 2025*

------

<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 1940 Act, the Board approved ECM as the Funds' valuation designee to make all fair value determinations with respect to the Funds' investments, subject to oversight by the Board.

Each Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading. The net asset value ("NAV") of each class of a Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.

For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the OTC market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.

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

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

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

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.

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

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

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

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.

------

*Annual Report - December 31, 2025*

------

---

| | |
|:---|:---|
| **<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, Convertible Preferred Stock,<br> 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. |
| Municipal 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 reported trades, benchmark yields, new issue data, and material event notices. |
| 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 |
| Rights | Exchange traded close price, bids and evaluated bids |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Purchased and Written Options | Cash rates, futures and swap rates, FX spot and forward curve, FX volatilities, interest rates, net present value of cash flows |
| 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 |
| Credit Default Swaps | Reported trades, credit spreads and curves, recovery rates, restructuring types and net present value of cashflows |
| 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 |
| Total Return Swaps | Real time, intra-day updates on equity stock or index levels, projected dividend curves, interest rate curves, and equity volatility surfaces and correlations |

---

------

*Annual Report - December 31, 2025*

------

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

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

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

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

As of December 31, 2025, the inputs used to value the Empower High Yield Bond Fund and the Empower Multi-Sector Bond Fund investments are detailed in the following tables. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments. For the remaining Funds, all the investments were valued using Level 2 inputs,except for Futures contracts and Government Money Market Mutual Funds, which were valued using Level 1 inputs.

#### Empower High Yield Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$30947413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$30947413 |
| 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;539648053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539648076 |
| 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;150334288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150334288 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202047 |
| &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;2242274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242274 |
| &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;493394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493394 |
| &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;362069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362069 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299784 |
| Convertible Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087783 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;1257252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257252 |
| &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;3633910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3382245 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12748200 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;6644986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644986 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28846958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28846958 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35578605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736891077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772469705 |
| **Other Financial Investments:** |  |  |  |  |
| Credit Default 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;17195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17195 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$35578605 | &nbsp;&nbsp;&nbsp;&nbsp;$736908272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;&nbsp;&nbsp;$772486900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(29842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29842) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(29842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(29842) |

---

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

------

*Annual Report - December 31, 2025*

------

#### Empower Multi-Sector 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;&nbsp;$173858501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$173858501 |
| 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;&nbsp;&nbsp;84883706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84883706 |
| 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;571423363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571423363 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;9281969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9281969 |
| Foreign Government 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;150451552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150451552 |
| 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;185679838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185679838 |
| Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865615 |
| 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;&nbsp;&nbsp;158668230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158668230 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259216 |
| &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;&nbsp;1441177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448976 |
| &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;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8990 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717182 |
| Convertible Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848629 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902294 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18708786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18708786 |
| 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;6836628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836628 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20308503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343815707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364131819 |
| **Other Financial Investments:** |  |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632214 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$21940717 | &nbsp;&nbsp;$1343815707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7609 | &nbsp;&nbsp;$1365764033 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liabilities** |  |  |  |
| **Other Financial Investments:** |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(1441945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1441945) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$(1441945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1441945) |

---

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

<u>To Be Announced Transactions</u>

A Fund may invest in securities known as To Be Announced ("TBA") securities. TBAs are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage backed securities for forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date. The transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a specified date. TBAs are included in Investments in securities, fair value on the Statement of Assets and Liabilities.

<u>Short Sales</u>

A Fund may engage in "short sales" including TBA sales commitments. Short sales involve selling short a security (usually a TBA) that a Fund has the right to obtain, for delivery at a specified date in the future. A Fund may enter into short sales to hedge against anticipated declines in the market price of securities held in a Fund. A Fund does not deliver from the portfolio the securities sold short and does not immediately receive the proceeds of the short sale. A Fund borrows the securities sold short and receives proceeds from the short sale only when a Fund delivers the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, a Fund loses the opportunity to participate in the gain. A gain or loss is recognized upon termination of a short sale. Interest income is not earned on short sales. A Fund nets short and long TBA positions with the same counterparty if a master netting agreement exists.

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*Annual Report - December 31, 2025*

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<u>Dollar Rolls</u>

A Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase TBA mortgage-backed securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

<u>Foreign Currency Translations and Transactions</u>

The accounting records of each Fund is maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

A Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by a Fund and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. These gains and losses are included in net realized gain or loss and change in net unrealized appreciation or depreciation on the Statement of Operations.

<u>Security Transactions</u>

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection. Dividend income, if applicable, is accrued as of the ex-dividend date and interest income, if applicable, including amortization of discounts and premiums, is recorded daily.

<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. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Such adjustments may have a significant impact on a Fund's distributions.

<u>Federal Income Taxes and Distributions to Shareholders</u>

Each Fund intends to comply with provisions under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no provision of federal income or excise tax is required. Each Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on each Fund's tax return filings generally remains open for the three preceding fiscal reporting period ends. State tax returns may remain open for an additional fiscal year.

Distributions to shareholders from net investment income of a Fund, if any, are declared and paid annually. Capital gain distributions of a Fund, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of a Fund at net asset value and are declared separately for each class. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

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*Annual Report - December 31, 2025*

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The tax character of distributions paid during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **<u>Empower Bond Index Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$147663327 | &nbsp;&nbsp;&nbsp;&nbsp;$110139142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$147663327 | &nbsp;&nbsp;&nbsp;&nbsp;$110139142 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Core Bond Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$25861203 | &nbsp;&nbsp;&nbsp;&nbsp;$20736737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$25861203 | &nbsp;&nbsp;&nbsp;&nbsp;$20736737 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Global Bond Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$18826085 | &nbsp;&nbsp;&nbsp;&nbsp;$14616281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$18826085 | &nbsp;&nbsp;&nbsp;&nbsp;$14616281 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower High Yield Bond Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$32293072 | &nbsp;&nbsp;&nbsp;&nbsp;$23376654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$32293072 | &nbsp;&nbsp;&nbsp;&nbsp;$23376654 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Inflation-Protected Securities Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$19458280 | &nbsp;&nbsp;&nbsp;&nbsp;$18417641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$19458280 | &nbsp;&nbsp;&nbsp;&nbsp;$18417641 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Multi-Sector Bond Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$66859503 | &nbsp;&nbsp;&nbsp;&nbsp;$54292763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$66859503 | &nbsp;&nbsp;&nbsp;&nbsp;$54292763 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower Short Duration Bond Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$20687670 | &nbsp;&nbsp;&nbsp;&nbsp;$20784421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$20687670 | &nbsp;&nbsp;&nbsp;&nbsp;$20784421 |

---

---

| | | |
|:---|:---|:---|
| **<u>Empower U.S. Government Securities Fund</u>** |  |  |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$23446978 | &nbsp;&nbsp;&nbsp;&nbsp;$21135515 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$23446978 | &nbsp;&nbsp;&nbsp;&nbsp;$21135515 |

---

Net investment income (loss) and net realized gain (loss) for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book-tax basis differences. Book-tax differences may include but are not limited to the following: wash sales, distribution adjustments, market discount adjustments, real estate investment trusts, foreign currency reclassifications, foreign currency adjustments, straddle transactions, and adjustments for real estate investment trusts.

