# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-046395
**Filing Date:** 2025-7
**Character Count:** 586922
**Document Hash:** 2f3717f8d62a6d13275c08b0b3057940
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046395.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046395

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251121925

**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 International Index Fund (Series ID: S000030871)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000095750 | Investor Class      | MXINX           |
| C000155807 | Institutional Class | MXPBX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;**Empower International Growth Fund** |
| **Institutional Class Ticker / MXENX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXHTX** |
| **Investor Class Ticker / MXEOX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXIGX** |
| **Empower International Index Fund** | &nbsp;&nbsp;&nbsp;**Empower International Value Fund** |
| **Institutional Class Ticker / MXPBX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXJVX** |
| **Investor Class Ticker / MXINX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXIVX** |

---

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

#### Quarterly Holdings Report
<br> March 31, 2025

This report is submitted for general information and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein is to be considered an offer of the sale of shares of the Funds. Such offering is made only by the prospectus of each Fund, which includes details as to offering price and other information.

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.04% | Basic Materials — 4.04% | Basic Materials — 4.04% |
| 1200000 | Aluminum Corp of China Ltd | &nbsp;&nbsp;&nbsp;$752740 |
| &nbsp;&nbsp;&nbsp;&nbsp;30350 | Anglogold Ashanti Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1126592 |
| &nbsp;&nbsp;&nbsp;122924 | Archean Chemical Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 741226 |
| &nbsp;&nbsp;&nbsp;576000 | Bluestar Adisseo Co | &nbsp;&nbsp;&nbsp;&nbsp; 840712 |
| &nbsp;&nbsp;&nbsp;990000 | China Hongqiao Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2047944 |
| &nbsp;&nbsp;&nbsp;914000 | China Nonferrous Mining Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 663110 |
| &nbsp;&nbsp;&nbsp;&nbsp;66558 | Cia de Minas Buenaventura SAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040302 |
| &nbsp;&nbsp;&nbsp;803207 | Godawari Power and Ispat Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679886 |
| &nbsp;&nbsp;&nbsp;&nbsp;99447 | Gold Fields Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196784 |
| &nbsp;&nbsp;&nbsp;138200 | Grupo Mexico SAB de CV Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690443 |
| &nbsp;&nbsp;&nbsp;368266 | Harmony Gold Mining Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5439289 |
| &nbsp;&nbsp;&nbsp;315583 | Hindalco Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | KCC Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436841 |
| &nbsp;&nbsp;&nbsp;194140 | KGHM Polska Miedz SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346274 |
| &nbsp;&nbsp;&nbsp;&nbsp;71000 | Nan Pao Resins Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777352 |
| &nbsp;&nbsp;&nbsp;327768 | National Aluminium Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667653 |
| &nbsp;&nbsp;&nbsp;&nbsp;58984 | Navin Fluorine International Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900911 |
| &nbsp;&nbsp;&nbsp;758183 | Sappi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503801 |
| &nbsp;&nbsp;&nbsp;&nbsp;41124 | Saudi Arabian Mining Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504643 |
| &nbsp;&nbsp;&nbsp;&nbsp;28748 | Saudi Basic Industries Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488189 |
| &nbsp;&nbsp;&nbsp;338800 | Scientex BHD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681 | Southern Copper Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530946 |
| &nbsp;&nbsp;&nbsp;316271 | Sunresin New Materials Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004170 |
| 1237531 | Vedanta Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668716 |
| &nbsp;&nbsp;&nbsp;120492 | Yanbu National Petrochemical Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110874 |
| 1625167 | Yunnan Aluminium Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900882 |
| &nbsp;&nbsp;&nbsp;416200 | Zhejiang JIULI Hi-tech Metals Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439831 |
| 2134000 | Zijin Mining Group Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54145327 |
| Communications — 19.36% | Communications — 19.36% | Communications — 19.36% |
| &nbsp;&nbsp;&nbsp;284000 | Accton Technology Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031629 |
| 2575000 | Alibaba Group Holding Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42605903 |
| 2651000 | America Movil SAB de CV Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888714 |
| &nbsp;&nbsp;&nbsp;&nbsp;45754 | Bharti Airtel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924976 |
| &nbsp;&nbsp;&nbsp;&nbsp;62240 | Bilibili Inc Class Z<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193568 |
| &nbsp;&nbsp;&nbsp;&nbsp;84174 | Cartrade Tech Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613601 |
| &nbsp;&nbsp;&nbsp;520000 | East Money Information Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621547 |
| &nbsp;&nbsp;&nbsp;215727 | Etihad Etisalat Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3508130 |
| &nbsp;&nbsp;&nbsp;&nbsp;21886 | IndiaMart InterMesh Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527839 |
| 1106178 | Indus Towers Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301418 |
| &nbsp;&nbsp;&nbsp;&nbsp;34533 | Info Edge India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883219 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;408509 | JD.com Inc Class A | &nbsp;&nbsp;&nbsp;$8403659 |
| &nbsp;&nbsp;&nbsp;&nbsp;70205 | Kanzhun Ltd ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1345830 |
| &nbsp;&nbsp;&nbsp;614000 | Kuaishou Technology<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4305713 |
| 1055500 | Meitu Inc<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 742796 |
| 1249910 | Meituan Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25151276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 | MercadoLibre Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5130788 |
| 4697400 | My EG Services Bhd | &nbsp;&nbsp;&nbsp;&nbsp; 970761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6645 | Naspers Ltd Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 | NAVER Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762017 |
| &nbsp;&nbsp;&nbsp;&nbsp;14788 | NCSoft Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506133 |
| &nbsp;&nbsp;&nbsp;560236 | Orange Polska SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269260 |
| &nbsp;&nbsp;&nbsp;&nbsp;74995 | PDD Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875658 |
| &nbsp;&nbsp;&nbsp;263897 | Saudi Telecom Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190459 |
| &nbsp;&nbsp;&nbsp;139710 | SK Telecom Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262537 |
| 5176039 | Talabat Holding PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001082 |
| &nbsp;&nbsp;&nbsp;&nbsp;85800 | Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752082 |
| 3081200 | Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447479 |
| 1237500 | Tencent Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79071243 |
| &nbsp;&nbsp;&nbsp;214860 | Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096133 |
| &nbsp;&nbsp;&nbsp;&nbsp;42431 | Trip.com Group Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697763 |
| 5124600 | True Corp PCL NVDR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774699 |
| &nbsp;&nbsp;&nbsp;491736 | Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240987 |
| &nbsp;&nbsp;&nbsp;160890 | Vipshop Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522755 |
| 3752800 | Xiaomi Corp Class B<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23746707 |
| 3082005 | Zomato Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259256168 |
| Consumer, Cyclical — 10.15% | Consumer, Cyclical — 10.15% | Consumer, Cyclical — 10.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;71370 | Anker Innovations Technology Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016067 |
| &nbsp;&nbsp;&nbsp;310400 | ANTA Sports Products Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412849 |
| 2891800 | Astra International Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855821 |
| &nbsp;&nbsp;&nbsp;&nbsp;40182 | Atour Lifestyle Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139160 |
| &nbsp;&nbsp;&nbsp;335500 | BYD Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16988555 |
| &nbsp;&nbsp;&nbsp;147000 | Chicony Power Technology Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506288 |
| 1043000 | China Airlines Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712916 |
| &nbsp;&nbsp;&nbsp;141419 | Clicks Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612646 |
| &nbsp;&nbsp;&nbsp;177218 | Contemporary Amperex Technology Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202671 |
| 2927000 | Eva Airways Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601412 |
| &nbsp;&nbsp;&nbsp;651000 | Far Eastern New Century Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650075 |
| &nbsp;&nbsp;&nbsp;435600 | Fuyao Glass Industry Group Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116353 |
| &nbsp;&nbsp;&nbsp;788000 | Geely Automobile Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691527 |
| &nbsp;&nbsp;&nbsp;480000 | Great Wall Motor Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841795 |
| &nbsp;&nbsp;&nbsp;479600 | Guangdong TCL Smart Home Appliances Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766918 |
| &nbsp;&nbsp;&nbsp;&nbsp;96822 | H World Group Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583382 |
| &nbsp;&nbsp;&nbsp;246000 | Haidilao International Holding Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554818 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;254800 | Haier Smart Home Co Ltd Class H | &nbsp;&nbsp;&nbsp;$821352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50939 | Hero MotoCorp Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2210581 |
| &nbsp;&nbsp;&nbsp;&nbsp;248000 | Hisense Home Appliance Group Class H<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 831973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16128 | Hyundai Mobis Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2870052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | Jinan Acetate Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 759216 |
| &nbsp;&nbsp;&nbsp;&nbsp;489260 | Jollibee Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2051942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88629 | JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp; 2429804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33342 | JYP Entertainment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345935 |
| &nbsp;&nbsp;&nbsp;&nbsp;134605 | Kia Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78250 | LG Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56083 | Li Auto Inc ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | LPP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994000 |
| 35842900 | Map Aktif Adiperkasa PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428510 |
| &nbsp;&nbsp;1250200 | Marcopolo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351757 |
| &nbsp;&nbsp;&nbsp;&nbsp;226000 | Merida Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035982 |
| &nbsp;&nbsp;&nbsp;&nbsp;794300 | Midea Group Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8601656 |
| &nbsp;&nbsp;&nbsp;&nbsp;117000 | Nien Made Enterprise Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404527 |
| &nbsp;&nbsp;&nbsp;&nbsp;275303 | Ningbo Tuopu Group Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225838 |
| 40640000 | Nusantara Sejahtera Raya Tbk PT<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8980 | Page Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475453 |
| &nbsp;&nbsp;&nbsp;&nbsp;261400 | Pop Mart International Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283084 |
| &nbsp;&nbsp;&nbsp;&nbsp;785000 | President Chain Store Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946202 |
| &nbsp;&nbsp;&nbsp;&nbsp;961900 | Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226308 |
| &nbsp;&nbsp;&nbsp;&nbsp;780900 | Samsonite International SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852086 |
| &nbsp;&nbsp;&nbsp;&nbsp;878200 | Shenyang Jinbei Automotive Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740408 |
| &nbsp;&nbsp;&nbsp;&nbsp;333100 | Shenzhou International Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504647 |
| &nbsp;&nbsp;&nbsp;&nbsp;352717 | Sona Blw Precision Forgings Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891272 |
| &nbsp;&nbsp;&nbsp;&nbsp;389294 | Tata Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052323 |
| &nbsp;&nbsp;&nbsp;&nbsp;178000 | Tong Yang Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17643 | Trent Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96898 | Turk Hava Yollari AO<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793595 |
| &nbsp;&nbsp;&nbsp;&nbsp;976900 | Wal-Mart de Mexico SAB de CV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700444 |
| &nbsp;&nbsp;1967000 | Weichai Power Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4142794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | XPeng Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826746 |
| &nbsp;&nbsp;&nbsp;&nbsp;752300 | Yutong Bus Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135952359 |
| Consumer, Non-Cyclical — 8.60% | Consumer, Non-Cyclical — 8.60% | Consumer, Non-Cyclical — 8.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;123185 | Adani Ports & Special Economic Zone Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46472 | Ajanta Pharma Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548 | Alkem Laboratories Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056538 |
| &nbsp;&nbsp;&nbsp;&nbsp;354037 | Almarai Co JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52739 | Apollo Hospitals Enterprise Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073224 |
| &nbsp;&nbsp;&nbsp;&nbsp;509100 | Arca Continental SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323478 |
| &nbsp;&nbsp;4945600 | Bangkok Dusit Medical Services PCL Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250903 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;3806400 | Bangkok Dusit Medical Services PCL NVDR | &nbsp;&nbsp;&nbsp;$2447932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 | BeiGene Ltd ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 875027 |
| &nbsp;&nbsp;&nbsp;&nbsp;269400 | BRF SA | &nbsp;&nbsp;&nbsp;&nbsp; 934753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53743 | Britannia Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3096463 |
| &nbsp;&nbsp;1516000 | China Feihe Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1143915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15899 | Chong Kun Dang Pharmaceutical Corp | &nbsp;&nbsp;&nbsp;&nbsp; 843911 |
| &nbsp;&nbsp;&nbsp;&nbsp;266983 | Cipla Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 4486619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | CJ CheilJedang Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76629 | Coca Cola Femsa SAB de CV Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995461 |
| &nbsp;&nbsp;&nbsp;&nbsp;192785 | DingDong Cayman Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26655 | Dino Polska SA<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 | Hanmi Pharm Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71386 | Hindustan Unilever Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885111 |
| &nbsp;&nbsp;&nbsp;&nbsp;182000 | HUTCHMED China Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559336 |
| &nbsp;&nbsp;3384800 | Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450224 |
| &nbsp;&nbsp;&nbsp;&nbsp;139500 | Innovent Biologics Inc<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839351 |
| &nbsp;&nbsp;&nbsp;&nbsp;876620 | International Container Terminal Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | Kweichow Moutai Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117031 |
| &nbsp;&nbsp;&nbsp;&nbsp;192973 | Lupin Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90100 | Mao Geping Cosmetics Co LTD<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157174 |
| 18104300 | Monde Nissin Corp<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287359 |
| &nbsp;&nbsp;&nbsp;&nbsp;167109 | National Agriculture Development Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | PharmaEssentia Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | Samsung Biologics Co Ltd<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76950 | Shenzhen Mindray Bio Medical Electronics Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483355 |
| &nbsp;&nbsp;&nbsp;&nbsp;226900 | Sichuan Kelun Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57850 | SM Investments Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798007 |
| 10557700 | Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306784 |
| &nbsp;&nbsp;&nbsp;&nbsp;618309 | Sun Pharmaceutical Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12529869 |
| &nbsp;&nbsp;&nbsp;&nbsp;392750 | Tata Consumer Products Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53664 | Tiger Brands Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813316 |
| &nbsp;&nbsp;&nbsp;&nbsp;205452 | Torrent Pharmaceuticals Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7733037 |
| &nbsp;&nbsp;&nbsp;&nbsp;872000 | Uni-President China Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003730 |
| &nbsp;&nbsp;&nbsp;&nbsp;328842 | Yankershop Food Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2874264 |
| &nbsp;&nbsp;&nbsp;&nbsp;783500 | Zhejiang NHU Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115145115 |
| Diversified — 0.28% | Diversified — 0.28% | Diversified — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30214 | Astra Industrial Group Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256534 |
| &nbsp;&nbsp;&nbsp;&nbsp;251918 | AVI Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220464 |
| &nbsp;&nbsp;&nbsp;&nbsp;900200 | IJM Corp Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428595 |
| &nbsp;&nbsp;1982500 | YTL Corp Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799114 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — 2.78% | Energy — 2.78% | Energy — 2.78% |
| &nbsp;&nbsp;2378333 | Adnoc Drilling Co Pjsc | &nbsp;&nbsp;&nbsp;$3328242 |
| &nbsp;&nbsp;3243430 | Adnoc Gas PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2819488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | Hd Hyundai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 604471 |
| &nbsp;&nbsp;2034000 | Kunlun Energy Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1987563 |
| &nbsp;&nbsp;&nbsp;&nbsp;354229 | Oil & Natural Gas Corp Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1017993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88569 | ORLEN SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1560024 |
| &nbsp;&nbsp;3508000 | PetroChina Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp; 2844139 |
| &nbsp;&nbsp;&nbsp;&nbsp;461296 | Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614985 |
| &nbsp;&nbsp;&nbsp;&nbsp;171400 | Prio SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199946 |
| &nbsp;&nbsp;1371700 | PTT Exploration & Production PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745470 |
| &nbsp;&nbsp;&nbsp;&nbsp;388113 | Reliance Industries Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770204 |
| &nbsp;&nbsp;&nbsp;&nbsp;239459 | Saudi Arabian Oil Co<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63246 | Vista Energy SAB de CV<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37143111 |
| Financial — 25.19% | Financial — 25.19% | Financial — 25.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;139551 | 360 ONE WAM Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533024 |
| &nbsp;&nbsp;&nbsp;&nbsp;948342 | Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141412 |
| &nbsp;&nbsp;&nbsp;&nbsp;357000 | Advancetek Enterprise Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882879 |
| &nbsp;&nbsp;2237610 | Akbank TAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080970 |
| &nbsp;&nbsp;&nbsp;&nbsp;161044 | Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371585 |
| &nbsp;&nbsp;&nbsp;&nbsp;583113 | Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331637 |
| &nbsp;&nbsp;&nbsp;&nbsp;540723 | Alinma Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413956 |
| &nbsp;&nbsp;&nbsp;&nbsp;932224 | Alpha Services And Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239049 |
| &nbsp;&nbsp;&nbsp;&nbsp;139868 | Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858428 |
| &nbsp;&nbsp;&nbsp;&nbsp;564884 | Axis Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7246029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85643 | Bajaj Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923038 |
| &nbsp;&nbsp;&nbsp;&nbsp;448400 | Banco del Bajio SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976798 |
| &nbsp;&nbsp;&nbsp;&nbsp;714100 | Banco do Brasil SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3531425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19017 | Bancolombia SA Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764483 |
| &nbsp;&nbsp;&nbsp;&nbsp;649400 | Bangkok Bank PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813907 |
| 11687600 | Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999023 |
| 27140700 | Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8425423 |
| &nbsp;&nbsp;1543940 | Bank of Baroda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107599 |
| &nbsp;&nbsp;&nbsp;&nbsp;675800 | Bank Of Changsha Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856944 |
| &nbsp;&nbsp;5630000 | Bank of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400257 |
| &nbsp;&nbsp;1271200 | Bank of Hangzhou Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533786 |
| &nbsp;&nbsp;2635154 | Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284804 |
| &nbsp;&nbsp;9444300 | Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282972 |
| &nbsp;&nbsp;&nbsp;&nbsp;409994 | Banque Saudi Fransi<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025909 |
| &nbsp;&nbsp;1189000 | BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407355 |
| &nbsp;&nbsp;&nbsp;&nbsp;963750 | BDO Unibank Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581789 |
| 24893900 | BFI Finance Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223299 |
| &nbsp;&nbsp;&nbsp;&nbsp;129798 | BNK Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89600 | BOC Aviation Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74829 | BSE Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764347 |
| &nbsp;&nbsp;1282252 | Canara Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21079 | Capitec Bank Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585130 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 16358000 | China Construction Bank Corp Class H | &nbsp;&nbsp;&nbsp;$14495879 |
| &nbsp;&nbsp;&nbsp;&nbsp;555000 | China Life Insurance Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp; 1072806 |
| &nbsp;&nbsp;2112500 | China Merchants Bank Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp; 12524923 |
| &nbsp;&nbsp;&nbsp;&nbsp;695800 | China Pacific Insurance Group Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp; 2192129 |
| &nbsp;&nbsp;&nbsp;&nbsp;184000 | China Resources Land Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 610366 |
| &nbsp;&nbsp;&nbsp;&nbsp;238200 | China Resources Mixc Lifestyle Services Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1053499 |
| &nbsp;&nbsp;3011000 | CIMB Group Holdings Bhd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4770696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34492 | Co for Cooperative Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312824 |
| &nbsp;&nbsp;2315002 | Commercial International Bank Egypt SAE GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87252 | Computer Age Management Services Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38917 | Credicorp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244789 |
| &nbsp;&nbsp;&nbsp;&nbsp;568930 | Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888804 |
| &nbsp;&nbsp;1380224 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998521 |
| &nbsp;&nbsp;&nbsp;&nbsp;314484 | FirstRand Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235866 |
| &nbsp;&nbsp;&nbsp;&nbsp;191447 | Five-Star Business Finance Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614848 |
| &nbsp;&nbsp;1544900 | Gentera SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381008 |
| &nbsp;&nbsp;&nbsp;&nbsp;147582 | Godrej Properties Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647414 |
| &nbsp;&nbsp;&nbsp;&nbsp;398200 | Grupo Financiero Inbursa Sab D Class O<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895267 |
| &nbsp;&nbsp;&nbsp;&nbsp;797600 | Guotai Junan Securities Co Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159839 |
| &nbsp;&nbsp;&nbsp;&nbsp;229614 | Hana Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9375218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67104 | HDFC Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37893 | Hyundai Marine & Fire Insurance Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564351 |
| &nbsp;&nbsp;1052300 | ICICI Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16540074 |
| &nbsp;&nbsp;2734000 | Industrial & Commercial Bank of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950931 |
| &nbsp;&nbsp;&nbsp;&nbsp;197595 | Investec Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233383 |
| &nbsp;&nbsp;&nbsp;&nbsp;568920 | Itau Unibanco Holding SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66906 | JB Financial Group Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796002 |
| &nbsp;&nbsp;&nbsp;&nbsp;865610 | Jiangsu Changshu Rural Commercial Bank Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833057 |
| &nbsp;&nbsp;&nbsp;&nbsp;104072 | Jio Financial Services Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275610 |
| &nbsp;&nbsp;&nbsp;&nbsp;261392 | JSE Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766232 |
| &nbsp;&nbsp;&nbsp;&nbsp;501287 | Karur Vysya Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221028 |
| &nbsp;&nbsp;&nbsp;&nbsp;155654 | KB Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437024 |
| &nbsp;&nbsp;&nbsp;&nbsp;255159 | KE Holdings Inc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126144 |
| &nbsp;&nbsp;3927000 | KGI Financial Holding Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6734 | KIWOOM Securities Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582644 |
| &nbsp;&nbsp;7197900 | Krung Thai Bank PCL NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5132703 |
| &nbsp;&nbsp;&nbsp;&nbsp;130313 | LexinFintech Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314858 |
| &nbsp;&nbsp;&nbsp;&nbsp;470158 | LIC Housing Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81545 | Life Insurance Corp of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759106 |
| &nbsp;&nbsp;&nbsp;&nbsp;679323 | Manappuram Finance Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32496 | Meritz Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716594 |
| &nbsp;&nbsp;&nbsp;&nbsp;953850 | Metropolitan Bank & Trust Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218780 |
| &nbsp;&nbsp;&nbsp;&nbsp;264454 | Mirae Asset Securities Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78177 | Motilal Oswal Financial Services Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559719 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;694529 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp;$7138370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51302 | Nedbank Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 719795 |
| &nbsp;&nbsp;&nbsp;&nbsp;126976 | Nova Ljubljanska Banka dd GDR | &nbsp;&nbsp;&nbsp;&nbsp; 3857221 |
| &nbsp;&nbsp;&nbsp;&nbsp;234748 | NU Holdings Ltd Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2403820 |
| &nbsp;&nbsp;&nbsp;&nbsp;116916 | Oberoi Realty Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2226656 |
| &nbsp;&nbsp;4728662 | Old Mutual Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3069053 |
| &nbsp;&nbsp;&nbsp;&nbsp;139480 | OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp; 9384482 |
| 43243100 | Pakuwon Jati Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883936 |
| &nbsp;&nbsp;2934000 | People's Insurance Co Group of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519829 |
| &nbsp;&nbsp;2160000 | PICC Property & Casualty Co Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999694 |
| &nbsp;&nbsp;2197000 | Ping An Insurance Group Co of China Ltd Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13113790 |
| &nbsp;&nbsp;&nbsp;&nbsp;968607 | Piraeus Financial Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40297 | Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88206 | Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281527 |
| &nbsp;&nbsp;&nbsp;&nbsp;558872 | Prologis Property Mexico SA de CV REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71645 | Qifu Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217577 |
| &nbsp;&nbsp;&nbsp;&nbsp;297012 | REC Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13010 | Samsung Life Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735458 |
| &nbsp;&nbsp;&nbsp;&nbsp;132099 | Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319567 |
| &nbsp;&nbsp;&nbsp;&nbsp;315947 | Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010771 |
| &nbsp;&nbsp;&nbsp;&nbsp;162525 | SBI Life Insurance Co Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931581 |
| &nbsp;&nbsp;2199800 | SP Setia Bhd Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79289 | Standard Bank Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036017 |
| &nbsp;&nbsp;&nbsp;&nbsp;939661 | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8448217 |
| &nbsp;&nbsp;&nbsp;&nbsp;580961 | Turkiye Garanti Bankasi AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807307 |
| &nbsp;&nbsp;1968901 | Turkiye Is Bankasi AS Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635988 |
| &nbsp;&nbsp;1279191 | Union Bank of India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874178 |
| &nbsp;&nbsp;&nbsp;&nbsp;476577 | Woori Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337279154 |
| Industrial — 7.25% | Industrial — 7.25% | Industrial — 7.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12362 | ABB India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797828 |
| &nbsp;&nbsp;&nbsp;&nbsp;897110 | ADNOC Logistics & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37108 | Amber Enterprises India Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109346 |
| &nbsp;&nbsp;2237000 | Asia Cement Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161329 |
| &nbsp;&nbsp;&nbsp;&nbsp;166000 | Asia Optical Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700060 |
| &nbsp;&nbsp;&nbsp;&nbsp;257900 | Beijing New Building Materials PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036015 |
| &nbsp;&nbsp;&nbsp;&nbsp;439852 | Bharat Electronics Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | Budimex SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677166 |
| &nbsp;&nbsp;&nbsp;&nbsp;501500 | BYD Electronic International Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614801 |
| &nbsp;&nbsp;1240700 | China Tower Corp Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671286 |
| &nbsp;&nbsp;&nbsp;&nbsp;214000 | Chroma ATE Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | CyberPower Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840 | Danaos Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845845 |
| &nbsp;&nbsp;1432000 | Delta Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15838291 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;453000 | E Ink Holdings Inc | &nbsp;&nbsp;&nbsp;$3687786 |
| 1647011 | Electrical Industries Co | &nbsp;&nbsp;&nbsp;&nbsp; 2651616 |
| &nbsp;&nbsp;&nbsp;&nbsp;52011 | Embraer SA Sponsored ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2402908 |
| &nbsp;&nbsp;&nbsp;127148 | GCC SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp; 1165950 |
| &nbsp;&nbsp;&nbsp;&nbsp;82000 | Genius Electronic Optical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 982520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 | Hanwha Aerospace Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1325147 |
| &nbsp;&nbsp;&nbsp;109168 | HBL Engineering Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 599135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 | HD Hyundai Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906 | HD Hyundai Heavy Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746985 |
| &nbsp;&nbsp;&nbsp;&nbsp;16868 | HD Korea Shipbuilding & Offshore Engineering Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322793 |
| &nbsp;&nbsp;&nbsp;&nbsp;80569 | Hindustan Aeronautics Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914863 |
| 1901000 | Hon Hai Precision Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575011 |
| &nbsp;&nbsp;&nbsp;359110 | Hwang Chang General Contractor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902806 |
| &nbsp;&nbsp;&nbsp;&nbsp;55964 | Hyundai Rotem Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024893 |
| 1773000 | JD Logistics Inc<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865180 |
| &nbsp;&nbsp;&nbsp;&nbsp;62000 | Jentech Precision Industrial Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867256 |
| &nbsp;&nbsp;&nbsp;222765 | Jindal Saw Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698853 |
| &nbsp;&nbsp;&nbsp;184840 | Klabin SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | LIG Nex1 Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909416 |
| &nbsp;&nbsp;&nbsp;&nbsp;53000 | Lotes Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999 | LS Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611989 |
| &nbsp;&nbsp;&nbsp;873700 | Nanofilm Technologies International Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420727 |
| &nbsp;&nbsp;&nbsp;286500 | Ningbo Boway Alloy Material Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794785 |
| &nbsp;&nbsp;&nbsp;222313 | Rail Vikas Nigam Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906074 |
| &nbsp;&nbsp;&nbsp;681000 | Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942833 |
| &nbsp;&nbsp;&nbsp;&nbsp;96845 | Samsung Engineering Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310544 |
| &nbsp;&nbsp;&nbsp;904100 | Shanghai Zijiang Enterprise Group Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875208 |
| &nbsp;&nbsp;&nbsp;&nbsp;79100 | Sieyuan Electric Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830901 |
| &nbsp;&nbsp;&nbsp;250100 | Sunny Optical Technology Group Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308783 |
| &nbsp;&nbsp;&nbsp;196000 | Sunonwealth Electric Machine Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525876 |
| &nbsp;&nbsp;&nbsp;&nbsp;39186 | Titan Cement International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809657 |
| &nbsp;&nbsp;&nbsp;&nbsp;29000 | Voltronic Power Technology Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356106 |
| &nbsp;&nbsp;&nbsp;174990 | Yageo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577341 |
| &nbsp;&nbsp;&nbsp;&nbsp;77589 | ZTO Express Cayman Inc ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97062379 |
| Technology — 19.18% | Technology — 19.18% | Technology — 19.18% |
| &nbsp;&nbsp;&nbsp;841000 | ASE Technology Holding Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3695961 |
| &nbsp;&nbsp;&nbsp;103000 | Asia Vital Components Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458476 |
| &nbsp;&nbsp;&nbsp;&nbsp;13000 | ASMedia Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704748 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;88000 | Bizlink Holding Inc | &nbsp;&nbsp;&nbsp;$1367856 |
| &nbsp;&nbsp;&nbsp;&nbsp;31295 | Coforge Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2933799 |
| &nbsp;&nbsp;&nbsp;&nbsp;42647 | Espressif Systems Shanghai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1357957 |
| &nbsp;&nbsp;&nbsp;&nbsp;15000 | Global Unichip Corp | &nbsp;&nbsp;&nbsp;&nbsp; 487486 |
| &nbsp;&nbsp;&nbsp;258601 | HCL Technologies Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 4790665 |
| &nbsp;&nbsp;&nbsp;785560 | Infosys Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 14394255 |
| &nbsp;&nbsp;&nbsp;175000 | International Games System Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 4120218 |
| &nbsp;&nbsp;&nbsp;540000 | Kingdee International Software Group Co Ltd<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919296 |
| &nbsp;&nbsp;&nbsp;371000 | Kingsoft Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2985 | Krafton Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682640 |
| 2872000 | Lenovo Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902939 |
| &nbsp;&nbsp;&nbsp;510000 | MediaTek Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21981231 |
| &nbsp;&nbsp;&nbsp;625400 | NetEase Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12847350 |
| &nbsp;&nbsp;&nbsp;&nbsp;68685 | Netweb Technologies India Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201745 |
| &nbsp;&nbsp;&nbsp;113000 | Novatek Microelectronics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5601 | Oracle Financial Svcs Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510408 |
| &nbsp;&nbsp;&nbsp;&nbsp;82411 | Rasan Information Technology Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792554 |
| &nbsp;&nbsp;&nbsp;309000 | Realtek Semiconductor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4926237 |
| &nbsp;&nbsp;&nbsp;756130 | Samsung Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29977125 |
| &nbsp;&nbsp;&nbsp;&nbsp;16567 | Silicon Motion Technology Corp ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837628 |
| &nbsp;&nbsp;&nbsp;118877 | SK Hynix Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15847018 |
| 3986000 | Taiwan Semiconductor Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112257680 |
| &nbsp;&nbsp;&nbsp;144485 | Tata Consultancy Services Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077989 |
| 1084531 | Wipro Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307866 |
| &nbsp;&nbsp;&nbsp;261000 | Wistron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256831614 |
| Utilities — 1.30% | Utilities — 1.30% | Utilities — 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;10266 | ACWA Power Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933335 |
| &nbsp;&nbsp;&nbsp;460298 | China Yangtze Power Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765226 |
| &nbsp;&nbsp;&nbsp;&nbsp;33600 | Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601526 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;445500 | Cia De Sanena Do Parana | &nbsp;&nbsp;&nbsp;$2120369 |
| 16078379 | Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp; 1057285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92700 | Energisa SA | &nbsp;&nbsp;&nbsp;&nbsp; 648816 |
| &nbsp;&nbsp;&nbsp;&nbsp;826600 | ENN Natural Gas Co Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2233843 |
| &nbsp;&nbsp;1504000 | Huaneng Power International Inc | &nbsp;&nbsp;&nbsp;&nbsp; 872485 |
| &nbsp;&nbsp;&nbsp;&nbsp;277570 | Korea Electric Power Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4096404 |
| &nbsp;&nbsp;&nbsp;&nbsp;138243 | Nava Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 834774 |
| &nbsp;&nbsp;&nbsp;&nbsp;738700 | Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17395387 |
| **TOTAL COMMON STOCK — 98.13%<br> (Cost $1,168,494,585)** | **TOTAL COMMON STOCK — 98.13%<br> (Cost $1,168,494,585)** | &nbsp;&nbsp;&nbsp;**$1314009728** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;173590 | iShares ESG Aware MSCI EM ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066970 |
| **TOTAL EXCHANGE TRADED FUNDS — 0.45%<br> (Cost $6,032,724)** | **TOTAL EXCHANGE TRADED FUNDS — 0.45%<br> (Cost $6,032,724)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6066970** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;9228546 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(d)</sup>, 4.29%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9228546 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.69%<br> (Cost $9,228,546)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.69%<br> (Cost $9,228,546)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9228546** |
| **TOTAL INVESTMENTS — 99.27%<br> (Cost $1,183,755,855)** | **TOTAL INVESTMENTS — 99.27%<br> (Cost $1,183,755,855)** | &nbsp;&nbsp;&nbsp;**$1329305244** |
| **OTHER ASSETS & LIABILITIES, NET — 0.73%** | **OTHER ASSETS & LIABILITIES, NET — 0.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9732393** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1339037637** |