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*Annual Report - December 31, 2025*

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The tax components of capital shown in the following tables represent distribution requirements each Fund must satisfy under the income tax regulations, losses each Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation for federal income tax purposes. As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

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| | |
|:---|:---|
| **<u>Empower Bond Index Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$9492128 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(99815996) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(146739098) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(237062966) |

---

---

| | |
|:---|:---|
| **<u>Empower Core Bond Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1535384 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(62990072) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(15365107) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(76819795) |

---

---

| | |
|:---|:---|
| **<u>Empower Global Bond Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$3218963 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(47268209) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(15644749) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(59693995) |

---

---

| | |
|:---|:---|
| **<u>Empower High Yield Bond Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1468142 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(35191908) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;25915270 |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(7808496) |

---

---

| | |
|:---|:---|
| **<u>Empower Inflation-Protected Securities Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$582530 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(35733228) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1109628) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(36260326) |

---

---

| | |
|:---|:---|
| **<u>Empower Multi-Sector Bond Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$2427215 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(51507658) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;10933508 |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(38146935) |

---

------

*Annual Report - December 31, 2025*

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---

| | |
|:---|:---|
| **<u>Empower Short Duration Bond Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$918173 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(18299468) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;6651520 |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(10729775) |

---

---

| | |
|:---|:---|
| **<u>Empower U.S. Government Securities Fund</u>** |  |
| Undistributed net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$1038691 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;(89767159) |
| Post-October losses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(6286818) |
| Tax composition of capital | &nbsp;&nbsp;&nbsp;&nbsp;$(95015286) |

---

As of December 31, 2025, a Fund may have capital loss carryforwards available to offset future realized capital gains and thereby reduce future taxable gain distributions. Capital loss carryforwards with no expiration, if any, must be utilized prior to those with expiration dates. During the year ended December 31, 2025 capital loss carryforwards, if any, and capital loss carryforwards utilized, if any, are detailed in the table below:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**No Expiration** | &nbsp;&nbsp;**Utilized** |
| Empower Bond Index Fund | &nbsp;&nbsp;$(99815996) | &nbsp;&nbsp;$(11178954) |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(62990072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324540 |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(47268209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245689 |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(35191908) | &nbsp;&nbsp;&nbsp;&nbsp;13764558 |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;(35733228) | &nbsp;&nbsp;&nbsp;&nbsp;11314796 |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(51507658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341893 |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;(18299468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173219 |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;(89767159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549524 |

---

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost<br> of Investments** | **Gross Unrealized<br> Appreciation<br> on Investments** | **Gross Unrealized<br> Depreciation<br> on Investments** | **Net Unrealized<br> Appreciation<br> (Depreciation)<br> on Investments** |
| Empower Bond Index Fund | $4805603573 | &nbsp;&nbsp;&nbsp;&nbsp;$98038486 | &nbsp;&nbsp;$(244777584) | $(146739098) |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838206026 | &nbsp;&nbsp;&nbsp;&nbsp;581124577 | &nbsp;&nbsp;&nbsp;&nbsp;(596489684) | &nbsp;&nbsp;&nbsp;&nbsp;(15365107) |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691239250 | &nbsp;&nbsp;&nbsp;&nbsp;129354535 | &nbsp;&nbsp;&nbsp;&nbsp;(144999284) | &nbsp;&nbsp;&nbsp;&nbsp;(15644749) |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746541788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36661999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10746729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25915270 |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462273292 | 2071669048 | (2072778676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1109628) |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;1353388580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35210685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24277177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10933508 |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547887669 | &nbsp;&nbsp;&nbsp;&nbsp;211176612 | &nbsp;&nbsp;&nbsp;&nbsp;(204525092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651520 |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637703194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12024951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6286818) |

---

<u>Segment Reporting</u>

The ECM Board of Managers acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each of the Funds operates as a single operating segment based on the fact that each has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance, and it is the level at which discrete financial information is available. The financial information provided to and reviewed by the CODM is presented within each of the Fund's financial statements.

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*Annual Report - December 31, 2025*

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<u>Application of Recent Accounting Pronouncements</u>

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Funds' adoption of ASU 2023-09 did not have a material impact on the financial statements.

2. DERIVATIVE FINANCIAL INSTRUMENTS

Each Fund's investment objective allows it to enter into various types of derivative contracts as outlined in the Fund's prospectus.

In pursuit of its investment objective, each Fund may seek to use derivatives to increase or decrease its exposure to the following market risks:

Credit Risk - The risk that an issuer may default on its obligations to pay principal and/or interest. A security's value may be affected by changes in its credit quality rating or its issuer's financial conditions.

Equity Risk - The risk that relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Risk - The risk that adverse fluctuations in exchange rates between the U.S. Dollar and other currencies may cause the Funds to lose money on investments denominated in foreign currencies.

Inflation Risk - The risk that the level of inflation and consumer prices will not be accurately predicted, which could significantly harm a Fund's performance.

Interest Rate Risk - The risk that market value of a fixed income security is affected significantly by changes in interest rates. When interest rates rise, the security's market value declines and when interest rates decline, market values rise. The longer a security's maturity, the greater the risk and the higher its yield. Conversely, the shorter a security's maturity, the lower the risk and the lower its yield.

Each Fund may be exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that a Fund may be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to a Fund, if applicable. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

A Fund may be subject to enforceable master netting agreements ("MNA"), or netting arrangements, with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements, if any, at pre-arranged exposure levels. Collateral or margin requirements, if any, are set by the broker or exchange clearing house for exchanged traded derivatives while collateral terms are contract specific for OTC traded derivatives.

Derivative counterparty credit risk is managed through an evaluation of the creditworthiness of all potential counterparties. A Fund will attempt to reduce its exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association ("ISDA") master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, if any, events of default, or early termination. OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by a Fund of any net liability owed to that counterparty under the ISDA agreement.