---

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

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

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $57,188,039, representing 4.27% of net assets.

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

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

<sup>ADR</sup> American Depositary Receipt

<sup>ETF</sup> Exchange Traded Fund

<sup>GDR</sup> Global Depositary Receipt

<sup>NVDR</sup> Non-Voting Depository Receipt

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

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER EMERGING MARKETS EQUITY FUND

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

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

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$413565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.11% |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227809649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223450031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.81 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125258686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40797273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39881962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28079673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27756793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24605322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21713312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20165615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18553575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17975331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17026277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14376061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10154364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Slovenia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Egypt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1329305244** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 3.24% | Basic Materials — 3.24% | Basic Materials — 3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67245 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$12772904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68800 | Novonesis / Novozymes Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4005984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16778888 |
| Communications — 5.28% | Communications — 5.28% | Communications — 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79660 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | MercadoLibre Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9169089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | Shopify Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6683600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27350936 |
| Consumer, Cyclical — 16.30% | Consumer, Cyclical — 16.30% | Consumer, Cyclical — 16.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49499 | Cie Financiere Richemont SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640839 |
| &nbsp;&nbsp;&nbsp;&nbsp;185206 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69000 | CTS Eventim AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6922260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | Fast Retailing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92652 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56546 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17885 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575636 |
| &nbsp;&nbsp;&nbsp;&nbsp;750000 | RS Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71805 | Ryanair Holdings PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042378 |
| &nbsp;&nbsp;&nbsp;&nbsp;579100 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14652971 |
| &nbsp;&nbsp;&nbsp;&nbsp;156917 | Volvo AB Class B<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73277 | Yum China Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84363970 |
| Consumer, Non-Cyclical — 19.01% | Consumer, Non-Cyclical — 19.01% | Consumer, Non-Cyclical — 19.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100856 |
| &nbsp;&nbsp;&nbsp;&nbsp;100000 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9488501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59074 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46000 | Cochlear Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7581235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13830 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450541 |
| &nbsp;&nbsp;&nbsp;&nbsp;154699 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041710 |
| &nbsp;&nbsp;&nbsp;&nbsp;160000 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7411610 |
| &nbsp;&nbsp;&nbsp;&nbsp;926477 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46785 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14029 | Lonza Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8666694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55585 | Nestle SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86690 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927718 |
| &nbsp;&nbsp;&nbsp;&nbsp;102000 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284749 |
| &nbsp;&nbsp;&nbsp;&nbsp;173927 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8734258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39335 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355258 |
| 28000000 | Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465713 |
| &nbsp;&nbsp;&nbsp;&nbsp;216100 | Terumo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98388566 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 14.14% | Financial — 14.14% | Financial — 14.14% |
| 149364 | 3i Group PLC | &nbsp;&nbsp;&nbsp;$7021279 |
| 203610 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6992238 |
| &nbsp;&nbsp;21789 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6382162 |
| 130493 | Goodman Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2341917 |
| 131400 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5845225 |
| 360000 | Intermediate Capital Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9164293 |
| &nbsp;&nbsp;58686 | London Stock Exchange Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8712709 |
| &nbsp;&nbsp;50000 | Macquarie Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222348 |
| &nbsp;&nbsp;&nbsp;&nbsp;7884 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980503 |
| 371546 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193277 |
| 208827 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885404 |
| 114400 | Rakuten Bank Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974616 |
| 140500 | Tokio Marine Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73181819 |
| Industrial — 20.94% | Industrial — 20.94% | Industrial — 20.94% |
| 291613 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658061 |
| 299200 | Azbil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324302 |
| &nbsp;&nbsp;17165 | Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237377 |
| &nbsp;&nbsp;40000 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735248 |
| &nbsp;&nbsp;90679 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055878 |
| &nbsp;&nbsp;45000 | Georg Fischer AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293501 |
| 301300 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7074345 |
| &nbsp;&nbsp;38800 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378910 |
| &nbsp;&nbsp;47600 | IHI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3321949 |
| &nbsp;&nbsp;&nbsp;&nbsp;1800 | Inficon Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888714 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | Interroll Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108822 |
| 100542 | James Hardie Industries PLC<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399371 |
| &nbsp;&nbsp;13200 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190374 |
| &nbsp;&nbsp;39086 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4139360 |
| &nbsp;&nbsp;24000 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8339367 |
| 479640 | Rolls-Royce Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660574 |
| &nbsp;&nbsp;48236 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12699778 |
| &nbsp;&nbsp;28769 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641211 |
| 310000 | SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731709 |
| &nbsp;&nbsp;25000 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089607 |
| &nbsp;&nbsp;29783 | SPIE SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274220 |
| &nbsp;&nbsp;11500 | VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;108387992 |
| Technology — 17.44% | Technology — 17.44% | Technology — 17.44% |
| &nbsp;&nbsp;64500 | Advantest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875184 |
| &nbsp;&nbsp;20516 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576991 |
| &nbsp;&nbsp;28000 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9464000 |
| &nbsp;&nbsp;79280 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018415 |
| &nbsp;&nbsp;28000 | Disco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718207 |
| 107400 | Hamamatsu Photonics KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046986 |
| 117850 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416290 |
| &nbsp;&nbsp;75000 | Kinaxis Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8268997 |
| &nbsp;&nbsp;28000 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6808480 |
| &nbsp;&nbsp;38000 | Nice Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858460 |
| &nbsp;&nbsp;28000 | Nova Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161240 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL GROWTH FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;40900 | Otsuka Corp | &nbsp;&nbsp;&nbsp;$885543 |
| &nbsp;&nbsp;&nbsp;285203 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4475947 |
| &nbsp;&nbsp;&nbsp;&nbsp;60559 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp; 16226813 |
| &nbsp;&nbsp;&nbsp;&nbsp;20850 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3461100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90262653 |
| Utilities — 0.87% | Utilities — 0.87% | Utilities — 0.87% |
| &nbsp;&nbsp;&nbsp;217373 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4476147 |
| **TOTAL COMMON STOCK — 97.22%<br> (Cost $453,106,630)** | **TOTAL COMMON STOCK — 97.22%<br> (Cost $453,106,630)** | &nbsp;&nbsp;&nbsp;**$503190971** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 3223950 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(d)</sup>, 4.29%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223950 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.63%<br> (Cost $3,223,950)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.63%<br> (Cost $3,223,950)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3223950** |
| **TOTAL INVESTMENTS — 97.85%<br> (Cost $456,330,580)** | **TOTAL INVESTMENTS — 97.85%<br> (Cost $456,330,580)** | &nbsp;&nbsp;&nbsp;**$506414921** |
| **OTHER ASSETS & LIABILITIES, NET — 2.15%** | **OTHER ASSETS & LIABILITIES, NET — 2.15%** | &nbsp;&nbsp;&nbsp;**$11150613** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$517565534** |

---

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

<sup>(b)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $13,529,538, representing 2.61% of net assets.

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

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

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

<sup>ADR</sup> American Depositary Receipt

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

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL GROWTH FUND

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

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

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87072827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71278964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60670934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.98 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53312904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.53 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51592081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27292180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26579131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19119492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19030904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15151861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14952597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12853359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11535572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9169089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5845225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$506414921** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.85% | Basic Materials — 4.85% | Basic Materials — 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;85498 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$16239984 |
| &nbsp;&nbsp;&nbsp;&nbsp;25047 | Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp; 1542542 |
| &nbsp;&nbsp;&nbsp;190262 | Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5331516 |
| &nbsp;&nbsp;&nbsp;&nbsp;57251 | Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1246075 |
| &nbsp;&nbsp;&nbsp;&nbsp;72320 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp; 2089083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8854 | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp; 677963 |
| &nbsp;&nbsp;&nbsp;195400 | Asahi Kasei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369883 |
| &nbsp;&nbsp;&nbsp;133641 | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699290 |
| &nbsp;&nbsp;&nbsp;749693 | BHP Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18189954 |
| &nbsp;&nbsp;&nbsp;&nbsp;64809 | BlueScope Steel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868050 |
| &nbsp;&nbsp;&nbsp;&nbsp;40954 | Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343809 |
| &nbsp;&nbsp;&nbsp;&nbsp;19022 | Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232964 |
| &nbsp;&nbsp;&nbsp;&nbsp;26885 | Covestro AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726808 |
| &nbsp;&nbsp;&nbsp;&nbsp;20167 | Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765920 |
| &nbsp;&nbsp;&nbsp;&nbsp;27985 | DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | EMS-Chemie Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688823 |
| &nbsp;&nbsp;&nbsp;&nbsp;33441 | Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724969 |
| &nbsp;&nbsp;&nbsp;253563 | Fortescue Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | Givaudan SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902848 |
| 1552791 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9885 | Holmen AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391455 |
| &nbsp;&nbsp;&nbsp;&nbsp;92747 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526718 |
| &nbsp;&nbsp;&nbsp;&nbsp;86200 | JFE Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058235 |
| &nbsp;&nbsp;&nbsp;210200 | Mitsubishi Chemical Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038700 |
| &nbsp;&nbsp;&nbsp;&nbsp;72454 | Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080348 |
| &nbsp;&nbsp;&nbsp;147700 | Nippon Paint Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109161 |
| &nbsp;&nbsp;&nbsp;&nbsp;26200 | Nippon Sanso Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794766 |
| &nbsp;&nbsp;&nbsp;147274 | Nippon Steel Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151821 |
| &nbsp;&nbsp;&nbsp;102500 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895898 |
| &nbsp;&nbsp;&nbsp;210192 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215119 |
| &nbsp;&nbsp;&nbsp;173386 | Northern Star Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001777 |
| &nbsp;&nbsp;&nbsp;&nbsp;52761 | Novonesis / Novozymes Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072090 |
| &nbsp;&nbsp;&nbsp;&nbsp;55908 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056686 |
| &nbsp;&nbsp;&nbsp;164505 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9870949 |
| &nbsp;&nbsp;&nbsp;260600 | Shin-Etsu Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7436265 |
| &nbsp;&nbsp;&nbsp;698714 | South32 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407591 |
| &nbsp;&nbsp;&nbsp;&nbsp;37000 | Sumitomo Metal Mining Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808777 |
| &nbsp;&nbsp;&nbsp;&nbsp;11314 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772099 |
| &nbsp;&nbsp;&nbsp;&nbsp;19777 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050368 |
| &nbsp;&nbsp;&nbsp;207600 | Toray Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418721 |
| &nbsp;&nbsp;&nbsp;&nbsp;79981 | UPM-Kymmene OYJ<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145762 |
| &nbsp;&nbsp;&nbsp;&nbsp;24574 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125592230 |
| Communications — 5.03% | Communications — 5.03% | Communications — 5.03% |
| &nbsp;&nbsp;&nbsp;140318 | Auto Trader Group PLC<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356463 |
| &nbsp;&nbsp;&nbsp;113326 | Bollore SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663911 |
| &nbsp;&nbsp;&nbsp;988716 | BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120126 |
| &nbsp;&nbsp;&nbsp;&nbsp;55407 | CAR Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104297 |
| &nbsp;&nbsp;&nbsp;&nbsp;27851 | Delivery Hero SE<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667803 |
| &nbsp;&nbsp;&nbsp;&nbsp;29500 | Dentsu Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651496 |
| &nbsp;&nbsp;&nbsp;515738 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19041096 |
| &nbsp;&nbsp;&nbsp;&nbsp;22640 | Elisa OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103590 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;&nbsp;323263 | Grab Holdings Ltd Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1464381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | Hikari Tsushin Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 696855 |
| &nbsp;&nbsp;&nbsp;575900 | HKT Trust & HKT Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 769357 |
| &nbsp;&nbsp;&nbsp;192058 | Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1925255 |
| &nbsp;&nbsp;&nbsp;459600 | KDDI Corp | &nbsp;&nbsp;&nbsp;&nbsp; 7259684 |
| &nbsp;&nbsp;&nbsp;605593 | Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp; 2565093 |
| &nbsp;&nbsp;&nbsp;452900 | LY Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1533591 |
| &nbsp;&nbsp;&nbsp;&nbsp;51100 | M3 Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583738 |
| &nbsp;&nbsp;&nbsp;&nbsp;39500 | MonotaRO Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737889 |
| 4505800 | Nippon Telegraph & Telephone Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4354729 |
| &nbsp;&nbsp;&nbsp;805348 | Nokia OYJ<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241616 |
| &nbsp;&nbsp;&nbsp;276270 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578853 |
| &nbsp;&nbsp;&nbsp;&nbsp;91824 | Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452017 |
| &nbsp;&nbsp;&nbsp;204835 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516490 |
| &nbsp;&nbsp;&nbsp;&nbsp;34271 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233433 |
| &nbsp;&nbsp;&nbsp;225400 | Rakuten Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293112 |
| &nbsp;&nbsp;&nbsp;&nbsp;10920 | Scout24 SE<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143573 |
| &nbsp;&nbsp;&nbsp;&nbsp;55000 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176950 |
| 1083100 | Singapore Telecommunications Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747125 |
| 4283300 | SoftBank Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975098 |
| &nbsp;&nbsp;&nbsp;143000 | SoftBank Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7314438 |
| &nbsp;&nbsp;&nbsp;&nbsp;23016 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941 | Swisscom AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271008 |
| &nbsp;&nbsp;&nbsp;&nbsp;77372 | Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043373 |
| 1491963 | Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503987 |
| &nbsp;&nbsp;&nbsp;412943 | Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213010 |
| &nbsp;&nbsp;&nbsp;606973 | Telefonica SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860891 |
| &nbsp;&nbsp;&nbsp;&nbsp;92199 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317429 |
| &nbsp;&nbsp;&nbsp;329038 | Telia Co AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187926 |
| &nbsp;&nbsp;&nbsp;636022 | Telstra Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680238 |
| &nbsp;&nbsp;&nbsp;&nbsp;18100 | Trend Micro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221895 |
| 3004460 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | Wix.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307040 |
| &nbsp;&nbsp;&nbsp;161830 | WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229333 |
| &nbsp;&nbsp;&nbsp;&nbsp;67800 | ZOZO Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130239347 |
| Consumer, Cyclical — 12.50% | Consumer, Cyclical — 12.50% | Consumer, Cyclical — 12.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;29726 | Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355667 |
| &nbsp;&nbsp;&nbsp;&nbsp;39731 | AddTech AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163624 |
| &nbsp;&nbsp;&nbsp;&nbsp;25812 | adidas AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088049 |
| &nbsp;&nbsp;&nbsp;&nbsp;78800 | Aisin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860724 |
| &nbsp;&nbsp;&nbsp;&nbsp;67455 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165922 |
| &nbsp;&nbsp;&nbsp;&nbsp;28500 | ANA Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526074 |
| &nbsp;&nbsp;&nbsp;&nbsp;86126 | Aristocrat Leisure Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483213 |
| &nbsp;&nbsp;&nbsp;&nbsp;93100 | Asics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974425 |
| &nbsp;&nbsp;&nbsp;&nbsp;49988 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238953 |
| &nbsp;&nbsp;&nbsp;&nbsp;14992 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656718 |
| &nbsp;&nbsp;&nbsp;&nbsp;90600 | Bandai Namco Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039401 |
| &nbsp;&nbsp;&nbsp;207611 | Barratt Redrow PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141773 |
| &nbsp;&nbsp;&nbsp;&nbsp;43408 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500317 |
| &nbsp;&nbsp;&nbsp;&nbsp;85500 | Bridgestone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434778 |
| &nbsp;&nbsp;&nbsp;&nbsp;50304 | Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933719 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;80879 | Cie Financiere Richemont SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$14118718 |
| 100034 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp; 3515862 |
| 247286 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 8176141 |
| &nbsp;&nbsp;15757 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp; 1111184 |
| &nbsp;&nbsp;10109 | CTS Eventim AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 1014161 |
| &nbsp;&nbsp;68400 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 2770863 |
| &nbsp;&nbsp;80800 | Daiwa House Industry Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2672424 |
| 283200 | Denso Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513543 |
| 102503 | Deutsche Lufthansa AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746862 |
| &nbsp;&nbsp;&nbsp;&nbsp;3146 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541935 |
| &nbsp;&nbsp;86769 | Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655354 |
| &nbsp;&nbsp;21861 | Evolution AB<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628845 |
| &nbsp;&nbsp;27800 | Fast Retailing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275821 |
| &nbsp;&nbsp;16398 | FDJ United<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515982 |
| &nbsp;&nbsp;18874 | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060365 |
| 332000 | Galaxy Entertainment Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297452 |
| 929073 | Genting Singapore Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515535 |
| &nbsp;&nbsp;82247 | H & M Hennes & Mauritz AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084845 |
| &nbsp;&nbsp;&nbsp;&nbsp;4658 | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12255792 |
| 672100 | Honda Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6082219 |
| &nbsp;&nbsp;12800 | Hoshizaki Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495470 |
| &nbsp;&nbsp;&nbsp;&nbsp;9190 | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223024 |
| 158598 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896916 |
| &nbsp;&nbsp;23843 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566571 |
| &nbsp;&nbsp;84800 | Isuzu Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153076 |
| 178000 | ITOCHU Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263285 |
| &nbsp;&nbsp;22100 | Japan Airlines Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378559 |
| 406834 | JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359633 |
| &nbsp;&nbsp;10996 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287618 |
| 262738 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865124 |
| 334491 | Lottery Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000802 |
| &nbsp;&nbsp;40942 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25354581 |
| 213400 | Marubeni Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423323 |
| &nbsp;&nbsp;51200 | MatsukiyoCocokara & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800972 |
| 106704 | Mercedes-Benz Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303208 |
| 503200 | Mitsubishi Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883876 |
| 378000 | Mitsui & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126519 |
| &nbsp;&nbsp;34976 | Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154426 |
| &nbsp;&nbsp;17837 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568724 |
| 162100 | Nintendo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11019185 |
| 333700 | Nissan Motor Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855832 |
| &nbsp;&nbsp;11700 | Nitori Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144721 |
| 161900 | Oriental Land Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192786 |
| &nbsp;&nbsp;57400 | Pan Pacific International Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576683 |
| 349100 | Panasonic Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4164590 |
| &nbsp;&nbsp;12476 | Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912088 |
| &nbsp;&nbsp;15175 | Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370154 |
| 114725 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669859 |
| &nbsp;&nbsp;38106 | Reece Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378094 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;28993 | Renault SA | &nbsp;&nbsp;&nbsp;$1468689 |
| &nbsp;&nbsp;&nbsp;&nbsp;35399 | Rexel SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 954039 |
| &nbsp;&nbsp;&nbsp;371701 | Sands China Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 745664 |
| &nbsp;&nbsp;&nbsp;&nbsp;56600 | Sekisui Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 965360 |
| &nbsp;&nbsp;&nbsp;&nbsp;91700 | Sekisui House Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2052441 |
| &nbsp;&nbsp;&nbsp;&nbsp;30470 | SGH Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 956481 |
| &nbsp;&nbsp;&nbsp;&nbsp;11300 | Shimano Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1586667 |
| &nbsp;&nbsp;&nbsp;222900 | Singapore Airlines Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122854 |
| &nbsp;&nbsp;&nbsp;&nbsp;13381 | Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859454 |
| &nbsp;&nbsp;&nbsp;914100 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23129478 |
| &nbsp;&nbsp;&nbsp;295353 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320191 |
| &nbsp;&nbsp;&nbsp;&nbsp;86600 | Subaru Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550934 |
| &nbsp;&nbsp;&nbsp;163200 | Sumitomo Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723874 |
| &nbsp;&nbsp;&nbsp;105000 | Sumitomo Electric Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752442 |
| &nbsp;&nbsp;&nbsp;233200 | Suzuki Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848 | Swatch Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836021 |
| &nbsp;&nbsp;&nbsp;&nbsp;12900 | Toho Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640998 |
| &nbsp;&nbsp;&nbsp;&nbsp;51500 | Tokyo Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638247 |
| &nbsp;&nbsp;&nbsp;&nbsp;24400 | Toyota Industries Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086865 |
| 1400875 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24763690 |
| &nbsp;&nbsp;&nbsp;&nbsp;96700 | Toyota Tsusho Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629188 |
| &nbsp;&nbsp;&nbsp;123256 | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403478 |
| &nbsp;&nbsp;&nbsp;238862 | Volvo AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007819 |
| &nbsp;&nbsp;&nbsp;169914 | Wesfarmers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702892 |
| &nbsp;&nbsp;&nbsp;&nbsp;28024 | Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892373 |
| &nbsp;&nbsp;&nbsp;143500 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148907 |
| &nbsp;&nbsp;&nbsp;&nbsp;32967 | Zalando SE<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143474 |
| &nbsp;&nbsp;&nbsp;&nbsp;15300 | Zensho Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323931145 |
| Consumer, Non-Cyclical — 22.41% | Consumer, Non-Cyclical — 22.41% | Consumer, Non-Cyclical — 22.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | Adyen NV<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992332 |
| &nbsp;&nbsp;&nbsp;&nbsp;98600 | Aeon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472881 |
| &nbsp;&nbsp;&nbsp;140800 | Ajinomoto Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787518 |
| &nbsp;&nbsp;&nbsp;&nbsp;74822 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7099486 |
| &nbsp;&nbsp;&nbsp;&nbsp;18847 | Amplifon SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382615 |
| &nbsp;&nbsp;&nbsp;134551 | Anheuser-Busch InBev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8272413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8954 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283737 |
| &nbsp;&nbsp;&nbsp;216400 | Asahi Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764850 |
| &nbsp;&nbsp;&nbsp;&nbsp;64674 | Ashtead Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495887 |
| &nbsp;&nbsp;&nbsp;271000 | Astellas Pharma Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638051 |
| &nbsp;&nbsp;&nbsp;230608 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33857735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760213 |
| &nbsp;&nbsp;&nbsp;147102 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526331 |
| &nbsp;&nbsp;&nbsp;&nbsp;14854 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6667 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824099 |
| &nbsp;&nbsp;&nbsp;209868 | Brambles Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651317 |
| &nbsp;&nbsp;&nbsp;292452 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11993946 |
| &nbsp;&nbsp;&nbsp;&nbsp;48092 | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459120 |
| &nbsp;&nbsp;&nbsp;&nbsp;14199 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797277 |
| &nbsp;&nbsp;&nbsp;&nbsp;80222 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | Chocoladefabriken Lindt & Spruengli AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716969 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;101200 | Chugai Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;$4636130 |
| &nbsp;&nbsp;&nbsp;401442 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2262904 |
| &nbsp;&nbsp;&nbsp;&nbsp;30885 | Coca-Cola Europacific Partners PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2690305 |
| &nbsp;&nbsp;&nbsp;&nbsp;32526 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp; 1472262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 | Cochlear Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1615297 |
| &nbsp;&nbsp;&nbsp;201443 | Coles Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2465822 |
| &nbsp;&nbsp;&nbsp;&nbsp;19098 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp; 2003068 |
| &nbsp;&nbsp;&nbsp;&nbsp;70950 | CSL Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11166795 |
| &nbsp;&nbsp;&nbsp;&nbsp;60800 | Dai Nippon Printing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865637 |
| &nbsp;&nbsp;&nbsp;262400 | Daiichi Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248763 |
| &nbsp;&nbsp;&nbsp;&nbsp;96665 | Danone SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7393471 |
| &nbsp;&nbsp;&nbsp;&nbsp;92203 | Davide Campari-Milano NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541965 |
| &nbsp;&nbsp;&nbsp;&nbsp;13662 | Demant A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459126 |
| &nbsp;&nbsp;&nbsp;333163 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419 | DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339548 |
| &nbsp;&nbsp;&nbsp;&nbsp;36510 | Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186450 |
| &nbsp;&nbsp;&nbsp;&nbsp;38800 | Eisai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080085 |
| &nbsp;&nbsp;&nbsp;&nbsp;44693 | EssilorLuxottica SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12879157 |
| &nbsp;&nbsp;&nbsp;&nbsp;92538 | Essity AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629119 |
| &nbsp;&nbsp;&nbsp;&nbsp;20228 | Eurofins Scientific SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079020 |
| &nbsp;&nbsp;&nbsp;137693 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378292 |
| &nbsp;&nbsp;&nbsp;&nbsp;85334 | Fisher & Paykel Healthcare Corp Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628547 |
| &nbsp;&nbsp;&nbsp;&nbsp;31863 | Fresenius Medical Care AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585507 |
| &nbsp;&nbsp;&nbsp;&nbsp;63252 | Fresenius SE & Co KGaA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700468 |