For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged on and cash received on, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due

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*Annual Report - December 31, 2025*

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from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of a Fund. Any additional required collateral is delivered to/pledged by a Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to a Fund from its counterparties are not fully collateralized, it bears the risk of loss from counterparty non-performance. Likewise, to the extent a Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

<u>Options and Swaptions</u>

A Fund may buy and sell put and call options, or write put and call options in order to increase, decrease, or change the level or types of exposure to market risk factors. When an option is purchased, a Fund is entitled to buy and sell a specified number of shares or units of a particular security, currency, or index at a specified price at a specified date or within a specified period of time. When an option is written, a Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. Options can be an OTC transaction or may be executed on a registered exchange and cleared through a clearing-house associated with the exchange. The use of options may involve risks such as a Fund paying a premium without the option being exercised, or that the clearinghouse will fail to perform its obligations. The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. When writing options, a Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contact. The risk in buying an option is that a Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.

Purchased options, if any, are reported in the Schedule of Investments. Written options, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call option for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When a Fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written. When options expire, are exercised or closed, the realized gain or loss is included on the Statement of Operations.

Purchased swaptions, if any, are reported in the Schedule of Investments. Written swaptions, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call swaption for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written. When swaptions expire, are exercised or closed, the realized gain or loss is included on the Statement of Operations.

<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.

Futures contracts are reported in a table following the Schedule of Investments. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Receipts or payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying security. This is recorded as variation margin on futures contracts on the Statement of Assets and Liabilities. When a Fund enters into a closing transaction, it will realize, for book purposes, a gain or loss equal to the difference between the value of the futures contract at the time it was opened or purchased and its value at the time it was closed, and is reflected in net realized gain or loss on the Statement of Operations.

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*Annual Report - December 31, 2025*

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<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.

Forward contracts are reported in a table following the Schedule of Investments. The unrealized appreciation or depreciation is reported on the Statement of Assets and Liabilities and on the Statement of Operations within the net change in unrealized appreciation or depreciation. Upon the closing of such contract the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars is recorded as net realized gain or loss on the Statement of Operations.

<u>Swaps</u>

Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between a Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (OTC swaps) or centrally cleared (centrally cleared swaps).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and a Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

For centrally cleared swaps, required initial margin deposits of cash or securities are pledged by a Fund. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Subsequent payments, known as variation margin, are made or received by a Fund, depending on fluctuations in the value of the centrally cleared swaps. Such variation margin is accounted for as a payable or receivable on the Statement of Assets and Liabilities and settled daily until the contract is closed, at which time the gains or losses are realized. Any upfront premiums paid or received upon entering into a swap are capitalized and amortized to income ratably over the term of the swap. Upfront premiums are disclosed as upfront premiums paid/received in a table following the Schedule of Investments. A Fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within variation margin on the Statement of Assets and Liabilities. Upon the termination of swap contracts, the net gain or loss is recorded as net realized gain or loss on credit default swaps on the Statement of Operations.

<u>Credit Default Swaps</u>

A Fund may enter into credit default swap contracts in order to gain exposure on individual names and/or baskets of securities. A credit default swap is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the number of defaults event that triggers purchase or other factors (for example, the Nth default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). These agreements may be privately negotiated in the OTC market (OTC credit default swaps) or may be executed on a registered exchange (centrally cleared credit default swaps).

Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly.

------

*Annual Report - December 31, 2025*

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<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 over-the-counter 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 a 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).

<u>Total Return Swaps</u>

A Fund may enter into total return swaps in order to gain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market with another security or market. Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return of an underlying instrument, or basket of underlying instruments, in exchange for interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, a Fund receives payment from or makes a payment to the counterparty.

A Fund's maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between a Fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

------

*Annual Report - December 31, 2025*

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

---

| | |
|:---|:---|
| Empower Core Bond 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;&nbsp;&nbsp;&nbsp;780 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;&nbsp;&nbsp;$107704286 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22228072 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2259599 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$4953816972 |
| Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$364615 |
| Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24354213 |

---

---

| | |
|:---|:---|
| Empower Global Bond 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;&nbsp;&nbsp;1715 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218001508 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$8585326312 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$491546965 |
| Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;Average market value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3234615 |
| Purchased Swaptions: |  |
| &nbsp;&nbsp;&nbsp;Average market value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24615385 |
| Written Options: |  |
| &nbsp;&nbsp;&nbsp;Average market value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2419077 |
| Written Swaptions: |  |
| &nbsp;&nbsp;&nbsp;Average market value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69100000 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | $11497871728 |
| OTC Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16252597 |
| Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24401923 |
| Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150156100 |
| OTC Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12426427 |
| OTC Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5348166 |

---

---

| | |
|:---|:---|
| Empower High Yield Bond Fund |  |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$10311235 |
| Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$11004000 |

---

------

*Annual Report - December 31, 2025*

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---

| | |
|:---|:---|
| Empower 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;1682 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$240086282 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$44945824 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$655364692 |
| Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$177383410 |

---

---

| | |
|:---|:---|
| Empower Multi-Sector Bond Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$338210971 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;$125641169 |

---

---

| | |
|:---|:---|
| Empower Short Duration Bond 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;111 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;&nbsp;&nbsp;$23101460 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$221928308 |

---

---

| | |
|:---|:---|
| Empower U.S. Government Securities Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$37790554 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$1626445 |

---

<u>Derivative Financial Instruments Categorized by Risk Exposure</u>

Valuation of derivative investments as of December 31, 2025 is as follows:

#### Empower Core Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Credit contracts (swaps) | Net unrealized appreciation on credit default swaps | $112478<sup>(a)</sup> |  |  |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $1995157<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(1389008)<sup>(a)</sup> |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $199707<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(610147)<sup>(a)</sup> |
| Foreign exchange contracts (forwards) |  |  | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(17045) |

---

(a) Includes cumulative appreciation (depreciation) of interest rate contracts, credit contracts, and futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

------

*Annual Report - December 31, 2025*

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#### Empower Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Credit contracts (swaps) | Net unrealized appreciation on credit default swaps | $114275<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on credit default swaps | &nbsp;&nbsp;$(464266)<sup>(a)</sup> |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $1418154<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(852867)<sup>(a)</sup> |
| Inflation contracts (swaps) | Net unrealized appreciation on inflation swaps | $566846<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(28496)<sup>(a)</sup> |
| Interest rate contracts (total return swaps) | Net unrealized appreciation on<br> total return swaps | $127698<sup>(a)</sup> |  |  |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $1375782<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(712103)<sup>(a)</sup> |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $4009956 | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(3203367) |
| Credit contracts (purchased swaptions) | Purchased swaptions, at fair value | $3348 |  |  |
| Credit contracts (written swaptions) |  |  | &nbsp;&nbsp;Written swaptions, at fair value | &nbsp;&nbsp;$(5010) |