| &nbsp;&nbsp;&nbsp;167400 | FUJIFILM Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207212 |
| &nbsp;&nbsp;&nbsp;&nbsp;12055 | Galderma Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9286 | Genmab A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809102 |
| &nbsp;&nbsp;&nbsp;&nbsp;52914 | Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471092 |
| &nbsp;&nbsp;&nbsp;620644 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11856634 |
| 1295605 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541433 |
| &nbsp;&nbsp;&nbsp;&nbsp;19967 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445090 |
| &nbsp;&nbsp;&nbsp;&nbsp;42457 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461971 |
| &nbsp;&nbsp;&nbsp;&nbsp;15561 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121109 |
| &nbsp;&nbsp;&nbsp;&nbsp;26567 | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670797 |
| &nbsp;&nbsp;&nbsp;120695 | Imperial Brands PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464403 |
| &nbsp;&nbsp;&nbsp;&nbsp;24599 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 | Ipsen SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657107 |
| &nbsp;&nbsp;&nbsp;274871 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837121 |
| &nbsp;&nbsp;&nbsp;179700 | Japan Tobacco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939261 |
| &nbsp;&nbsp;&nbsp;&nbsp;18666 | JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408106 |
| &nbsp;&nbsp;&nbsp;&nbsp;40089 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849628 |
| &nbsp;&nbsp;&nbsp;&nbsp;69800 | Kao Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021413 |
| &nbsp;&nbsp;&nbsp;&nbsp;22928 | Kerry Group PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400908 |
| &nbsp;&nbsp;&nbsp;&nbsp;40961 | Kesko OYJ Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837264 |
| &nbsp;&nbsp;&nbsp;109000 | Kikkoman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051489 |
| &nbsp;&nbsp;&nbsp;114500 | Kirin Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586531 |
| &nbsp;&nbsp;&nbsp;&nbsp;25000 | Kobe Bussan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582060 |
| &nbsp;&nbsp;&nbsp;137597 | Koninklijke Ahold Delhaize NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139959 |
| &nbsp;&nbsp;&nbsp;119629 | Koninklijke Philips NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045539 |
| &nbsp;&nbsp;&nbsp;&nbsp;39900 | Kyowa Kirin Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582406 |
| &nbsp;&nbsp;&nbsp;&nbsp;32947 | Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168755 |
| &nbsp;&nbsp;&nbsp;&nbsp;10815 | Lonza Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681181 |
| &nbsp;&nbsp;&nbsp;&nbsp;35370 | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13146819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551185 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;295642 | Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;$1364558 |
| &nbsp;&nbsp;&nbsp;&nbsp;33300 | MEIJI Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 721548 |
| &nbsp;&nbsp;&nbsp;&nbsp;19601 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp; 2697301 |
| &nbsp;&nbsp;&nbsp;&nbsp;70690 | Mowi ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1310408 |
| &nbsp;&nbsp;&nbsp;389929 | Nestle SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39404909 |
| &nbsp;&nbsp;&nbsp;&nbsp;77300 | Nexi SpA<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 412281 |
| &nbsp;&nbsp;&nbsp;&nbsp;30800 | Nissin Foods Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 628640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7190 | NMC Health PLC<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;293246 | Novartis AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32570775 |
| &nbsp;&nbsp;&nbsp;479501 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32787482 |
| &nbsp;&nbsp;&nbsp;155700 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038227 |
| &nbsp;&nbsp;&nbsp;&nbsp;55800 | Ono Pharmaceutical Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600333 |
| &nbsp;&nbsp;&nbsp;&nbsp;16438 | Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976370 |
| &nbsp;&nbsp;&nbsp;108824 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193417 |
| &nbsp;&nbsp;&nbsp;&nbsp;66800 | Otsuka Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480947 |
| &nbsp;&nbsp;&nbsp;&nbsp;30345 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997871 |
| &nbsp;&nbsp;&nbsp;&nbsp;32055 | QIAGEN NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273472 |
| &nbsp;&nbsp;&nbsp;&nbsp;16591 | Randstad NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689628 |
| &nbsp;&nbsp;&nbsp;100032 | Reckitt Benckiser Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6761662 |
| &nbsp;&nbsp;&nbsp;&nbsp;17729 | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004668 |
| &nbsp;&nbsp;&nbsp;205400 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10642035 |
| &nbsp;&nbsp;&nbsp;273945 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13756958 |
| &nbsp;&nbsp;&nbsp;385496 | Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748941 |
| &nbsp;&nbsp;&nbsp;104421 | Roche Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34367837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663354 |
| &nbsp;&nbsp;&nbsp;&nbsp;10043 | Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482833 |
| &nbsp;&nbsp;&nbsp;&nbsp;63930 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680843 |
| &nbsp;&nbsp;&nbsp;168949 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18706408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897 | Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970182 |
| &nbsp;&nbsp;&nbsp;&nbsp;64300 | Secom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;74704 | Securitas AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057134 |
| &nbsp;&nbsp;&nbsp;331400 | Seven & i Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798973 |
| &nbsp;&nbsp;&nbsp;&nbsp;22519 | SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243766 |
| &nbsp;&nbsp;&nbsp;115600 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744949 |
| &nbsp;&nbsp;&nbsp;&nbsp;60600 | Shiseido Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149274 |
| &nbsp;&nbsp;&nbsp;&nbsp;42039 | Siemens Healthineers AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268026 |
| &nbsp;&nbsp;&nbsp;114680 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611957 |
| &nbsp;&nbsp;&nbsp;&nbsp;70722 | Sonic Healthcare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678 | Sonova Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241826 |
| &nbsp;&nbsp;&nbsp;&nbsp;16518 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999735 |
| &nbsp;&nbsp;&nbsp;&nbsp;21600 | Suntory Beverage & Food Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712620 |
| &nbsp;&nbsp;&nbsp;&nbsp;27834 | Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797617 |
| &nbsp;&nbsp;&nbsp;&nbsp;77700 | Sysmex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483294 |
| &nbsp;&nbsp;&nbsp;238152 | Takeda Pharmaceutical Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058535 |
| &nbsp;&nbsp;&nbsp;200800 | Terumo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778260 |
| 1025960 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412666 |
| &nbsp;&nbsp;&nbsp;169634 | Teva Pharmaceutical Industries Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607275 |
| &nbsp;&nbsp;&nbsp;&nbsp;34900 | TOPPAN Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954071 |
| &nbsp;&nbsp;&nbsp;467003 | Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933430 |
| &nbsp;&nbsp;&nbsp;133588 | Treasury Wine Estates Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819061 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;18930 | UCB SA | &nbsp;&nbsp;&nbsp;$3332916 |
| &nbsp;&nbsp;&nbsp;171300 | Unicharm Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1364368 |
| &nbsp;&nbsp;&nbsp;368934 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp; 22008541 |
| 1234145 | WH Group Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1133197 |
| &nbsp;&nbsp;&nbsp;304700 | Wilmar International Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 755548 |
| &nbsp;&nbsp;&nbsp;107061 | Wise PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1313474 |
| &nbsp;&nbsp;&nbsp;&nbsp;35713 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp; 5560398 |
| &nbsp;&nbsp;&nbsp;184545 | Woolworths Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426519 |
| &nbsp;&nbsp;&nbsp;&nbsp;37800 | Yakult Honsha Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8981 | Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580596975 |
| Diversified — 0.03% | Diversified — 0.03% | Diversified — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;22079 | Jardine Matheson Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880511 |
| Energy — 3.73% | Energy — 3.73% | Energy — 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;52126 | Aker BP ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235858 |
| &nbsp;&nbsp;&nbsp;163641 | APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810643 |
| 2381959 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13364785 |
| &nbsp;&nbsp;&nbsp;&nbsp;14805 | DCC PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988489 |
| &nbsp;&nbsp;&nbsp;408750 | ENEOS Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155752 |
| &nbsp;&nbsp;&nbsp;307614 | Eni SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757736 |
| &nbsp;&nbsp;&nbsp;127150 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357873 |
| &nbsp;&nbsp;&nbsp;&nbsp;69590 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219221 |
| &nbsp;&nbsp;&nbsp;134380 | Idemitsu Kosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950509 |
| &nbsp;&nbsp;&nbsp;132200 | Inpex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833719 |
| &nbsp;&nbsp;&nbsp;&nbsp;63045 | Neste OYJ<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583120 |
| &nbsp;&nbsp;&nbsp;&nbsp;22501 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158724 |
| &nbsp;&nbsp;&nbsp;176295 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340769 |
| &nbsp;&nbsp;&nbsp;475505 | Santos Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992581 |
| &nbsp;&nbsp;&nbsp;906608 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32995142 |
| &nbsp;&nbsp;&nbsp;319420 | TotalEnergies SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20581245 |
| &nbsp;&nbsp;&nbsp;151210 | Vestas Wind Systems A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091915 |
| &nbsp;&nbsp;&nbsp;284305 | Woodside Energy Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96548455 |
| Financial — 24.80% | Financial — 24.80% | Financial — 24.80% |
| &nbsp;&nbsp;&nbsp;145747 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851252 |
| &nbsp;&nbsp;&nbsp;&nbsp;69451 | ABN AMRO Bank NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463433 |
| &nbsp;&nbsp;&nbsp;&nbsp;40284 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486775 |
| &nbsp;&nbsp;&nbsp;175045 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149665 |
| &nbsp;&nbsp;&nbsp;&nbsp;29449 | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008804 |
| &nbsp;&nbsp;&nbsp;&nbsp;23924 | Ageas SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434089 |
| 1594600 | AIA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12070920 |
| &nbsp;&nbsp;&nbsp;320435 | AIB Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069764 |
| &nbsp;&nbsp;&nbsp;&nbsp;57495 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22003969 |
| &nbsp;&nbsp;&nbsp;&nbsp;10348 | Amundi SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810721 |
| &nbsp;&nbsp;&nbsp;445943 | ANZ Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8164824 |
| &nbsp;&nbsp;&nbsp;&nbsp;23733 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364358 |
| &nbsp;&nbsp;&nbsp;&nbsp;29032 | ASX Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189842 |
| &nbsp;&nbsp;&nbsp;402079 | Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896792 |
| &nbsp;&nbsp;&nbsp;264118 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11284679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7576 | Azrieli Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188 | Baloise Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298708 |
| &nbsp;&nbsp;&nbsp;844220 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11521596 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;196925 | Banco BPM SpA | &nbsp;&nbsp;&nbsp;$2003922 |
| &nbsp;&nbsp;&nbsp;785052 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp; 2204162 |
| 2238840 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp; 15082900 |
| &nbsp;&nbsp;&nbsp;191791 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp; 2600883 |
| &nbsp;&nbsp;&nbsp;225766 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp; 3040298 |
| &nbsp;&nbsp;&nbsp;157333 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1858946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628 | Banque Cantonale Vaudoise<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 505714 |
| 2106766 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920174 |
| &nbsp;&nbsp;&nbsp;153456 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12825792 |
| &nbsp;&nbsp;&nbsp;552500 | BOC Hong Kong Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237030 |
| &nbsp;&nbsp;&nbsp;140887 | BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105923 |
| &nbsp;&nbsp;&nbsp;598552 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662576 |
| &nbsp;&nbsp;&nbsp;609940 | CapitaLand Ascendas REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205147 |
| &nbsp;&nbsp;&nbsp;934528 | CapitaLand Integrated Commercial Trust REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452212 |
| &nbsp;&nbsp;&nbsp;388357 | Capitaland Investment Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785454 |
| &nbsp;&nbsp;&nbsp;&nbsp;81000 | Chiba Bank Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766717 |
| &nbsp;&nbsp;&nbsp;263924 | CK Asset Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067824 |
| &nbsp;&nbsp;&nbsp;142787 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267688 |
| &nbsp;&nbsp;&nbsp;247262 | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23513163 |
| &nbsp;&nbsp;&nbsp;&nbsp;79405 | Computershare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957262 |
| &nbsp;&nbsp;&nbsp;151900 | Concordia Financial Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357 | Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467799 |
| &nbsp;&nbsp;&nbsp;159795 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909404 |
| &nbsp;&nbsp;&nbsp;&nbsp;28928 | CVC Capital Partners PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573884 |
| &nbsp;&nbsp;&nbsp;540000 | Dai-ichi Life Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | Daito Trust Construction Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869756 |
| &nbsp;&nbsp;&nbsp;199500 | Daiwa Securities Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343283 |
| &nbsp;&nbsp;&nbsp;104175 | Danske Bank A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409796 |
| &nbsp;&nbsp;&nbsp;291533 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10011631 |
| &nbsp;&nbsp;&nbsp;272650 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499223 |
| &nbsp;&nbsp;&nbsp;&nbsp;28195 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319234 |
| &nbsp;&nbsp;&nbsp;133572 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514638 |
| &nbsp;&nbsp;&nbsp;&nbsp;55752 | EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700048 |
| &nbsp;&nbsp;&nbsp;&nbsp;45491 | Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7045 | Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521733 |
| &nbsp;&nbsp;&nbsp;&nbsp;11424 | Euronext NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657994 |
| &nbsp;&nbsp;&nbsp;&nbsp;15124 | EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373462 |
| &nbsp;&nbsp;&nbsp;&nbsp;95402 | Fastighets AB Balder Class B<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596986 |
| &nbsp;&nbsp;&nbsp;&nbsp;94611 | FinecoBank Banca Fineco SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | Futu Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662373 |
| &nbsp;&nbsp;&nbsp;140997 | Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953112 |
| &nbsp;&nbsp;&nbsp;&nbsp;34506 | Gjensidige Forsikring ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793060 |
| &nbsp;&nbsp;&nbsp;289387 | Goodman Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193538 |
| &nbsp;&nbsp;&nbsp;263260 | GPT Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722073 |
| &nbsp;&nbsp;&nbsp;&nbsp;13148 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981089 |
| &nbsp;&nbsp;&nbsp;117700 | Hang Seng Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087 | Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 | Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126247 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;242830 | Henderson Land Development Co Ltd | &nbsp;&nbsp;&nbsp;$698450 |
| &nbsp;&nbsp;&nbsp;180612 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 8034382 |
| &nbsp;&nbsp;&nbsp;182500 | Hongkong Land Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 788400 |
| 2659639 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 30147647 |
| &nbsp;&nbsp;&nbsp;&nbsp;63900 | Hulic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 613390 |
| &nbsp;&nbsp;&nbsp;&nbsp;19677 | Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp; 722972 |
| &nbsp;&nbsp;&nbsp;&nbsp;23521 | Industrivarden AB Class C | &nbsp;&nbsp;&nbsp;&nbsp; 864094 |
| &nbsp;&nbsp;&nbsp;129520 | Infratil Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763293 |
| &nbsp;&nbsp;&nbsp;463900 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9088433 |
| &nbsp;&nbsp;&nbsp;361678 | Insurance Australia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759403 |
| 2234340 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11515086 |
| &nbsp;&nbsp;&nbsp;&nbsp;23025 | Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626739 |
| &nbsp;&nbsp;&nbsp;259166 | Investor AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7729394 |
| &nbsp;&nbsp;&nbsp;185223 | Israel Discount Bank Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290287 |
| &nbsp;&nbsp;&nbsp;152000 | Japan Exchange Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564222 |
| &nbsp;&nbsp;&nbsp;273300 | Japan Post Bank Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774973 |
| &nbsp;&nbsp;&nbsp;287600 | Japan Post Holdings Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883885 |
| &nbsp;&nbsp;&nbsp;&nbsp;33100 | Japan Post Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674577 |
| &nbsp;&nbsp;&nbsp;&nbsp;31391 | Julius Baer Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175900 |
| &nbsp;&nbsp;&nbsp;&nbsp;34367 | KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132340 |
| &nbsp;&nbsp;&nbsp;&nbsp;30640 | Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025577 |
| &nbsp;&nbsp;&nbsp;&nbsp;13069 | L E Lundbergforetagen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654851 |
| &nbsp;&nbsp;&nbsp;103312 | Land Securities Group PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735685 |
| &nbsp;&nbsp;&nbsp;&nbsp;11321 | LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800235 |
| &nbsp;&nbsp;&nbsp;882999 | Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783526 |
| &nbsp;&nbsp;&nbsp;370044 | Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734090 |
| 8895859 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8341302 |
| &nbsp;&nbsp;&nbsp;&nbsp;72247 | London Stock Exchange Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10726018 |
| &nbsp;&nbsp;&nbsp;325926 | M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839362 |
| &nbsp;&nbsp;&nbsp;&nbsp;54216 | Macquarie Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747017 |
| &nbsp;&nbsp;&nbsp;425961 | Medibank Pvt Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190497 |
| &nbsp;&nbsp;&nbsp;&nbsp;72567 | Mediobanca Banca di Credito Finanziario SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361193 |
| &nbsp;&nbsp;&nbsp;157300 | Mitsubishi Estate Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571216 |
| &nbsp;&nbsp;&nbsp;133200 | Mitsubishi HC Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902618 |
| 1702300 | Mitsubishi UFJ Financial Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23208849 |
| &nbsp;&nbsp;&nbsp;401100 | Mitsui Fudosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591881 |
| &nbsp;&nbsp;&nbsp;&nbsp;22093 | Mizrahi Tefahot Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993597 |
| &nbsp;&nbsp;&nbsp;353010 | Mizuho Financial Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9687912 |
| &nbsp;&nbsp;&nbsp;192700 | MS&AD Insurance Group Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190810 |
| &nbsp;&nbsp;&nbsp;&nbsp;19642 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12408300 |
| &nbsp;&nbsp;&nbsp;462520 | National Australia Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948227 |
| 1144557 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6756446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | Nippon Building Fund Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908847 |
| &nbsp;&nbsp;&nbsp;&nbsp;40154 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234406 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 451600 | Nomura Holdings Inc | &nbsp;&nbsp;&nbsp;$2782725 |
| 459379 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp; 5875680 |
| 172800 | ORIX Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3607875 |
| 506985 | Oversea-Chinese Banking Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 6497536 |
| &nbsp;&nbsp;&nbsp;&nbsp;3378 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 4807577 |
| 114527 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 849423 |
| 403636 | Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp; 4354613 |
| 225558 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116579 |
| &nbsp;&nbsp;&nbsp;&nbsp;7397 | REA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026296 |
| 315400 | Resona Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754013 |
| &nbsp;&nbsp;29400 | Sagax AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616840 |
| 370450 | Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550099 |
| &nbsp;&nbsp;43940 | SBI Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186509 |
| 780936 | Scentre Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652304 |
| 120687 | Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546096 |
| 185478 | Segro PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658412 |
| 128300 | Singapore Exchange Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270175 |
| 643178 | Sino Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643844 |
| 238405 | Skandinaviska Enskilda Banken AB Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3922063 |
| 107850 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865550 |
| &nbsp;&nbsp;&nbsp;&nbsp;2605 | Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667139 |