---

(a) Includes net cumulative appreciation (depreciation) of centrally cleared and OTC interest rate swap contracts, futures contracts, credit contracts and inflation contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

#### Empower High Yield Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Credit contracts (swaps) | Net unrealized appreciation on credit default swaps | $17195<sup>(a)</sup> |  |  |
| Foreign exchange contracts (forwards) |  |  | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(29842) |

---

(a) Includes cumulative appreciation of credit contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

#### Empower Inflation-Protected Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $3847009<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(2293763)<sup>(a)</sup> |
| Inflation contracts (swaps) | Net unrealized appreciation on inflation swaps | $265085<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(568260)<sup>(a)</sup> |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $455207<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(105445)<sup>(a)</sup> |

---

(a) Includes cumulative appreciation (depreciation) of interest rate contracts, futures contracts and inflation contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

#### Empower Multi-Sector Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $1632214<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(1441945)<sup>(a)</sup> |

---

(a) Includes cumulative appreciation (depreciation) of futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

------

*Annual Report - December 31, 2025*

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#### Empower Short Duration Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $1799860<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(440320)<sup>(a)</sup> |
| Interest rate contracts (futures contracts) |  |  | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(18984)<sup>(a)</sup> |

---

(a) Includes cumulative appreciation (depreciation) of interest rate contracts and futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

#### Empower U.S. Government Securities Fund

---

| | | |
|:---|:---|:---|
|  | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value |
| Interest rate contracts (futures contracts) | Net unrealized depreciation on futures contracts | $(175663)<sup>(a)</sup> |

---

(a) Includes cumulative depreciation of futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The effect of derivative investments for the year ended December 31, 2025 is as follows:

#### Empower Core Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Credit contracts (swaps) | Net realized gain on credit default swaps | &nbsp;&nbsp;$135068 | &nbsp;&nbsp;Net change in unrealized appreciation on credit default swaps | &nbsp;&nbsp;$95736 |
| Inflation contracts (swaps) | Net realized gain on inflation swaps | &nbsp;&nbsp;$20 |  |  |
| Interest rate contracts (swaps) | Net realized gain on interest rate swaps | &nbsp;&nbsp;$783010 | &nbsp;&nbsp;Net change in unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$207186 |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$40196 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$268331 |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(127099) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(6642) |

---

------

*Annual Report - December 31, 2025*

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#### Empower Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Credit contracts (swaps) | Net realized loss on credit default swaps | &nbsp;&nbsp;$(994552) | &nbsp;&nbsp;Net change in unrealized depreciation on credit default swaps | &nbsp;&nbsp;$(335712) |
| Inflation contracts (swaps) | Net realized gain on inflation swaps | &nbsp;&nbsp;$1215187 | &nbsp;&nbsp;Net change in unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(364959) |
| Interest rate contracts (swaps) | Net realized loss on interest rate swaps | &nbsp;&nbsp;$(169645) | &nbsp;&nbsp;Net change in unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(701423) |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$6219352 | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(3911) |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(7428409) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(731470) |
| Foreign exchange contracts (written options) | Net realized gain on written options | &nbsp;&nbsp;$154241 | &nbsp;&nbsp;Net change in unrealized appreciation on written options | &nbsp;&nbsp;$6319 |
| Credit contracts (written swaptions) | Net realized gain on written swaptions | &nbsp;&nbsp;$441609 | &nbsp;&nbsp;Net change in unrealized appreciation on written swaptions | &nbsp;&nbsp;$41640 |
| Credit contracts (purchased swaptions) | Net realized loss on purchased swaptions | &nbsp;&nbsp;$(236046) | &nbsp;&nbsp;Net change in unrealized depreciation on purchased swaptions | &nbsp;&nbsp;$(29137) |
| Foreign exchange contracts (purchased options) | Net realized loss on purchased options | &nbsp;&nbsp;$(180693) | &nbsp;&nbsp;Net change in unrealized depreciation on purchased options | &nbsp;&nbsp;$(19051) |
| Interest rate contracts (total return swaps) | Net realized loss on total return swaps | &nbsp;&nbsp;$(203458) | &nbsp;&nbsp;Net change in unrealized appreciation on total return swaps | &nbsp;&nbsp;$207693 |

---

#### Empower High Yield Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Credit contracts (swaps) | Net realized gain on credit default swaps | &nbsp;&nbsp;$661132 | &nbsp;&nbsp;Net change in unrealized depreciation on credit default swaps | &nbsp;&nbsp;$(58370) |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(670781) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(149722) |

---

#### Empower Inflation-Protected Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Inflation contracts (swaps) | Net realized gain on inflation swaps | &nbsp;&nbsp;$5318490 | &nbsp;&nbsp;Net change in unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(5551631) |
| Interest rate contracts (swaps) | Net realized loss on interest rate swaps | &nbsp;&nbsp;$(1642727) | &nbsp;&nbsp;Net change in unrealized appreciation on interest rate swaps | &nbsp;&nbsp;$1322099 |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$3974236 | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(1023830) |

---

------

*Annual Report - December 31, 2025*

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#### Empower Multi-Sector Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$1339418 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$98091 |

---

#### Empower Short Duration Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Interest rate contracts (swaps) | Net realized loss on interest rate swaps | &nbsp;&nbsp;$(223942) | &nbsp;&nbsp;Net change in unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$1475536 |
| Interest rate contracts (futures contracts) | Net realized loss on futures contracts | &nbsp;&nbsp;$(30093) | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(18984) |

---

#### Empower U.S. Government Securities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$797934 | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(194452) |

---

<u>Concentration of Risk</u>

A Fund may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject a Fund to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

3. OFFSETTING ASSETS AND LIABILITIES

A Fund may enter into derivative transactions with several approved counterparties. Certain transactions are effected under agreements which include MNAs which provide for the netting of payment obligations and/or netting in situations of counterparty default. The following tables summarize each Fund's financial investments, that, if applicable, are subject to an enforceable MNA as of December 31, 2025.

#### Empower Core Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged<sup>(b)</sup>* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Standard Chartered Bank<br>| &nbsp;&nbsp;$(17045) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17045 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$(17045) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17045 | &nbsp;&nbsp;$— |

---

(a) OTC derivatives are reported gross on the Statement of Assets and Liabilities.