| 133450 | Sompo Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063712 |
| 299734 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445934 |
| 360597 | Stockland REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112645 |
| 550200 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14148178 |
| &nbsp;&nbsp;98672 | Sumitomo Mitsui Trust Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483701 |
| &nbsp;&nbsp;46500 | Sumitomo Realty & Development Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747168 |
| 216500 | Sun Hung Kai Properties Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062736 |
| 165548 | Suncorp Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005062 |
| 218399 | Svenska Handelsbanken AB Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468239 |
| 127125 | Swedbank AB Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895207 |
| &nbsp;&nbsp;61000 | Swire Pacific Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537766 |
| &nbsp;&nbsp;&nbsp;&nbsp;4312 | Swiss Life Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933878 |
| &nbsp;&nbsp;11575 | Swiss Prime Site AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420464 |
| &nbsp;&nbsp;45338 | Swiss Re AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7715570 |
| &nbsp;&nbsp;73300 | T&D Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568843 |
| &nbsp;&nbsp;&nbsp;&nbsp;9781 | Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028732 |
| 261500 | Tokio Marine Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10173091 |
| &nbsp;&nbsp;51122 | Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216114 |
| 485864 | UBS Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14923117 |
| &nbsp;&nbsp;17691 | Unibail-Rodamco-Westfield REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491541 |
| 206005 | UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11563538 |
| &nbsp;&nbsp;54715 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875876 |
| 189306 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5341555 |
| 577875 | Vicinity Ltd REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800181 |
| 110887 | Vonovia SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984014 |
| &nbsp;&nbsp;35052 | Washington H Soul Pattinson & Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763725 |
| 502687 | Westpac Banking Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10017295 |
| 191000 | Wharf Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453602 |
| 262300 | Wharf Real Estate Investment Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636897 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;21562 | Zurich Insurance Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$15050451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642508864 |
| Industrial — 14.78% | Industrial — 14.78% | Industrial — 14.78% |
| 232653 | ABB Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12004420 |
| &nbsp;&nbsp;&nbsp;&nbsp;4295 | Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp; 562143 |
| &nbsp;&nbsp;26696 | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp; 1527933 |
| &nbsp;&nbsp;11231 | Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2634847 |
| &nbsp;&nbsp;&nbsp;&nbsp;4717 | Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480208 |
| &nbsp;&nbsp;29400 | AGC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895017 |
| &nbsp;&nbsp;87748 | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15451212 |
| &nbsp;&nbsp;43906 | Alfa Laval AB<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882475 |
| &nbsp;&nbsp;49297 | Alstom SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | AP Moller - Maersk A/S Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126058 |
| 151472 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547381 |
| 404888 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467451 |
| 233717 | Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286557 |
| 267006 | Auckland International Airport Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238511 |
| 452501 | BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134238 |
| &nbsp;&nbsp;56027 | Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788151 |
| &nbsp;&nbsp;29080 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146348 |
| &nbsp;&nbsp;79338 | Cellnex Telecom SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820376 |
| 113400 | Central Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163009 |
| &nbsp;&nbsp;65464 | Cie de Saint-Gobain SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6521337 |
| &nbsp;&nbsp;97000 | CK Infrastructure Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580782 |
| &nbsp;&nbsp;48400 | Daifuku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189745 |
| &nbsp;&nbsp;39600 | Daikin Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297339 |
| &nbsp;&nbsp;&nbsp;&nbsp;2573 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848387 |
| 144940 | Deutsche Post AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222770 |
| &nbsp;&nbsp;30603 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918045 |
| 132800 | East Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617564 |
| &nbsp;&nbsp;11077 | Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289686 |
| &nbsp;&nbsp;&nbsp;&nbsp;4009 | Elbit Systems Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537445 |
| &nbsp;&nbsp;92990 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872292 |
| &nbsp;&nbsp;59749 | Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052376 |
| 141200 | FANUC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847101 |
| &nbsp;&nbsp;72967 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263623 |
| &nbsp;&nbsp;21300 | Fuji Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910570 |
| &nbsp;&nbsp;36400 | Fujikura Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348070 |
| &nbsp;&nbsp;23224 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411766 |
| &nbsp;&nbsp;&nbsp;&nbsp;5047 | Geberit AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161879 |
| &nbsp;&nbsp;49166 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849143 |
| &nbsp;&nbsp;56378 | Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890848 |
| &nbsp;&nbsp;31700 | Hankyu Hanshin Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852961 |
| &nbsp;&nbsp;20607 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552196 |
| 310876 | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323191 |
| 685000 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16083392 |
| &nbsp;&nbsp;78044 | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398566 |
| &nbsp;&nbsp;52200 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5891213 |
| &nbsp;&nbsp;41235 | Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142699 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;57078 | Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;$604225 |
| &nbsp;&nbsp;&nbsp;&nbsp;38481 | InPost SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 564760 |
| &nbsp;&nbsp;&nbsp;&nbsp;64305 | James Hardie Industries PLC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1534598 |
| &nbsp;&nbsp;&nbsp;&nbsp;60700 | Kajima Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1241644 |
| &nbsp;&nbsp;&nbsp;&nbsp;61000 | Kawasaki Kisen Kaisha Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 829137 |
| &nbsp;&nbsp;&nbsp;218100 | Keppel Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1112511 |
| &nbsp;&nbsp;&nbsp;&nbsp;28660 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp; 11269403 |
| &nbsp;&nbsp;&nbsp;&nbsp;23148 | Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869859 |
| &nbsp;&nbsp;&nbsp;&nbsp;10450 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951004 |
| &nbsp;&nbsp;&nbsp;131900 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862445 |
| &nbsp;&nbsp;&nbsp;&nbsp;51340 | Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832727 |
| &nbsp;&nbsp;&nbsp;&nbsp;11927 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748679 |
| &nbsp;&nbsp;&nbsp;150600 | Kubota Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7416 | Kuehne + Nagel International AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712583 |
| &nbsp;&nbsp;&nbsp;191900 | Kyocera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167518 |
| &nbsp;&nbsp;&nbsp;&nbsp;39050 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135547 |
| &nbsp;&nbsp;&nbsp;&nbsp;57539 | Leonardo SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802092 |
| &nbsp;&nbsp;&nbsp;&nbsp;38700 | Makita Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282266 |
| &nbsp;&nbsp;&nbsp;209087 | Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290391 |
| &nbsp;&nbsp;&nbsp;&nbsp;86540 | Metso OYJ<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897269 |
| &nbsp;&nbsp;&nbsp;&nbsp;55400 | MINEBEA MITSUMI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809754 |
| &nbsp;&nbsp;&nbsp;284800 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252362 |
| &nbsp;&nbsp;&nbsp;479900 | Mitsubishi Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8241609 |
| &nbsp;&nbsp;&nbsp;&nbsp;51000 | Mitsui OSK Lines Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775678 |
| &nbsp;&nbsp;&nbsp;222702 | MTR Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8149 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2831563 |
| &nbsp;&nbsp;&nbsp;253400 | Murata Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908682 |
| &nbsp;&nbsp;&nbsp;230206 | Nibe Industrier AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875590 |
| &nbsp;&nbsp;&nbsp;125000 | Nidec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097785 |
| &nbsp;&nbsp;&nbsp;&nbsp;66200 | Nippon Yusen KK<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187784 |
| &nbsp;&nbsp;&nbsp;&nbsp;97200 | Obayashi Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296682 |
| &nbsp;&nbsp;&nbsp;&nbsp;27000 | Omron Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762391 |
| &nbsp;&nbsp;&nbsp;&nbsp;68448 | Poste Italiane SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221138 |
| &nbsp;&nbsp;&nbsp;&nbsp;42685 | Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9332507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635441 |
| 1247440 | Rolls-Royce Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12121147 |
| &nbsp;&nbsp;&nbsp;&nbsp;47961 | Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885799 |
| &nbsp;&nbsp;&nbsp;&nbsp;53659 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14127568 |
| &nbsp;&nbsp;&nbsp;157331 | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | Schindler Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114930 |
| &nbsp;&nbsp;&nbsp;&nbsp;80892 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18673600 |
| &nbsp;&nbsp;&nbsp;&nbsp;12100 | SCREEN Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789422 |
| &nbsp;&nbsp;&nbsp;&nbsp;47900 | SG Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477702 |
| &nbsp;&nbsp;&nbsp;&nbsp;35400 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884244 |
| &nbsp;&nbsp;&nbsp;113153 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26132344 |
| &nbsp;&nbsp;&nbsp;&nbsp;95450 | Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658486 |
| &nbsp;&nbsp;&nbsp;&nbsp;46822 | SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865710 |
| &nbsp;&nbsp;&nbsp;&nbsp;22827 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560298 |
| &nbsp;&nbsp;&nbsp;240600 | Singapore Technologies Engineering Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208330 |
| &nbsp;&nbsp;&nbsp;227000 | SITC International Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616987 |
| &nbsp;&nbsp;&nbsp;&nbsp;48882 | Skanska AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078877 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;45563 | SKF AB Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$923042 |
| &nbsp;&nbsp;&nbsp;&nbsp;8600 | SMC Corp | &nbsp;&nbsp;&nbsp;&nbsp; 3077458 |
| &nbsp;&nbsp;51591 | Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1293908 |
| &nbsp;&nbsp;11053 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 890307 |
| &nbsp;&nbsp;87160 | Stora Enso OYJ Class R | &nbsp;&nbsp;&nbsp;&nbsp; 825955 |
| &nbsp;&nbsp;97240 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp; 1283003 |
| &nbsp;&nbsp;24200 | Taisei Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1077180 |
| 288200 | TDK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020073 |
| 205500 | Techtronic Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462768 |
| &nbsp;&nbsp;61340 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200350 |
| &nbsp;&nbsp;13876 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688550 |
| &nbsp;&nbsp;42046 | Tokyo Metro Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510947 |
| &nbsp;&nbsp;79500 | Tokyu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895015 |
| &nbsp;&nbsp;32850 | Trelleborg AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221746 |
| &nbsp;&nbsp;&nbsp;&nbsp;4042 | VAT Group AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456988 |
| &nbsp;&nbsp;72798 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9176954 |
| &nbsp;&nbsp;72945 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301595 |
| &nbsp;&nbsp;65700 | West Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281640 |
| 358600 | Yangzijiang Shipbuilding Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629353 |
| &nbsp;&nbsp;32200 | Yaskawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806871 |
| &nbsp;&nbsp;33600 | Yokogawa Electric Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382863614 |
| Technology — 6.56% | Technology — 6.56% | Technology — 6.56% |
| 115300 | Advantest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139670 |
| &nbsp;&nbsp;&nbsp;&nbsp;7032 | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204445 |
| &nbsp;&nbsp;58703 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38848220 |
| &nbsp;&nbsp;11231 | BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173716 |
| 140100 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4368763 |
| &nbsp;&nbsp;52800 | Capcom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303186 |
| &nbsp;&nbsp;23387 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514096 |
| &nbsp;&nbsp;13175 | Check Point Software Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002846 |
| &nbsp;&nbsp;&nbsp;&nbsp;7180 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426840 |
| 100205 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815090 |
| &nbsp;&nbsp;13600 | Disco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777415 |
| 254900 | Fujitsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072738 |
| &nbsp;&nbsp;15204 | Global-e Online Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542022 |
| 189966 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332517 |
| &nbsp;&nbsp;15100 | Konami Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783043 |
| &nbsp;&nbsp;12100 | Lasertec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 |
| &nbsp;&nbsp;22769 | Logitech International SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929336 |
| &nbsp;&nbsp;&nbsp;&nbsp;5498 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336894 |
| 184000 | NEC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919333 |
| &nbsp;&nbsp;&nbsp;&nbsp;8357 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974229 |
| &nbsp;&nbsp;48200 | Nexon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660164 |
| &nbsp;&nbsp;&nbsp;&nbsp;9070 | Nice Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400045 |
| &nbsp;&nbsp;57369 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867496 |
| &nbsp;&nbsp;&nbsp;&nbsp;4413 | Nova Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819308 |
| &nbsp;&nbsp;95100 | NTT Data Group Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722742 |
| &nbsp;&nbsp;48400 | Obic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395518 |
| &nbsp;&nbsp;&nbsp;&nbsp;6600 | Oracle Corp Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694540 |
| &nbsp;&nbsp;34200 | Otsuka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740479 |
| &nbsp;&nbsp;&nbsp;&nbsp;9074 | Pro Medicus Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148549 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;253500 | Renesas Electronics Corp | &nbsp;&nbsp;&nbsp;$3400107 |
| &nbsp;&nbsp;&nbsp;&nbsp;83800 | Ricoh Co Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 886450 |
| &nbsp;&nbsp;&nbsp;150444 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2361053 |
| &nbsp;&nbsp;&nbsp;155420 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp; 41644861 |
| &nbsp;&nbsp;&nbsp;&nbsp;28100 | SCSK Corp | &nbsp;&nbsp;&nbsp;&nbsp; 694848 |
| &nbsp;&nbsp;&nbsp;&nbsp;44400 | Seiko Epson Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 711312 |
| &nbsp;&nbsp;&nbsp;102026 | STMicroelectronics NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2237186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8564 | Teleperformance SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441 | Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655377 |
| &nbsp;&nbsp;&nbsp;&nbsp;32500 | TIS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899369 |
| &nbsp;&nbsp;&nbsp;&nbsp;65600 | Tokyo Electron Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8995898 |
| &nbsp;&nbsp;&nbsp;&nbsp;27754 | WiseTech Global Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431222 |
| &nbsp;&nbsp;&nbsp;&nbsp;21726 | Xero Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169855627 |
| Utilities — 3.15% | Utilities — 3.15% | Utilities — 3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602195 |
| &nbsp;&nbsp;&nbsp;776767 | Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503520 |
| &nbsp;&nbsp;&nbsp;102200 | Chubu Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108075 |
| &nbsp;&nbsp;&nbsp;246000 | CLP Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002631 |
| &nbsp;&nbsp;&nbsp;133474 | Contact Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694992 |
| &nbsp;&nbsp;&nbsp;336170 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074417 |
| &nbsp;&nbsp;&nbsp;&nbsp;47608 | EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396649 |
| &nbsp;&nbsp;&nbsp;471439 | EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586400 |
| &nbsp;&nbsp;&nbsp;&nbsp;44037 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166625 |
| 1217834 | Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9872408 |
| &nbsp;&nbsp;&nbsp;272015 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300453 |
| &nbsp;&nbsp;&nbsp;&nbsp;61303 | Fortum OYJ<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003870 |
| 1725229 | Hong Kong & China Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484688 |
| &nbsp;&nbsp;&nbsp;845263 | Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13649419 |
| &nbsp;&nbsp;&nbsp;132700 | Kansai Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574888 |
| &nbsp;&nbsp;&nbsp;190448 | Meridian Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605510 |
| &nbsp;&nbsp;&nbsp;731578 | National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538190 |
| &nbsp;&nbsp;&nbsp;252884 | Origin Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673431 |
| &nbsp;&nbsp;&nbsp;&nbsp;26729 | Orsted A/S<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167285 |
| &nbsp;&nbsp;&nbsp;&nbsp;54400 | Osaka Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230927 |
| &nbsp;&nbsp;&nbsp;207000 | Power Assets Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239631 |
| &nbsp;&nbsp;&nbsp;&nbsp;60763 | Redeia Corp SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219595 |
| &nbsp;&nbsp;&nbsp;&nbsp;94671 | RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380193 |
| &nbsp;&nbsp;&nbsp;133800 | Sembcorp Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626172 |
| &nbsp;&nbsp;&nbsp;&nbsp;42039 | Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375728 |
| &nbsp;&nbsp;&nbsp;309372 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604047 |
| &nbsp;&nbsp;&nbsp;162955 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355571 |
| &nbsp;&nbsp;&nbsp;207303 | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873460 |
| &nbsp;&nbsp;&nbsp;106788 | United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392682 |
| &nbsp;&nbsp;&nbsp;105355 | Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623361 |
| &nbsp;&nbsp;&nbsp;&nbsp;10010 | Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81635434 |
| **TOTAL COMMON STOCK — 97.84%<br> (Cost $2,154,573,223)** | **TOTAL COMMON STOCK — 97.84%<br> (Cost $2,154,573,223)** | &nbsp;&nbsp;&nbsp;**$2534652202** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.21% | Consumer, Cyclical — 0.21% | Consumer, Cyclical — 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;7888 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;$595060 |
| &nbsp;&nbsp;17842 | Dr Ing hc F Porsche AG | &nbsp;&nbsp;&nbsp;&nbsp; 893581 |
| &nbsp;&nbsp;23461 | Porsche Automobil Holding SE | &nbsp;&nbsp;&nbsp;&nbsp; 883510 |
| &nbsp;&nbsp;29326 | Volkswagen AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2992382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364533 |
| Consumer, Non-Cyclical — 0.08% | Consumer, Non-Cyclical — 0.08% | Consumer, Non-Cyclical — 0.08% |
| &nbsp;&nbsp;25910 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061591 |
| Industrial — 0.03% | Industrial — 0.03% | Industrial — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;3924 | Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914766 |
| **TOTAL PREFERRED STOCK — 0.32%<br> (Cost $11,507,238)** | **TOTAL PREFERRED STOCK — 0.32%<br> (Cost $11,507,238)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8340890** |
| **RIGHTS** | **RIGHTS** | **RIGHTS** |
| Industrial — 0.00%<sup>(e)</sup> | Industrial — 0.00%<sup>(e)</sup> | Industrial — 0.00%<sup>(e)</sup> |
| &nbsp;&nbsp;13981 | ACS Actividades de Construccion y Servicios SA<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18894 |
| Utilities — 0.01% | Utilities — 0.01% | Utilities — 0.01% |
| 907090 | Iberdrola SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222627 |
| **TOTAL RIGHTS — 0.01%<br> (Cost $179,192)** | **TOTAL RIGHTS — 0.01%<br> (Cost $179,192)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$241521** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;142277141 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(f)</sup>, 4.29%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;$142277141 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 5.49%<br> (Cost $142,277,141)** | &nbsp;&nbsp;&nbsp;**$142277141** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.78% | U.S. Treasury Bonds and Notes — 0.78% |
| $23274700 U.S. Treasury Bills<sup>(h)</sup><br> 4.23%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20225159 |
| **TOTAL SHORT TERM INVESTMENTS — 0.78%<br> (Cost $20,225,159)** | &nbsp;&nbsp;&nbsp;&nbsp;**$20225159** |
| **TOTAL INVESTMENTS — 104.44%<br> (Cost $2,328,761,953)** | &nbsp;&nbsp;&nbsp;**$2705736913** |
| **OTHER ASSETS & LIABILITIES, NET — (4.44)%** | &nbsp;&nbsp;&nbsp;**$(115050871)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$2590686042** |