(b) Reported collateral within this table is limited to the net outstanding amount due from an individual counterparty. The collateral
received/(pledged) by the Fund may exceed these reported amounts.

------

*Annual Report - December 31, 2025*

------

#### Empower Global Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received<sup>(b)</sup>* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| Banco Santander<br>| &nbsp;&nbsp;$221507 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$221507 |
| Bank of America Corp<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130168) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126519 |
| Barclays Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413346) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| BNP Paribas Securities Corp<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194458) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Brown Brothers Harriman<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22182) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282420 |
| Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373424) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Credit Agricole<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38933) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66880 |
| Goldman Sachs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586457) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154694 |
| HSBC Bank USA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331805) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140209 |
| JP Morgan Chase & Co<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 |
| Morgan Stanley & Co LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430528) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| RBC Capital Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 |
| Skandinaviska Enskilda Banken AB<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15033) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Standard Chartered Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198807 |
| State Street Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15787) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10372) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286972 |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28486) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151942 |
| Wells Fargo Bank NA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7518 |
|  | &nbsp;&nbsp;$4245946 | &nbsp;&nbsp;$(2590979) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1654967 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged<sup>(b)</sup>* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Bank of America Corp<br>| &nbsp;&nbsp;$(130168) | &nbsp;&nbsp;$130168 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Bank of Nova Scotia<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9690) |
| Barclays Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413346 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;(163694) |
| BNP Paribas Securities Corp<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194458 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(350292) |
| Brown Brothers Harriman<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22182 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373424 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(114026) |
| Credit Agricole<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38933 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586457 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank USA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331805 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley & Co LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(623853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430528 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(193325) |
| Nomura International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35971) |
| Royal Bank of Scotland<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1611) |
| Skandinaviska Enskilda Banken AB<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15033 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3718) |
| State Street Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15787 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8221) |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10372 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28486 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(3518422) | &nbsp;&nbsp;$2590979 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$46895 | &nbsp;&nbsp;$(880548) |

---

(a) OTC derivatives are reported gross on the Statement of Assets and Liabilities.

(b) Reported collateral within this table is limited to the net outstanding amount due from an individual counterparty. The collateral
received/(pledged) by the Fund may exceed these reported amounts.

------

*Annual Report - December 31, 2025*

------

#### Empower High Yield Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Citigroup Global Markets<br>| &nbsp;&nbsp;$(11491) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(11491) |
| HSBC Securities Inc<br>| &nbsp;&nbsp;&nbsp;&nbsp;(18351) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18351) |
|  | &nbsp;&nbsp;$(29842) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(29842) |

---

(a) OTC derivatives are reported gross on the Statement of Assets and Liabilities.

4. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Empower Funds entered into an investment advisory agreement with ECM, a wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). As compensation for its services to Empower Funds, ECM receives the below monthly compensation at the described annual rate of each Fund's average daily net assets. Certain administration and accounting services fees for each Fund are included in the investment advisory agreement.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund Name</u>** | &nbsp;&nbsp;**<u>Annual Advisory Rate</u>** |
| &nbsp;&nbsp;Empower Bond Index Fund | &nbsp;&nbsp;0.13% up to $3 billion dollars |
|  | &nbsp;&nbsp;0.09% over $3 billion dollars |
| &nbsp;&nbsp;Empower Core Bond Fund | &nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;Empower Global Bond Fund | &nbsp;&nbsp;0.57% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.52% over $1 billion dollars |
|  | &nbsp;&nbsp;0.47% over $2 billion dollars |
| &nbsp;&nbsp;Empower High Yield Bond Fund | &nbsp;&nbsp;0.60% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.55% over $1 billion dollars |
|  | &nbsp;&nbsp;0.50% over $2 billion dollars |
| &nbsp;&nbsp;Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;0.33% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.28% over $1 billion dollars |
|  | &nbsp;&nbsp;0.23% over $2 billion dollars |
| &nbsp;&nbsp;Empower Multi-Sector Bond Fund | &nbsp;&nbsp;0.52% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.47% over $1 billion dollars |
|  | &nbsp;&nbsp;0.42% over $2 billion dollars |
| &nbsp;&nbsp;Empower Short Duration Bond Fund | &nbsp;&nbsp;0.23% |
| &nbsp;&nbsp;Empower U.S. Government Securities Fund | &nbsp;&nbsp;0.23% |

---

ECM has contractually agreed to waive fees or reimburse expenses that exceed the annual rate, shown in the table below, of each Fund's average daily net assets attributable to each Class, including management fees and expenses paid directly by each Fund, excluding shareholder service fees, distribution fees (if applicable) and certain extraordinary expenses (the "Expense Limit"). The agreement's current term ends on April 30, 2026 and automatically renews for one-year unless terminated upon written notice within 90 days of the end of the current term or upon termination of the investment advisory agreement. The amount waived or reimbursed, if any, is reflected in the Statement of Operations.

------

*Annual Report - December 31, 2025*

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund Name</u>** | &nbsp;&nbsp;**<u>Expense Limit Annual Rate</u>** |
| &nbsp;&nbsp;Empower Bond Index Fund | &nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;Empower Core Bond Fund | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Empower Global Bond Fund | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Empower High Yield Bond Fund | &nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Empower Multi-Sector Bond Fund | &nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;Empower Short Duration Bond Fund<sup>(a)</sup> | &nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;Empower U.S. Government Securities Fund<sup>(a)</sup> | &nbsp;&nbsp;0.24% |

---

 

<sup>(a)</sup> ECM has agreed to a 0.01% reduction, from 0.25% to 0.24%, in the Expense Limit through April 30, 2026 for the Empower Short Duration Bond Fund and the Empower U.S. Government Securities Fund.

ECM is permitted upon approval by the Board to recoup amounts waived or reimbursed by each Fund in future periods, not exceeding three years following the particular waiver/reimbursement, provided the total annual operating expenses of each Class of each Fund plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. As of December 31, 2025, the amounts subject to recoupment, if any, were as follows:

#### Empower Core Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $306834 | &nbsp;&nbsp;$350531 | &nbsp;&nbsp;$299862 | &nbsp;&nbsp;$0 |

---

#### Empower Global Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $118808 | &nbsp;&nbsp;$216500 | &nbsp;&nbsp;$229070 | &nbsp;&nbsp;$0 |

---

#### Empower High Yield Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $184048 | &nbsp;&nbsp;$245859 | &nbsp;&nbsp;$255191 | &nbsp;&nbsp;$0 |

---

#### Empower Inflation-Protected Securities Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $192962 | &nbsp;&nbsp;$233641 | &nbsp;&nbsp;$204717 | &nbsp;&nbsp;$0 |

---

#### Empower Multi-Sector Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $376837 | &nbsp;&nbsp;$427238 | &nbsp;&nbsp;$247981 | &nbsp;&nbsp;$0 |

---

------

*Annual Report - December 31, 2025*

------

#### Empower Short Duration Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $124724 | &nbsp;&nbsp;$226032 | &nbsp;&nbsp;$273795 | &nbsp;&nbsp;$0 |

---

#### Empower U.S. Government Securities Fund

---

| | | | |
|:---|:---|:---|:---|
| **Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires December 31, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $162765 | &nbsp;&nbsp;$186563 | &nbsp;&nbsp;$210367 | &nbsp;&nbsp;$0 |

---

ECM and Empower Funds have entered into sub-advisory agreements with, and ECM is responsible for compensating each sub-adviser below for its services:

Empower Bond Index Fund - Franklin Advisers, Inc. and Franklin Advisory Services, LLC

Empower Core Bond Fund - Goldman Sachs Asset Management, L.P. and Wellington Management Company LLP

Empower Global Bond Fund - Insight North America LLC and RBC Global Asset Management (UK) Limited

Empower High Yield Bond Fund - Franklin Advisers, Inc.

Empower Inflation-Protected Securities Fund - Goldman Sachs Asset Management, L.P.

Empower Multi-Sector Bond Fund - Loomis, Sayles & Company, L.P. and Virtus Fixed Income Advisers, LLC

Empower Short Duration Bond Fund - Franklin Advisers, Inc.

Empower U.S. Government Securities Fund - ECM. Effective January 17, 2025, Western Asset Management Company, LLC ("Western Asset") was removed as the sub-adviser.

Empower Funds entered into a shareholder services agreement with Empower Retirement, LLC ("Empower"), an affiliate of ECM and subsidiary of Empower of America. Pursuant to the shareholder services agreement, Empower provides various recordkeeping, administrative and shareholder services to shareholders and receives from the Investor Class shares of each Fund a fee equal to 0.35% of the average daily net asset value of the share class.

Empower Financial Services, Inc. (the "Distributor"), is a wholly-owned subsidiary of Empower of America and the principal underwriter to distribute and market the Funds.

Certain officers of Empower Funds are also directors and/or officers of Empower of America or its subsidiaries. No officer or interested director of Empower Funds receives any compensation directly from Empower Funds. The total compensation paid to the independent directors with respect to all forty-four funds for which they serve as directors was $1,699,000 for the fiscal year ended December 31, 2025.

------

*Annual Report - December 31, 2025*

------

5. PURCHASES AND SALES OF INVESTMENTS

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding all U.S. Government securities and short-term securities) were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Bond Index Fund | &nbsp;&nbsp;$336551135 | &nbsp;&nbsp;$190875417 |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;234245202 | &nbsp;&nbsp;&nbsp;&nbsp;166187061 |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;322101165 | &nbsp;&nbsp;&nbsp;&nbsp;292037112 |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;476254255 | &nbsp;&nbsp;&nbsp;&nbsp;379221430 |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;143809151 | &nbsp;&nbsp;&nbsp;&nbsp;153386332 |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;858913716 | &nbsp;&nbsp;&nbsp;&nbsp;680194256 |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;214398052 | &nbsp;&nbsp;&nbsp;&nbsp;170813391 |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;29975203 | &nbsp;&nbsp;&nbsp;&nbsp;25737439 |

---

For the same period, the aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Bond Index Fund | &nbsp;&nbsp;$1100080039 | &nbsp;&nbsp;&nbsp;$715691482 |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;1399945003 | &nbsp;&nbsp;1060308161 |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701422340 | &nbsp;&nbsp;&nbsp;&nbsp;608878689 |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641506397 | &nbsp;&nbsp;&nbsp;&nbsp;637367054 |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278754760 | &nbsp;&nbsp;&nbsp;&nbsp;189038682 |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42454244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130324 |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580913978 | &nbsp;&nbsp;&nbsp;&nbsp;503004765 |

---

6. SECURITIES LOANED

Each Fund has entered into a securities lending agreement with its custodian as securities lending agent. Under the terms of the agreement each Fund receives income after deductions of other amounts payable to the securities lending agent or to the borrower from lending transactions. In exchange for such fees, the securities lending agent is authorized to loan securities on behalf of each Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The fair value of the loaned securities is determined daily at the close of business of each Fund and necessary collateral adjustments are made between such Fund and its counterparties on the next business day through the delivery or receipt of additional collateral. Each Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board. Each Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

------

*Annual Report - December 31, 2025*

------

Collateral was invested in Government Money Market Funds. As of December 31, 2025, each Fund's securities on loan value and collateral received, as reported on the Statement of Assets and Liabilities, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Market Value** | &nbsp;&nbsp;**Collateral Received** |
| Empower Bond Index Fund | &nbsp;&nbsp;$16893461 | &nbsp;&nbsp;$17546786 |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;10926699 | &nbsp;&nbsp;&nbsp;&nbsp;11179701 |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919488 | &nbsp;&nbsp;&nbsp;&nbsp;1012076 |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;27660363 | &nbsp;&nbsp;&nbsp;&nbsp;28846958 |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230920 |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;17915035 | &nbsp;&nbsp;&nbsp;&nbsp;18708786 |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;10718670 | &nbsp;&nbsp;&nbsp;&nbsp;10965465 |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;3699640 | &nbsp;&nbsp;&nbsp;&nbsp;3774000 |

---

Under the securities lending agreement, the cash collateral received represents a secured borrowing, and is collateralized by the securities loaned. The following tables summarizes the cash collateral liability under the securities lending agreement by class of securities loaned as of December 31, 2025. Additional information regarding each Fund's securities on loan is included in the Schedule of Investments.