---

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

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

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $29,098,983, representing 1.12% of net assets.

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

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| MSCI EAFE Index Futures | 416 | USD | 50259 | Jun 2025 | $(1031455) |
|  |  |  |  | **Net Depreciation** | **$(1031455)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;14126 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22708 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(64) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;75141 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120786 | 04/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;16239 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25744 | 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;38061 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61176 | 04/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) |
| CGM | USD | &nbsp;&nbsp;&nbsp;465646 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;3219849 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1022) |
| CGM | USD | &nbsp;&nbsp;&nbsp;231988 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214490 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;11593 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10717 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| CGM | USD | &nbsp;&nbsp;&nbsp;151468 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119683 | 04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3132) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;10448 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | 04/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| CGM | USD | &nbsp;&nbsp;&nbsp;229717 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177406 | 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 |
| CGM | USD | &nbsp;&nbsp;&nbsp;226497 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175646 | 05/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;23344 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18103 | 05/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;87288 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67605 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;48313 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37466 | 05/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |
| CGM | USD | &nbsp;&nbsp;&nbsp;969156 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | 06/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;12426 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96476 | 04/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;11287 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;1676200 | 05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930580 | 05/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;37140 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;5508000 | 05/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553350 | 05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;38055 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;5633800 | 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;50198 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501932 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;87194 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137205 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;38796 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61766 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;22751 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36041 | 04/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;63834 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56356 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| MEL | USD | &nbsp;&nbsp;&nbsp;154491 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136102 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |
| MEL | USD | 3559716 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;3214000 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(77575) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;35096 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32476 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;55033 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50987 | 04/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122) |
| MEL | USD | 3493729 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;3375000 | 04/10/2025 | &nbsp;&nbsp;(157524) |
| MEL | USD | &nbsp;&nbsp;&nbsp;128196 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118509 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) |
| MEL | USD | &nbsp;&nbsp;&nbsp;124945 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99303 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3327) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;12348 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9814 | 04/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35508 | 04/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| MEL | USD | &nbsp;&nbsp;&nbsp;154115 | JPY | &nbsp;&nbsp;24075612 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;32999 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;5066425 | 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;51320 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;7703040 | 05/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) |
| MEL | USD | &nbsp;&nbsp;&nbsp;416187 | JPY | &nbsp;&nbsp;62440787 | 05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2838) |
| MEL | USD | &nbsp;&nbsp;&nbsp;183490 | JPY | &nbsp;&nbsp;27523000 | 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1254) |
| MEL | USD | &nbsp;&nbsp;&nbsp;143559 | JPY | &nbsp;&nbsp;21531168 | 05/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982) |
| MEL | USD | &nbsp;&nbsp;&nbsp;231790 | JPY | &nbsp;&nbsp;34748425 | 06/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1581) |
| MEL | USD | &nbsp;&nbsp;&nbsp;327799 | JPY | &nbsp;&nbsp;49135987 | 06/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2236) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;43784 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;6562340 | 06/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299) |
| MEL | USD | &nbsp;&nbsp;&nbsp;254816 | JPY | &nbsp;&nbsp;38187728 | 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1738) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;73128 | JPY | &nbsp;&nbsp;10955650 | 06/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;77501 | JPY | &nbsp;&nbsp;11609470 | 06/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(529) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;20584 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;3083035 | 06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;35116 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;5175650 | 06/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;54483 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;8154220 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371) |
| MEL | USD | &nbsp;&nbsp;&nbsp;531324 | JPY | &nbsp;&nbsp;79504282 | 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3626) |
| MEL | USD | &nbsp;&nbsp;&nbsp;222413 | JPY | &nbsp;&nbsp;33269952 | 06/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520) |
| MEL | USD | &nbsp;&nbsp;&nbsp;525853 | JPY | &nbsp;&nbsp;78651962 | 06/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3594) |
| MEL | USD | &nbsp;&nbsp;&nbsp;343573 | JPY | &nbsp;&nbsp;51382882 | 06/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2350) |
| MEL | USD | &nbsp;&nbsp;&nbsp;202416 | JPY | &nbsp;&nbsp;30268925 | 06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1385) |
| MEL | USD | &nbsp;&nbsp;&nbsp;337912 | JPY | &nbsp;&nbsp;50525398 | 06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2313) |
| MEL | USD | 1082464 | JPY | 161800815 | 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7412) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9683 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16687 | 04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
| MEL | USD | &nbsp;&nbsp;&nbsp;511896 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;5129406 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;64704 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648922 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
|  |  |  |  |  | **Net Depreciation** | **$(279686)** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL INDEX FUND

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

---

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

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Dollar |
| CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swiss Franc |
| 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 |
| HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Dollar |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israeli New Shekel |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese Yen |
| 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 |

---

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

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$553644519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367534209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.58 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286370888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265769634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.82 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254682247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165231675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162502300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117692805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94113791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76425930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73737226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60850165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53213038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43293115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26174918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23942834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20109660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19685206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16910603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7054434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2705736913** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 6.91% | Basic Materials — 6.91% | Basic Materials — 6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;73254 | Agnico Eagle Mines Ltd | &nbsp;&nbsp;&nbsp;$7936496 |
| &nbsp;&nbsp;&nbsp;&nbsp;42600 | Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp; 1397818 |
| &nbsp;&nbsp;&nbsp;&nbsp;37656 | Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp; 1430132 |
| &nbsp;&nbsp;&nbsp;138260 | Franco-Nevada Corp | &nbsp;&nbsp;&nbsp;&nbsp; 21745169 |
| 1600268 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5856176 |
| &nbsp;&nbsp;&nbsp;242600 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1377747 |
| &nbsp;&nbsp;&nbsp;&nbsp;75800 | Kaneka Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935554 |
| 1035500 | Kingboard Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960321 |
| &nbsp;&nbsp;&nbsp;347200 | Mitsubishi Chemical Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715683 |
| &nbsp;&nbsp;&nbsp;178300 | Mitsubishi Gas Chemical Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785700 |
| &nbsp;&nbsp;&nbsp;&nbsp;75100 | Mitsui Chemicals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686796 |
| &nbsp;&nbsp;&nbsp;&nbsp;95400 | Nippon Soda Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853735 |
| &nbsp;&nbsp;&nbsp;205400 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799194 |
| &nbsp;&nbsp;&nbsp;&nbsp;19309 | Novonesis / Novozymes Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124296 |
| 1385700 | Perseus Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914859 |
| &nbsp;&nbsp;&nbsp;&nbsp;86000 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6240163 |
| &nbsp;&nbsp;&nbsp;&nbsp;41024 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253136 |
| &nbsp;&nbsp;&nbsp;150100 | Tokuyama Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814808 |
| &nbsp;&nbsp;&nbsp;114537 | Wheaton Precious Metals Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888049 |
| &nbsp;&nbsp;&nbsp;&nbsp;58600 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84483532 |
| Communications — 2.44% | Communications — 2.44% | Communications — 2.44% |
| 1430200 | Airtel Africa PLC<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077529 |
| 2057600 | BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412158 |
| &nbsp;&nbsp;&nbsp;330600 | M3 Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776590 |
| 1726600 | Nippon Telegraph & Telephone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668710 |
| &nbsp;&nbsp;&nbsp;795200 | Nokia OYJ<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188169 |
| &nbsp;&nbsp;&nbsp;192200 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489795 |
| &nbsp;&nbsp;&nbsp;224800 | ProSiebenSat.1 Media SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417939 |
| &nbsp;&nbsp;&nbsp;&nbsp;51600 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397300 |
| &nbsp;&nbsp;&nbsp;304500 | Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369241 |
| &nbsp;&nbsp;&nbsp;298600 | Television Francaise 1 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905309 |
| &nbsp;&nbsp;&nbsp;&nbsp;52900 | United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29795184 |
| Consumer, Cyclical — 10.92% | Consumer, Cyclical — 10.92% | Consumer, Cyclical — 10.92% |
| &nbsp;&nbsp;&nbsp;111011 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8501581 |
| &nbsp;&nbsp;&nbsp;121685 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015964 |
| &nbsp;&nbsp;&nbsp;&nbsp;68000 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978709 |
| &nbsp;&nbsp;&nbsp;&nbsp;44700 | Bayerische Motoren Werke AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604501 |
| &nbsp;&nbsp;&nbsp;204400 | Betsson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166972 |
| &nbsp;&nbsp;&nbsp;&nbsp;16171 | Cie Financiere Richemont SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2822906 |
| &nbsp;&nbsp;&nbsp;&nbsp;67700 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379430 |
| &nbsp;&nbsp;&nbsp;360400 | Citizen Watch Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156612 |
| &nbsp;&nbsp;&nbsp;&nbsp;95500 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868676 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;56300 | Daiwa House Industry Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1862097 |
| &nbsp;&nbsp;&nbsp;111800 | Daiwabo Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1897026 |
| &nbsp;&nbsp;&nbsp;364500 | Harvey Norman Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1146431 |
| &nbsp;&nbsp;&nbsp;495900 | Honda Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 4487684 |
| &nbsp;&nbsp;&nbsp;&nbsp;44000 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp; 1672802 |
| &nbsp;&nbsp;&nbsp;440100 | International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp; 1246098 |
| &nbsp;&nbsp;&nbsp;227300 | Isuzu Motors Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3090734 |
| &nbsp;&nbsp;&nbsp;158700 | Iveco Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608692 |
| &nbsp;&nbsp;&nbsp;185000 | Jardine Cycle & Carriage Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631057 |
| &nbsp;&nbsp;&nbsp;984300 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241028 |
| &nbsp;&nbsp;&nbsp;&nbsp;73400 | Kohnan Shoji Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039910 |
| &nbsp;&nbsp;&nbsp;112400 | Marubeni Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803100 |
| &nbsp;&nbsp;&nbsp;&nbsp;72400 | Mercedes-Benz Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276806 |
| &nbsp;&nbsp;&nbsp;&nbsp;84000 | Mitsui & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583671 |
| &nbsp;&nbsp;&nbsp;&nbsp;15400 | Mitsui-Soko Holdings Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820024 |
| &nbsp;&nbsp;&nbsp;140500 | NGK Insulators Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731099 |
| &nbsp;&nbsp;&nbsp;181700 | Okamura Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395838 |
| &nbsp;&nbsp;&nbsp;415400 | Pets at Home Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160119 |
| &nbsp;&nbsp;&nbsp;603400 | Pirelli & C SpA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591721 |
| &nbsp;&nbsp;&nbsp;700800 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995370 |
| &nbsp;&nbsp;&nbsp;&nbsp;65700 | Rexel SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770682 |
| &nbsp;&nbsp;&nbsp;&nbsp;72200 | Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459012 |
| &nbsp;&nbsp;&nbsp;128228 | Ryanair Holdings PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5433020 |
| &nbsp;&nbsp;&nbsp;215300 | Sankyo Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146190 |
| &nbsp;&nbsp;&nbsp;423994 | Schaeffler AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762958 |
| &nbsp;&nbsp;&nbsp;117500 | Sojitz Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589729 |
| &nbsp;&nbsp;&nbsp;166012 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866213 |
| &nbsp;&nbsp;&nbsp;129400 | Subaru Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317446 |
| &nbsp;&nbsp;&nbsp;104600 | Sumitomo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386747 |
| &nbsp;&nbsp;&nbsp;&nbsp;76900 | Sumitomo Forestry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318425 |
| &nbsp;&nbsp;&nbsp;202900 | Super Retail Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650579 |
| &nbsp;&nbsp;&nbsp;112500 | Tokmanni Group Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543517 |
| &nbsp;&nbsp;&nbsp;153500 | Toyota Boshoku Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046955 |
| &nbsp;&nbsp;&nbsp;241600 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270836 |
| &nbsp;&nbsp;&nbsp;&nbsp;42500 | Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439386 |
| &nbsp;&nbsp;&nbsp;279300 | Volvo AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8194204 |
| &nbsp;&nbsp;&nbsp;303600 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430719 |
| &nbsp;&nbsp;&nbsp;106600 | Yokohama Rubber Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458032 |
| 1030400 | Yue Yuen Industrial Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133355181 |
| Consumer, Non-Cyclical — 21.07% | Consumer, Non-Cyclical — 21.07% | Consumer, Non-Cyclical — 21.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;27800 | Adecco Group AG<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835965 |
| &nbsp;&nbsp;&nbsp;&nbsp;63103 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381789 |
| &nbsp;&nbsp;&nbsp;&nbsp;52700 | Arcs Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022231 |
| &nbsp;&nbsp;&nbsp;&nbsp;70700 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694821 |
| &nbsp;&nbsp;&nbsp;&nbsp;33298 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301579 |
| &nbsp;&nbsp;&nbsp;&nbsp;68800 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821603 |
| &nbsp;&nbsp;&nbsp;&nbsp;49337 | Bruker Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059326 |
| &nbsp;&nbsp;&nbsp;&nbsp;14020 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774620 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;212700 | Carrefour SA | &nbsp;&nbsp;&nbsp;$3042025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | Chocoladefabriken Lindt & Spruengli AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2095514 |
| &nbsp;&nbsp;&nbsp;357000 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2012387 |
| &nbsp;&nbsp;&nbsp;&nbsp;76100 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp; 3444602 |
| &nbsp;&nbsp;&nbsp;&nbsp;32000 | Colruyt Group NV | &nbsp;&nbsp;&nbsp;&nbsp; 1314865 |
| &nbsp;&nbsp;&nbsp;289155 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp; 7554545 |
| &nbsp;&nbsp;&nbsp;318400 | Elders Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1341735 |
| &nbsp;&nbsp;&nbsp;&nbsp;34594 | EssilorLuxottica SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968934 |
| &nbsp;&nbsp;&nbsp;189436 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8775161 |
| &nbsp;&nbsp;&nbsp;&nbsp;81700 | Ezaki Glico Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515423 |
| &nbsp;&nbsp;&nbsp;&nbsp;42800 | Fresenius SE & Co KGaA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827295 |
| &nbsp;&nbsp;&nbsp;416600 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7958626 |
| 2390133 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12067640 |
| &nbsp;&nbsp;&nbsp;177500 | Imperial Brands PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565571 |
| 1028800 | Inghams Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022277 |
| &nbsp;&nbsp;&nbsp;&nbsp;73468 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772458 |
| &nbsp;&nbsp;&nbsp;&nbsp;15600 | Ipsen SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796823 |
| &nbsp;&nbsp;&nbsp;&nbsp;31160 | Itoham Yonekyu Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870847 |
| &nbsp;&nbsp;&nbsp;634700 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932983 |
| &nbsp;&nbsp;&nbsp;301933 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240353 |
| &nbsp;&nbsp;&nbsp;192800 | Koninklijke Ahold Delhaize NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202077 |
| &nbsp;&nbsp;&nbsp;&nbsp;13000 | Kose Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539483 |
| &nbsp;&nbsp;&nbsp;&nbsp;65600 | Lion Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775225 |
| &nbsp;&nbsp;&nbsp;103300 | Megmilk Snow Brand Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767538 |
| &nbsp;&nbsp;&nbsp;288200 | Metcash Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572583 |
| 1421600 | Mitie Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119702 |
| &nbsp;&nbsp;&nbsp;&nbsp;87100 | Mowi ASA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614606 |
| &nbsp;&nbsp;&nbsp;&nbsp;80400 | Nippon Shinyaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051175 |
| &nbsp;&nbsp;&nbsp;141000 | Novartis AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15660841 |
| &nbsp;&nbsp;&nbsp;215100 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815816 |
| &nbsp;&nbsp;&nbsp;218400 | Ono Pharmaceutical Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349689 |
| &nbsp;&nbsp;&nbsp;&nbsp;61675 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093054 |
| &nbsp;&nbsp;&nbsp;&nbsp;86831 | Reckitt Benckiser Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869340 |
| &nbsp;&nbsp;&nbsp;&nbsp;78239 | Roche Holding AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25750617 |
| &nbsp;&nbsp;&nbsp;293500 | Rohto Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394783 |
| &nbsp;&nbsp;&nbsp;173353 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269392 |
| &nbsp;&nbsp;&nbsp;&nbsp;63800 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064078 |
| &nbsp;&nbsp;&nbsp;159100 | Santen Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515272 |
| &nbsp;&nbsp;&nbsp;124000 | Scandinavian Tobacco Group A/S<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807976 |
| &nbsp;&nbsp;&nbsp;172700 | Securitas AB Class B<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443872 |
| &nbsp;&nbsp;&nbsp;181600 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741201 |
| &nbsp;&nbsp;&nbsp;426738 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5998286 |
| &nbsp;&nbsp;&nbsp;&nbsp;27900 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888539 |
| 1981700 | Sonae SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275673 |
| 1143600 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918637 |
| &nbsp;&nbsp;&nbsp;116400 | Teva Pharmaceutical Industries Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792128 |
| &nbsp;&nbsp;&nbsp;128300 | Toyo Suisan Kaisha Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7593198 |
| 1268000 | United Laboratories International Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386254 |
| &nbsp;&nbsp;&nbsp;&nbsp;12003 | Waters Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423946 |
| 5235500 | WH Group Ltd<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4807258 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;50581 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;$7875298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257389535 |
| Energy — 5.91% | Energy — 5.91% | Energy — 5.91% |
| &nbsp;&nbsp;&nbsp;221813 | Aker BP ASA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5258977 |
| &nbsp;&nbsp;&nbsp;445100 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2497384 |
| &nbsp;&nbsp;&nbsp;163700 | Eni SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2531879 |
| &nbsp;&nbsp;&nbsp;117540 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp; 3104084 |
| &nbsp;&nbsp;&nbsp;176597 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093989 |
| &nbsp;&nbsp;&nbsp;692100 | New Hope Corp Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610568 |
| &nbsp;&nbsp;&nbsp;&nbsp;32000 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647890 |
| &nbsp;&nbsp;&nbsp;224656 | Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929514 |
| &nbsp;&nbsp;&nbsp;318500 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228905 |
| &nbsp;&nbsp;&nbsp;&nbsp;74500 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104790 |
| &nbsp;&nbsp;&nbsp;296100 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10776280 |
| &nbsp;&nbsp;&nbsp;404897 | TotalEnergies SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26088799 |
| &nbsp;&nbsp;&nbsp;433474 | Woodside Energy Group Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72170556 |
| Financial — 26.17% | Financial — 26.17% | Financial — 26.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;82500 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878147 |
| &nbsp;&nbsp;&nbsp;168200 | ABN AMRO Bank NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544217 |
| &nbsp;&nbsp;&nbsp;457600 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005449 |
| 2253168 | AIB Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14553734 |
| &nbsp;&nbsp;&nbsp;&nbsp;10500 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018466 |
| &nbsp;&nbsp;&nbsp;134826 | ANZ Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468546 |
| &nbsp;&nbsp;&nbsp;&nbsp;41800 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402990 |
| &nbsp;&nbsp;&nbsp;347800 | Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505737 |
| &nbsp;&nbsp;&nbsp;140600 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007261 |
| &nbsp;&nbsp;&nbsp;281800 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845900 |
| 2291226 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6432993 |
| &nbsp;&nbsp;&nbsp;799200 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384157 |
| &nbsp;&nbsp;&nbsp;264500 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561913 |
| 1001118 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11828569 |
| &nbsp;&nbsp;&nbsp;878600 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303008 |
| &nbsp;&nbsp;&nbsp;&nbsp;40500 | BAWAG Group AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178156 |
| &nbsp;&nbsp;&nbsp;&nbsp;68200 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700129 |
| 2111819 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16450561 |
| &nbsp;&nbsp;&nbsp;578300 | Chiba Bank Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473981 |
| &nbsp;&nbsp;&nbsp;133900 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064308 |
| &nbsp;&nbsp;&nbsp;186800 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401087 |
| &nbsp;&nbsp;&nbsp;134900 | Danske Bank A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415469 |
| &nbsp;&nbsp;&nbsp;&nbsp;74970 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574570 |
| &nbsp;&nbsp;&nbsp;316400 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542102 |
| &nbsp;&nbsp;&nbsp;&nbsp;55584 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400650 |
| &nbsp;&nbsp;&nbsp;105200 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768095 |
| &nbsp;&nbsp;&nbsp;&nbsp;82400 | Eurocommercial Properties NV REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236866 |
| &nbsp;&nbsp;&nbsp;&nbsp;66456 | Euronext NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644924 |
| &nbsp;&nbsp;&nbsp;299500 | Gunma Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498226 |
| &nbsp;&nbsp;&nbsp;898600 | Helia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260633 |
| &nbsp;&nbsp;&nbsp;214017 | Hiscox Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248378 |
| &nbsp;&nbsp;&nbsp;196800 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855580 |
| &nbsp;&nbsp;&nbsp;237900 | Japan Post Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385523 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91420 | Julius Baer Group Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$6336872 |
| 12215501 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 11454001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67796 | London Stock Exchange Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10065208 |
| &nbsp;&nbsp;&nbsp;&nbsp;158480 | Mebuki Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 777856 |
| &nbsp;&nbsp;&nbsp;&nbsp;116300 | Mediobanca Banca di Credito Finanziario SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2181525 |
| &nbsp;&nbsp;&nbsp;&nbsp;301900 | Mitsubishi HC Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2045799 |
| &nbsp;&nbsp;&nbsp;&nbsp;134700 | Mitsubishi UFJ Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1836475 |
| &nbsp;&nbsp;&nbsp;&nbsp;137200 | Mizuho Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765280 |
| &nbsp;&nbsp;&nbsp;&nbsp;358012 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679648 |
| &nbsp;&nbsp;4168337 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24606154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77200 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295867 |
| &nbsp;&nbsp;&nbsp;&nbsp;392400 | Nomura Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417939 |
| &nbsp;&nbsp;&nbsp;&nbsp;244400 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125995 |
| &nbsp;&nbsp;&nbsp;&nbsp;131700 | ORIX Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20247 | Plus500 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717148 |
| &nbsp;&nbsp;&nbsp;&nbsp;385700 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329293 |
| &nbsp;&nbsp;1674000 | Resona Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14617050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13432 | Samsung Fire & Marine Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99100 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83100 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136884 |
| &nbsp;&nbsp;&nbsp;&nbsp;164000 | Swedbank AB Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | Swiss Re AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38100 | Sydbank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390141 |
| &nbsp;&nbsp;&nbsp;&nbsp;327250 | UBS Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10051352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23792 | Willis Towers Watson PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8040506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319749314 |
| Industrial — 15.12% | Industrial — 15.12% | Industrial — 15.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | AGC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389667 |
| &nbsp;&nbsp;&nbsp;&nbsp;234700 | Alps Alpine Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401465 |
| &nbsp;&nbsp;&nbsp;&nbsp;217000 | Amada Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | ANDRITZ AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54300 | Bekaert SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88500 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488713 |
| &nbsp;&nbsp;&nbsp;&nbsp;162500 | Brother Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942288 |
| &nbsp;&nbsp;&nbsp;&nbsp;121266 | Cie de Saint-Gobain SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12080172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91556 | CRH PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8054181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | D/S Norden A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54100 | Deutsche Post AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | Dfds A/S<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336518 |
| &nbsp;&nbsp;&nbsp;&nbsp;183021 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685006 |
| &nbsp;&nbsp;&nbsp;&nbsp;915400 | Firstgroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67794 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32479 | Hirose Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762177 |
| &nbsp;&nbsp;&nbsp;&nbsp;111300 | Hosiden Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484569 |
| &nbsp;&nbsp;&nbsp;&nbsp;361315 | IMI PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38300 | Kalmar OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97100 | Kamigumi Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47459 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99400 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | Koninklijke Heijmans N.V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190317 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;10000 | Krones AG | &nbsp;&nbsp;&nbsp;$1363856 |
| &nbsp;&nbsp;&nbsp;143930 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp; 15242748 |
| &nbsp;&nbsp;&nbsp;&nbsp;36400 | Leonardo SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1772644 |
| &nbsp;&nbsp;&nbsp;&nbsp;82400 | Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp; 2618812 |
| &nbsp;&nbsp;&nbsp;119700 | Macnica Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1549426 |
| &nbsp;&nbsp;&nbsp;611100 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp; 11270079 |
| &nbsp;&nbsp;&nbsp;&nbsp;87900 | Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp; 2904928 |
| &nbsp;&nbsp;&nbsp;227900 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142084 |
| &nbsp;&nbsp;&nbsp;266700 | Rengo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658033 |
| &nbsp;&nbsp;&nbsp;&nbsp;32200 | Sankyu Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323306 |
| &nbsp;&nbsp;&nbsp;&nbsp;13778 | Schindler Holding AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318186 |
| &nbsp;&nbsp;&nbsp;&nbsp;69678 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16084893 |
| &nbsp;&nbsp;&nbsp;&nbsp;29600 | SCREEN Holdings Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931148 |
| &nbsp;&nbsp;&nbsp;275700 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886612 |
| &nbsp;&nbsp;&nbsp;&nbsp;92300 | Signify NV<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004030 |
| &nbsp;&nbsp;&nbsp;&nbsp;12264 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987317 |
| &nbsp;&nbsp;&nbsp;136100 | SKF AB Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757193 |
| &nbsp;&nbsp;&nbsp;&nbsp;28981 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334388 |
| &nbsp;&nbsp;&nbsp;&nbsp;82200 | Sumitomo Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683833 |
| &nbsp;&nbsp;&nbsp;214355 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828241 |
| &nbsp;&nbsp;&nbsp;&nbsp;99500 | Taisei Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428901 |
| &nbsp;&nbsp;&nbsp;&nbsp;41500 | Takeuchi Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425864 |
| &nbsp;&nbsp;&nbsp;139316 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726247 |
| &nbsp;&nbsp;&nbsp;&nbsp;46900 | TKH Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845335 |
| &nbsp;&nbsp;&nbsp;205600 | Tsubakimoto Chain Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548412 |
| &nbsp;&nbsp;&nbsp;&nbsp;62900 | Verallia SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953418 |
| &nbsp;&nbsp;&nbsp;&nbsp;48100 | Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603422 |
| &nbsp;&nbsp;&nbsp;&nbsp;31300 | Yokogawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184744009 |
| Technology — 7.38% | Technology — 7.38% | Technology — 7.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;17854 | Analog Devices Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641090 |
| &nbsp;&nbsp;&nbsp;&nbsp;19190 | Cadence Design Systems Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880593 |
| &nbsp;&nbsp;&nbsp;&nbsp;77200 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407341 |
| &nbsp;&nbsp;&nbsp;&nbsp;41233 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195610 |
| &nbsp;&nbsp;&nbsp;&nbsp;75200 | Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386229 |
| &nbsp;&nbsp;&nbsp;167698 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6384740 |
| &nbsp;&nbsp;&nbsp;153100 | Ferrotec Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759049 |
| &nbsp;&nbsp;&nbsp;&nbsp;86400 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504603 |
| &nbsp;&nbsp;&nbsp;&nbsp;54800 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826758 |
| &nbsp;&nbsp;&nbsp;&nbsp;19852 | Nice Ltd Sponsored ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060582 |
| &nbsp;&nbsp;&nbsp;123171 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009506 |
| 2174000 | PAX Global Technology Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352211 |
| &nbsp;&nbsp;&nbsp;251169 | Samsung Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9957712 |
| &nbsp;&nbsp;&nbsp;&nbsp;49639 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300793 |
| &nbsp;&nbsp;&nbsp;151900 | Seiko Epson Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433521 |
| &nbsp;&nbsp;&nbsp;&nbsp;98600 | STMicroelectronics NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162062 |
| &nbsp;&nbsp;&nbsp;&nbsp;98442 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16341372 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;76400 | TeamViewer AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$997345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90201733 |
| Utilities — 1.32% | Utilities — 1.32% | Utilities — 1.32% |
| 1171400 | A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp; 2823146 |
| &nbsp;&nbsp;&nbsp;470100 | AGL Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 3102962 |
| &nbsp;&nbsp;&nbsp;421000 | Drax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3181401 |
| &nbsp;&nbsp;&nbsp;131300 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp; 3478391 |
| &nbsp;&nbsp;&nbsp;182800 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16147920 |
| **TOTAL COMMON STOCK — 97.24%<br> (Cost $1,006,025,966)** | **TOTAL COMMON STOCK — 97.24%<br> (Cost $1,006,025,966)** | &nbsp;&nbsp;&nbsp;**$1188036964** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.24% | Consumer, Cyclical — 0.24% | Consumer, Cyclical — 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;28400 | Volkswagen AG<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897894 |
| **TOTAL PREFERRED STOCK — 0.24%<br> (Cost $5,694,810)** | **TOTAL PREFERRED STOCK — 0.24%<br> (Cost $5,694,810)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2897894** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 88972374 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(d)</sup>, 4.29%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;$88972374 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 7.28%<br> (Cost $88,972,374)** | &nbsp;&nbsp;&nbsp;&nbsp;**$88972374** |
| **TOTAL INVESTMENTS — 104.76%<br> (Cost $1,100,693,150)** | &nbsp;&nbsp;&nbsp;**$1279907232** |
| **OTHER ASSETS & LIABILITIES, NET — (4.76)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(58146663)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1221760569** |

---

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

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

<sup>(c)</sup> Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2025, the aggregate fair value of 144A securities was $34,609,229, representing 2.83% of net assets.

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

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

<sup>ADR</sup> American Depositary Receipt

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

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER INTERNATIONAL VALUE FUND

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

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

---

| | | |
|:---|:---|:---|
| **Country** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Fund Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$209189963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.34% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177059737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.83 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154203760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126613178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101161619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100807169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56007553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53445903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42049496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40953494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38569713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30577563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16341372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15509607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14733103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14513463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13235779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10123460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5369662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1279907232** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

The Board of Directors of Empower Funds (the "Board") has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the Funds' investment adviser, Empower Capital Management, LLC ("ECM"), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board approved ECM as the Funds' valuation designee to make all fair value determinations with respect to the Funds' investments, subject to oversight by the Board.

Each Fund generally values its securities, including Exchange Traded Funds, based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading. The net asset value ("NAV") of each class of a Fund's shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.

For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the OTC market, the last sale price as of the close of business on the market which the security is traded most extensively will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.

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

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

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

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

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

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

------

*March 31, 2025*

------

The following table provides examples of the inputs that are commonly used for valuing particular classes of securities. These classifications are not exclusive, and any inputs may be used to value any other security class.

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data |
| 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 |
| Rights | Exchange traded close price, bids and evaluated bids |
| Exchange Traded Funds | Exchange traded close price |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Short Term Investments | Maturity date, credit quality and interest rates |
| Futures Contracts | Exchange traded close price |
| Forward Foreign Currency Contracts | Foreign currency spot and forward rates |

---

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

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

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

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

As of March 31, 2025, the inputs used to value each Fund's investments are detailed in the following table. More information regarding the sector or geography classifications, as applicable, are included in the Schedule of Investments.

#### Empower Emerging Markets Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$10822102 | &nbsp;&nbsp;&nbsp;&nbsp;$43323225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$54145327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35009394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224246774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259256168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18457537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117494822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135952359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25504247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89640868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115145115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14087907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23055204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37143111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67777890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269501264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337279154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9711605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87350774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97062379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255993986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256831614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13568917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17395387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187291314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126718414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314009728 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066970 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9228546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9228546 |
| Total Assets | &nbsp;&nbsp;&nbsp;$202586830 | &nbsp;&nbsp;$1126718414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1329305244 |

---

------

*March 31, 2025*

------

#### Empower International Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16778888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16778888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18126513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9224423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27350936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77506791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84363970 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98388566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98388566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73181819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73181819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108387992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108387992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33861037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56401616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90262653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58844729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444346242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503190971 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223950 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$62068679 | &nbsp;&nbsp;&nbsp;$444346242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$506414921 |

---

------

*March 31, 2025*

------

#### Empower International Index Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$7629656 | &nbsp;&nbsp;&nbsp;$117962574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$125592230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25942751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104296596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130239347 |
| &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;859454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323071691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323931145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575143067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580596975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96548455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96548455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633829071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642508864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380403891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382863614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7308602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162547025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169855627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18923604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62711830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81635434 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78137538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456514200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534652202 |
| Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6279299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340890 |
| 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;222627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241521 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142277141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142277141 |
| 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;20225159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20225159 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222476270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483241285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705736913 |
| **Other Financial Investments:** |  |  |  |  |
| Forward Foreign Currency Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6989 |
| Total Assets | &nbsp;&nbsp;&nbsp;$222476270 | &nbsp;&nbsp;$2483248274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19358 | &nbsp;&nbsp;$2705743902 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(286675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286675) |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(1031455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1031455) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$(1031455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(286675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(1318130) |

---

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

------

*March 31, 2025*

------

#### Empower International Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Assets** |  |  |  |  |
| **Investments, at fair value:** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;$38569714 | &nbsp;&nbsp;&nbsp;&nbsp;$45913818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$84483532 |
| &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;29795184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29795184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126762042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133355181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29167692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228221843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257389535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69241042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72170556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12006032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307743282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319749314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9897657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174846352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184744009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29235374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60966359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90201733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6659792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9488128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16147920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135058914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052978050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188036964 |
| 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;2897894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897894 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88972374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88972374 |
| Total Assets | &nbsp;&nbsp;&nbsp;$224031288 | &nbsp;&nbsp;$1055875944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1279907232 |

---

<u>Foreign Currency Translations and Transactions</u>

The accounting records of each Fund are 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.

<u>Futures Contracts</u>

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

<u>Forward Foreign Currency Contracts</u>

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

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

---

| | |
|:---|:---|
| Empower International Index Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$67096450 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$10695863 |

---

------

*March 31, 2025*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** EMPOWER FUNDS, INC.