---

| | |
|:---|:---|
| **Empower Bond Index Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$9989036 |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;5636500 |
| U.S. Government Agency Bonds and Notes | &nbsp;&nbsp;1921250 |
| **Total secured borrowings** | &nbsp;&nbsp;$17546786 |

---

---

| | |
|:---|:---|
| **Empower Core Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$1219201 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;9960500 |
| **Total secured borrowings** | &nbsp;&nbsp;$11179701 |

---

---

| | |
|:---|:---|
| **Empower Global Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;$1012076 |
| **Total secured borrowings** | &nbsp;&nbsp;$1012076 |

---

---

| | |
|:---|:---|
| **Empower High Yield Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$21848762 |
| Convertible Bonds | &nbsp;&nbsp;5894576 |
| Convertible Preferred Stock | &nbsp;&nbsp;1103620 |
| **Total secured borrowings** | &nbsp;&nbsp;$28846958 |

---

---

| | |
|:---|:---|
| **Empower Inflation-Protected Securities Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$230920 |
| **Total secured borrowings** | &nbsp;&nbsp;$230920 |

---

---

| | |
|:---|:---|
| **Empower Multi-Sector Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$15181025 |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;3527761 |
| **Total secured borrowings** | &nbsp;&nbsp;$18708786 |

---

------

*Annual Report - December 31, 2025*

------

---

| | |
|:---|:---|
| **Empower Short Duration Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$3072705 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;7892760 |
| **Total secured borrowings** | &nbsp;&nbsp;$10965465 |

---

---

| | |
|:---|:---|
| **Empower U.S. Government Securities Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;$3774000 |
| **Total secured borrowings** | &nbsp;&nbsp;$3774000 |

---

<sup>(a)</sup>The remaining contractual maturity of the secured borrowing related to each class of collateral is overnight and continuous.

7. INDEMNIFICATIONS

The Funds' organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, a Fund may also enter into contracts that provide general indemnifications. A Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

8. SUBSEQUENT EVENTS

Effective January 1, 2026, the Empower High Yield Bond Fund's annual advisory rate was reduced to 0.55% on assets up to $1 billion, 0.50% on assets over $1 billion, and 0.45% on assets over $2 billion, and its expense limit annual rate was reduced to 0.58%

Management has reviewed all events subsequent to December 31, 2025, including the estimates inherent in the process of preparing these financial statements, through the date the financial statements were issued. No subsequent events requiring adjustment or disclosure have occurred other than what is disclosed above.

------

*Annual Report - December 31, 2025*

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Empower Funds, Inc.

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Empower Bond Index Fund, Empower Core Bond Fund, Empower Global Bond Fund, Empower High Yield Bond Fund, Empower Inflation-Protected Securities Fund, Empower Multi-Sector Bond Fund, Empower Short Duration Bond Fund, and Empower U.S. Government Securities Fund (the "Funds"), eight of the funds comprising Empower Funds, Inc., as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 24, 2026

We have served as the auditor of one or more Empower investment companies since 1982.

------

TAX INFORMATION (unaudited)

Each Fund intends to pass through foreign tax credits and have derived gross income from sources within foreign countries amounting to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Foreign Tax<br> Credits** | &nbsp;&nbsp;**Gross Income<br> from Foreign<br> Countries** |
| Empower Bond Index Fund | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Dividends paid by each Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders. Of the ordinary income distributions declared for the year ended December 31, 2025, the following are the percentages that qualify for the dividend received deduction available to each Fund's corporate shareholders.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Percent of Ordinary Income Distributions<br> Qualifying for Dividends Received** |
| Empower Bond Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower High Yield Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;3% |
| Empower Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Multi-Sector Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |
| Empower U.S. Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0% |

---

------

#### Availability of Quarterly Portfolio Schedule
Empower Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form NPORT. Empower Funds' Form NPORT reports are available on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents, and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Funds' accountants during the reporting period.

#### Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that Empower Funds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (866)-831-7129, and on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents.

#### Availability of Proxy Voting Record
Information regarding how Empower Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (866)-831-7129, and on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a) Item 8 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a) Item 9 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
(a) Item 10 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 11. STATEMENT REGARDING BASIS OF APPROVAL OF INVESTMENT ADVISORY CONTRACT.
(a) Item 11 is included as part of the report to shareholders filed under Item 7 of this Form.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors that were implemented after the registrant last provided disclosure in response to this Item 407(c)(2)(iv) of Regulation S-K.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 17. DISCLOSURE OF LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.

------

#### ITEM 19. EXHIBITS.
(1) [Code of Ethics required by Item 2 of Form N-CSR is attached hereto.](N-CSR_COE.htm)

(2) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto](N-CSR_302_CERT.htm).

(3) Not applicable.

(4) Not applicable.

[A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto.](N-CSR_906_CERT.htm)

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EMPOWER FUNDS, INC.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: February 24, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: February 24, 2026

By: /s/ Kelly B. New

Kelly B. New

Chief Financial Officer & Treasurer

Date: February 24, 2026

------

## Ex-99.Code

#### EMPOWER FUNDS, INC.

#### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

#### Introduction
The Board of Directors of Empower Funds, Inc. (the "Fund"), formerly named Great-West Funds, Inc., which is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), has adopted this Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms of the Securities and Exchange Commission (the "Commission") thereunder. This Code establishes rules of conduct for "Principal Executive" and "Senior Financial" officers ("Covered Officers") of the Fund and is designed to implement a high standard of business conduct and ethics regarding actual or apparent conflicts of interest.

1. **Relationship to Codes of Ethics Under Rule 17j-1** 

The Fund is subject to and has adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act, which is also applicable to the Fund's investment adviser, Empower Capital Management, LLC ("ECM"), a wholly owned subsidiary of Empower Annuity Insurance Company of America. The Fund's principal underwriter Empower Financial Services, Inc. also adopted a code of ethics under Rule 17j-1 (together with the Fund and ECM's code, the "Rule 17j-1 Codes").

The Rule 17j-1 Codes impose reporting and disclosure requirements on covered persons relating to their personal investment transactions in securities, as well as substantively regulate such transactions, as the Board of Directors has determined to be reasonably necessary in order to prevent fraud, deceit or manipulative practices by such persons in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by a portfolio.

The requirements of this Code are in addition to, not in substitution for, the provisions of the 17j-1 Codes that are applicable to Covered Officers. Accordingly, it shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as applicable to his or her personal securities investments. No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

2. **Applicability.** 

For purposes of this Code, the term "Covered Officer" shall mean each person who occupies the position of principal executive officer, managing director, principal financial officer, controller or principal accounting officer, each of whom are set forth in attached Exhibit A (as amended from time to time) for the purpose of promoting:

a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

b. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the Fund;

c. compliance with applicable laws and governmental rules and regulations;

d. the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

------

e. accountability for adherence to the Code.

3. **Substantive Requirements** 

a. Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

It shall be the responsibility of each Covered Officer to comply with the reporting, disclosure and pre-approval requirements of the Rule 17j-1 Codes as may be applicable to his or her personal securities investments.

No personal securities investment transaction by a Covered Officer that complies with the procedural, reporting, disclosure and other provisions of the applicable Rule 17j-1 Codes shall be deemed to be a violation or constitute a waiver of any requirement of this Code.

No Covered Officer shall derive any improper personal financial or other benefit of a substantial nature as a result of his or her position as the principal executive officer, principal financial officer, controller or principal accounting officer, as the case may be, through or from the Fund, or through or from any person or entity doing business or seeking to do business with the Fund, including, without limitation, gifts or gratuities (other than customary business gifts, meals or business entertainment that are not extravagant), preferred investment opportunities, or cash payments of any amount.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940 ("Investment Advisers Act").

4. **Examples of Conflicts of Interest** 

Each Covered Officer:

a. Shall not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund.

b. Shall not cause the Fund to take actions, or fail to take actions, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund.

c. Shall not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

d. Shall not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons for reports of potential Violations that are made in good faith.

The list provided above provides examples of conflicts of interest under this Code; Covered Officers should contact the Chief Compliance Officer regarding questions or other situations which may involve a conflict of interest. The Fund and ECM's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and ECM both of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for ECM or for both), be involved in establishing policies and implementing decisions that will have different effects on ECM and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and ECM and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

The employment of a member of the immediate family of a Covered Officer by an entity doing business, or seeking to do business, with the Fund shall not be deemed a violation of this Code if the Covered Officer discloses such employment to the Board of Directors of the Fund.

Any Covered Officer who shall, in his or her capacity as principal executive officer, principal financial officer, controller or principal accounting officer, receive or be offered any personal financial or other benefit that is or may be proscribed by this Code promptly shall report same to the Fund's Chief Compliance Officer. The Chief Compliance Officer shall be, and hereby is, authorized to determine whether the receipt of such financial or other benefit is or would be proscribed by this Code. If the Chief Compliance Officer shall determine the receipt of any such personal financial or other benefit is or would be proscribed by this Code, then the Chief Compliance Officer may direct that such benefit be refused or, if already received, that such benefit anonymously be donated to a charitable organization. Upon such donation, no violation of this Code shall be deemed to have occurred by reason of the Covered Officer having received such personal financial or other benefit. The Chief Compliance Officer's determination that the offer to or receipt by a Covered Officer of a benefit is not a violation of this Code shall not be deemed a waiver of any provision of this Code.

The Chief Compliance Officer shall maintain a record of reports, if any, by Covered Officers of the receipt or offer of personal financial or other benefits, and the Chief Compliance Officer's determinations and directions with respect to such reports.

a. Full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the Commission and in other public communications made by the Fund.

Each Covered Officer is responsible for the full, fair, accurate, timely and understandable disclosure in reports and documents the Fund files with, or submits to, the Commission and in other public communications made by the Fund, insofar as such disclosure or communication relates to matters within the scope of such Covered Officer's responsibilities of office. Without limiting the generality of the foregoing, no Covered Officer willfully shall cause or permit any such disclosure or communication regarding a matter within the scope of his or her responsibility to: misstate a material fact; or omit to state a material fact necessary to make any statement made in any such disclosure or communication, in light of the circumstances in which such statement is made, not misleading.

b. Compliance with applicable governmental laws, rules and regulations.

A Covered Officer promptly shall report to the Chief Compliance Officer any non-compliance or apparent non-compliance by the Fund with applicable governmental laws, rules and regulations including, without limitation, federal securities laws, regarding any matter that is within the scope of office of such Covered Officer, and shall take such action, if any, as may be directed by the Chief Compliance Officer with respect to the investigation or cure of such non-compliance or apparent non-compliance.

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The fact that a violation of applicable governmental laws, rules or regulations has, or may have, occurred shall not itself be deemed violation of this Code. A determination by the Chief Compliance Officer that a violation of applicable governmental laws, rules or regulations has, or has not, occurred shall not be deemed a waiver of any provision of this Code.

c. Prompt internal reporting of violations of this Code.

It is the responsibility of each Covered Officer to promptly to report to the Chief Compliance Officer any violation or apparent violation of this Code by any Covered Officer. The Chief Compliance Officer shall maintain a record of the reports, if any, of violations or apparent violations of this Code by any Covered Officer.

The Chief Compliance Officer shall determine, in response to any such report, whether or not a violation of this Code has occurred. The Chief Compliance Officer, in carrying out his or her duties under the Code, may consult with outside counsel to the Fund with respect to violations and potential violations of the Code or applicable legal requirements. In the event the Chief Compliance Officer shall determine that a violation has occurred, he or she shall report such violation to the Board of Directors of the Fund. If after due investigation the Chief Compliance Officer determines that no violation has occurred, no further action is necessary.

d. Accountability for adherence to this Code.

Compliance with the requirements of this Code is a condition of office of each Covered Officer. In the event of violation of the requirements of this Code by a Covered Officer, the Board of Directors of the Fund may take such action, as it deems appropriate, including, but not limited to, removal from office of the Covered Officer.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and maintained and protected accordingly. The Code is intended solely for the internal use of the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Each Covered Officer shall acknowledge in writing his or her receipt of a copy of this Code, and his or her agreement that adherence to this Code is a condition of office.

5. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, ECM, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund and ECM's codes of ethics under Rule 17j-1 of the Investment Company Act and ECM's more detailed policies and procedures set forth in the Fund's compliance manuals are separate requirements applying to the Covered Officers and others and are not part of this Code.

6. **Amendments** 

Any changes or waivers of this Code will, to the extent required, be disclosed as provided by Commission Rules. Any amendments to this Code, other than amendments to Exhibit A, must be approved by a majority of the Directors, including a majority of the Independent Directors.

7. **Confidentiality** 

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All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Directors of the Fund, its counsel, and ECM.

8. **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Amended and Restated as Adopted by the Board of Directors of Great-West Funds, Inc. on April 18, 2013.

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#### EXHIBIT A

#### Covered Officers
Jonathan Kreider, Chief Executive Officer & President

Kelly B. New, Chief Financial Officer & Treasurer

#### Chief Compliance Officer
Ahmed Abdul-Jaleel, Chief Compliance Officer

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## Ex-99.Cert

#### CERTIFICATIONS
I, Jonathan D. Kreider, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

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I, Kelly B. New, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

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## Exhibit 99.906

#### CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

#### (18 U.S.C. 1350)
In connection with the Annual Report of Empower Funds, Inc. (the "Registrant") on Form N-CSR for the period ended December 31, 2024 (the "Report"), the undersigneds hereby certify, to the best of their knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

---

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| | |
|:---|:---|
| Date:  | February 24, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

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__________

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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