- **b. Investment Company Act file number:** 811-03364

- **c. CIK number of Registrant:** 0000356476

- **d. LEI of Registrant:** RUYOMHMDMSPQ01U66388

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8515 E Orchard Road

  - **City:** Greenwood Village

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

  - **Telephone number:** 866-831-7129

**Item A.2. Information about the Series.**

- **a. Name of Series:** Empower International Index Fund

- **b. EDGAR series identifier (if any):** S000030871

- **c. LEI of Series:** RYPCEWFVUCBIVW9YAP22

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2593244992.91

**Total Liabilities:** $2771076.43

**Net Assets:** $2590473916.48

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000095750 | 4.90%                | 2.99%                | -0.15%               |
| Class ID C000155807 | 4.94%                | 3.04%                | -0.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $267857.05               | $119025213.85                              |
| Month 2  | $798081.20               | $74733177.13                               |
| Month 3  | $8281578.44              | $-28336623.84                              |

### Schedule of Portfolio Investments

| Name                                                              | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv                                                | Dreyfus Instl Resv PFD GOVT INSTL                                              | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        | 142277162 | PA      | $142277162.21 | 5.49%             | 2025-04-01      | Variable      | 4.23%                 | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                                   | Antofagasta PLC ORD GBP0.05                                                    | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     57251 | NS      | $1246075.26   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                                         | Halma PLC ORD GBP0.10                                                          | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |     56378 | NS      | $1890848.36   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| REA Group Ltd.                                                    | REA Group Ltd. ORD NPV                                                         | CUSIP: Q8051B108<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |      7397 | NS      | $1026295.95   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                                               | Amadeus IT Group SA EUR0.01                                                    | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |     67455 | NS      | $5165921.64   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC                                             | JD Sports Fashion PLC ORD GBP0.0005                                            | CUSIP: G5144Y120<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |    406834 | NS      | $359632.97    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext N.V.                                                     | Euronext N.V. EUR1.60                                                          | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |     11424 | NS      | $1657993.54   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                                 | ASML Holding N.V. EUR0.09                                                      | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     58703 | NS      | $38848219.67  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis N.V                                                    | Stellantis N.V COM EUR0.01                                                     | CUSIP: N82405106<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |    295353 | NS      | $3320191.40   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                                          | Mowi ASA NOK7.50                                                               | CUSIP: R4S04H101<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     70690 | NS      | $1310407.78   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Essity AB                                                         | Essity AB SER'B'NPV                                                            | CUSIP: W3R06F100<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |     92538 | NS      | $2629118.60   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Epiroc AB                                                         | Epiroc AB SER'A'NPV                                                            | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     92990 | NS      | $1872291.91   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                            | Intesa Sanpaolo S.p.A. NPV                                                     | CUSIP: T55067101<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |   2234340 | NS      | $11515085.86  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                 | HSBC Holdings PLC ORD USD0.50                                                  | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |   2659639 | NS      | $30147647.45  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                                | Intertek Group PLC ORD GBP0.01                                                 | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     24599 | NS      | $1597943.11   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                                         | Kesko Oyj SER'B'EUR2                                                           | CUSIP: X44874109<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |     40961 | NS      | $837263.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                                      | KBC Group NV NPV                                                               | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     34367 | NS      | $3132340.25   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Adidas AG                                                         | Adidas AG NPV (REGD)                                                           | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |     25812 | NS      | $6088049.13   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Generali S.p.A.                                                   | Generali S.p.A. NPV                                                            | CUSIP: T05040109<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |    140997 | NS      | $4953111.71   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                                   | Kerry Group PLC 'A'ORD EUR0.125                                                | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     22928 | NS      | $2400907.68   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila Oyj Abp                                                  | Wartsila Oyj Abp NPV                                                           | CUSIP: X98155116<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |     72945 | NS      | $1301595.15   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal S.A.                                                      | L'Oreal S.A. EUR0.20                                                           | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |     35370 | NS      | $13146818.78  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                            | EDP SA EUR1(REGD)                                                              | CUSIP: X67925119<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |    471439 | NS      | $1586399.54   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                                  | Deutsche Post AG NPV(REGD)                                                     | CUSIP: D19225107<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    144940 | NS      | $6222770.07   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                            | OMV AG NPV                                                                     | CUSIP: A51460110<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |     22501 | NS      | $1158723.97   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                                                       | Telenor ASA ORD NOK6                                                           | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |     92199 | NS      | $1317429.38   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ)                           | Skandinaviska Enskilda Banken AB (publ) SER'A'NPV                              | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    238405 | NS      | $3922063.14   | 0.15%             |  |  |  | No            |                  2 | On Loan: —       |
| Capgemini SE                                                      | Capgemini SE EUR8                                                              | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     23387 | NS      | $3514095.88   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg A/S                                                     | Carlsberg A/S SER'B'DKK20                                                      | CUSIP: K36628137<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |     14199 | NS      | $1797277.11   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedbank AB (publ)                                                | Swedbank AB (publ) SER'A'NPV                                                   | CUSIP: W94232100<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |    127125 | NS      | $2895206.74   | 0.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Barry Callebaut AG                                                | Barry Callebaut AG CHF0.02 (REGD)                                              | CUSIP: H05072105<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |       574 | NS      | $760213.30    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller-Maersk                                                  | AP Moller-Maersk SER'B'DKK1000                                                 | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       647 | NS      | $1126057.67   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Continental AG                                                    | Continental AG NPV                                                             | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     15757 | NS      | $1111184.18   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp.                                                       | Aisin Corp. NPV                                                                | CUSIP: J00714105<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |     78800 | NS      | $860723.99    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                                    | Fortescue Ltd. NPV                                                             | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |    253563 | NS      | $2454249.76   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                                     | Beiersdorf AG NPV                                                              | CUSIP: D08792109<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |     14854 | NS      | $1918903.84   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                                        | Allianz SE NPV(REGD)(VINKULIERT)                                               | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     57495 | NS      | $22003969.45  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Endesa SA - Empresa Nacional Electricidad                         | Endesa SA - Empresa Nacional Electricidad EUR1.2                               | CUSIP: E41222113<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |     44037 | NS      | $1166625.06   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                                             | Deutsche Lufthansa AG ORD NPV (REGD)(VINK)                                     | CUSIP: D1908N106<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |    102503 | NS      | $746862.06    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| APA Group Ltd.                                                    | APA Group Ltd. NPV (STAPLED UNITS)                                             | CUSIP: Q0437B100<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |    163641 | NS      | $810643.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd.                                    | Insurance Australia Group Ltd. NPV                                             | CUSIP: Q49361100<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |    361678 | NS      | $1759403.10   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd.                                                     | MTR Corp Ltd. NPV                                                              | CUSIP: Y6146T101<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |    222702 | NS      | $729607.57    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GPT Group (The)                                                   | GPT Group (The) NPV (STAPLED SECURITIES)                                       | CUSIP: Q4252X155<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    263260 | NS      | $722072.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Reinsurance AG                                             | Munich Reinsurance AG NPV(REGD)                                                | CUSIP: D55535104<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |     19642 | NS      | $12408300.41  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                                                     | Volkswagen AG NON VTG PRF NPV                                                  | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     29326 | NS      | $2992381.34   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kikkoman Corp                                                     | Kikkoman Corp NPV                                                              | CUSIP: J32620106<br>LEI: 529900T9K5UH9HXOND47 | Long             | EC               | CORP              | JP        |    109000 | NS      | $1051488.84   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp.                                                 | Nitto Denko Corp. NPV                                                          | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |    102500 | NS      | $1895897.91   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                | Banco Bilbao Vizcaya Argentaria SA EUR0.49                                     | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    844220 | NS      | $11521595.73  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                                       | Kering S.A. EUR4                                                               | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |     10996 | NS      | $2287617.62   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Limited                                                      | Nice Limited ILS1                                                              | CUSIP: M7494X101<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      9070 | NS      | $1400044.91   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc.                                                 | T&D Holdings Inc. NPV                                                          | CUSIP: J86796109<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |     73300 | NS      | $1568842.63   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                            | Mercedes-Benz Group AG ORD NPV(REGD)                                           | CUSIP: D1668R123<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |    106704 | NS      | $6303208.49   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Acciona SA                                                        | Acciona SA EUR1                                                                | CUSIP: E0008Z109<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |      4295 | NS      | $562142.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd.                                           | Singapore Airlines Ltd. NPV                                                    | CUSIP: Y7992P128<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |    222900 | NS      | $1122854.24   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd.                             | Sumitomo Realty & Development Co Ltd. NPV                                      | CUSIP: J77841112<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |     46500 | NS      | $1747168.08   | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| Deutsche Bank AG                                                  | Deutsche Bank AG ORD NPV(REGD)                                                 | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    272650 | NS      | $6499223.01   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                                       | Bayerische Motoren Werke AG EUR1                                               | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     43408 | NS      | $3500317.00   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Toho Co Ltd.                                                      | Toho Co Ltd. NPV                                                               | CUSIP: J84764117<br>LEI: 529900IYHHYWU4O3H185 | Long             | EC               | CORP              | JP        |     12900 | NS      | $640997.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Toyota Tsusho Corp.                                               | Toyota Tsusho Corp. NPV                                                        | CUSIP: J92719111<br>LEI: 549300CEE2ENIUJNXB84 | Long             | EC               | CORP              | JP        |     96700 | NS      | $1629188.23   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG GENUSSCHEINE NPV                                              | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |    104421 | NS      | $34367836.84  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                                         | Holcim AG CHF2 (REGD)                                                          | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     78044 | NS      | $8398565.93   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                                    | Lonza Group AG CHF1 (REGD)                                                     | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |     10815 | NS      | $6681181.10   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Covivio SA                                                        | Covivio SA EUR3                                                                | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      8357 | NS      | $467799.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                                       | Bayerische Motoren Werke AG NON VTG PREF EUR1                                  | CUSIP: D12096125<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EP               | CORP              | DE        |      7888 | NS      | $595059.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                          | Infineon Technologies AG ORD NPV (REGD)                                        | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |    189966 | NS      | $6332516.73   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington H. Soul Pattinson & Co Ltd.                            | Washington H. Soul Pattinson & Co Ltd. NPV                                     | CUSIP: Q85717108<br>LEI: 549300G2Q3P6ZVNC1465 | Long             | EC               | CORP              | AU        |     35052 | NS      | $763724.91    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Engie SA                                                          | Engie SA EUR1                                                                  | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    272015 | NS      | $5300453.13   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc.                                                 | Ajinomoto Co Inc. NPV                                                          | CUSIP: J00882126<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |    140800 | NS      | $2787518.12   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc.                                                 | ANA Holdings Inc. NPV                                                          | CUSIP: J0156Q112<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |     28500 | NS      | $526074.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Alstom SA                                                         | Alstom SA EUR7.00                                                              | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |     49297 | NS      | $1091965.80   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo S.p.A.                                                   | Leonardo S.p.A. NPV                                                            | CUSIP: T6S996112<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |     57539 | NS      | $2802091.67   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                                          | Asahi Group Holdings Ltd NPV                                                   | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    216400 | NS      | $2764849.55   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Kasei Corp.                                                 | Asahi Kasei Corp. NPV                                                          | CUSIP: J0242P110<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |    195400 | NS      | $1369883.25   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Chemical Group Corp.                                   | Mitsubishi Chemical Group Corp. NPV                                            | CUSIP: J44046100<br>LEI: 353800YNKX4RQUGAR072 | Long             | EC               | CORP              | JP        |    210200 | NS      | $1038699.82   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Arkema SA                                                         | Arkema SA EUR10                                                                | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      8854 | NS      | $677963.08    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AGC Inc.                                                          | AGC Inc. NPV                                                                   | CUSIP: J0025W100<br>LEI: JE4WFFEELMVPFZ0G1E77 | Long             | EC               | CORP              | JP        |     29400 | NS      | $895017.03    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd.                                           | ANZ Group Holdings Ltd. NPV                                                    | CUSIP: Q0429F119<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |    445943 | NS      | $8164824.14   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins - S.G.P.S., S.A.                                 | Jeronimo Martins - S.G.P.S., S.A. EUR1                                         | CUSIP: X40338109<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     40089 | NS      | $849627.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                                       | Reckitt Benckiser Group PLC ORD GBP0.10                                        | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    100032 | NS      | $6761661.74   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                                  | Bank Hapoalim BM ILS1                                                          | CUSIP: M1586M115<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |    191791 | NS      | $2600883.18   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                             | Westpac Banking Corp. NPV                                                      | CUSIP: Q97417101<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |    502687 | NS      | $10017295.01  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                                       | Brenntag SE NPV                                                                | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |     19022 | NS      | $1232963.88   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd.                                           | Otsuka Holdings Co Ltd. NPV                                                    | CUSIP: J63117105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66800 | NS      | $3480947.33   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| LY Corporation                                                    | LY Corporation NPV                                                             | CUSIP: J9894K105<br>LEI: 52990078MD2OL792YM35 | Long             | EC               | CORP              | JP        |    452900 | NS      | $1533590.75   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd.                                                | Telstra Group Ltd. NPV                                                         | CUSIP: Q8975N105<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    636022 | NS      | $1680238.20   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                                         | SEGRO PLC ORD GBP0.10                                                          | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |    185478 | NS      | $1658412.01   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Meiji Holdings Co Ltd.                                            | Meiji Holdings Co Ltd. NPV                                                     | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |     33300 | NS      | $721548.11    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| CLP Holdings Ltd.                                                 | CLP Holdings Ltd. NPV                                                          | CUSIP: Y1660Q104<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |    246000 | NS      | $2002631.51   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Data Group Corp.                                              | NTT Data Group Corp. NPV                                                       | CUSIP: J59031104<br>LEI: 353800SZGJGSLJRRWB43 | Long             | EC               | CORP              | JP        |     95100 | NS      | $1722742.05   | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| Treasury Wine Estates Ltd.                                        | Treasury Wine Estates Ltd. NPV                                                 | CUSIP: Q9194S107<br>LEI: 529900LVOPJGAX6ILK66 | Long             | EC               | CORP              | AU        |    133588 | NS      | $819061.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc.                                               | Sompo Holdings Inc. NPV                                                        | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |    133450 | NS      | $4063712.17   | 0.16%             |  |  |  | No            |                  2 | On Loan: —       |
| Bridgestone Corp.                                                 | Bridgestone Corp. NPV                                                          | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     85500 | NS      | $3434777.62   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp Japan                                                 | Oracle Corp Japan NPV                                                          | CUSIP: J6165M109<br>LEI: 529900MIMKY9RU60Z323 | Long             | EC               | CORP              | JP        |      6600 | NS      | $694540.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa                                 | Compagnie Financiere Richemont Sa CHF1 (REGD)                                  | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     80879 | NS      | $14118717.92  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                      | UBS Group AG USD0.10 (REGD)                                                    | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    485864 | NS      | $14923117.22  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                                                    | BHP Group Ltd. NPV                                                             | CUSIP: Q1498M100<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    749693 | NS      | $18189953.80  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Inc.                                                        | Canon Inc. NPV                                                                 | CUSIP: J05124144<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |    140100 | NS      | $4368762.62   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                                          | Alcon AG CHF0.04                                                               | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     74822 | NS      | $7099486.45   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co. KGaA                                         | CTS Eventim AG & Co. KGaA NPV                                                  | CUSIP: D1648T108<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |     10109 | NS      | $1014161.35   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Bank Ltd.                                                   | Chiba Bank Ltd. NPV                                                            | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |     81000 | NS      | $766717.08    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Chubu Electric Power Co Inc.                                      | Chubu Electric Power Co Inc. NPV                                               | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |    102200 | NS      | $1108075.22   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                                    | Rheinmetall AG NPV                                                             | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      6522 | NS      | $9332506.72   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                                   | Knorr-Bremse AG NPV                                                            | CUSIP: D4S43E114<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     10450 | NS      | $951003.91    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                    | Commonwealth Bank of Australia ORD NPV                                         | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |    247262 | NS      | $23513163.07  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO Tinto Limited                                                 | RIO Tinto Limited NPV                                                          | CUSIP: Q81437107<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |     55908 | NS      | $4056686.33   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                   | Nordea Bank ABP NPV                                                            | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |    459379 | NS      | $5875679.95   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| NMC Health PLC                                                    | NMC Health PLC ORD GBP0.10                                                     | CUSIP: G65836101<br>LEI: 2138008YQEVWBE1V2M52 | Long             | EC               | CORP              | GB        |      7190 | NS      | $464.39       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KDDI Corp                                                         | KDDI Corp NPV                                                                  | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    459600 | NS      | $7259684.18   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                               | Hong Kong Exchanges & Clearing Ltd. NPV                                        | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    180612 | NS      | $8034381.84   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                         | Shell PLC ORD EUR0.07                                                          | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    906608 | NS      | $32995142.25  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                                  | Spirax Group PLC ORD GBP0.269230769                                            | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     11053 | NS      | $890307.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ltd                                                          | Nova Ltd ILS0.01                                                               | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      4413 | NS      | $819308.19    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Scsk Corp                                                         | Scsk Corp NPV                                                                  | CUSIP: J70081104<br>LEI: 529900SNGFXMSUBB7864 | Long             | EC               | CORP              | JP        |     28100 | NS      | $694848.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| East Japan Railway Co.                                            | East Japan Railway Co. NPV                                                     | CUSIP: J1257M109<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |    132800 | NS      | $2617564.14   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd.                                                     | Eisai Co Ltd. NPV                                                              | CUSIP: J12852117<br>LEI: 353800HDEE0ZYEX4QV91 | Long             | EC               | CORP              | JP        |     38800 | NS      | $1080085.17   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                                            | CK Asset Holdings Ltd. HKD1                                                    | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |    263924 | NS      | $1067824.42   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpost S.A                                                        | Inpost S.A EUR0.01                                                             | CUSIP: L5125Z108<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |     38481 | NS      | $564759.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                                  | SBI Holdings Inc NPV                                                           | CUSIP: J6991H100<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |     43940 | NS      | $1186508.79   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp.                                           | FUJIFILM Holdings Corp. NPV                                                    | CUSIP: J14208102<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |    167400 | NS      | $3207212.11   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Limited                                                   | Wix.com Limited COM ILS0.01                                                    | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      8000 | NS      | $1307040.01   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                                         | Prosus NV EUR0.05 (N SHARES)                                                   | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    204835 | NS      | $9516489.98   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd.                                                     | Fujikura Ltd. NPV                                                              | CUSIP: J14784128<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |     36400 | NS      | $1348070.13   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                                       | Fanuc Corp. NPV                                                                | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |    141200 | NS      | $3847101.17   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group N.V                                         | Universal Music Group N.V EUR10.00                                             | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    123256 | NS      | $3403478.35   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group N.V.                                                     | NN Group N.V. EUR0.12                                                          | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     40154 | NS      | $2234405.80   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                                      | Fujitsu Ltd. NPV                                                               | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |    254900 | NS      | $5072738.19   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Building Fund Inc.                                         | Nippon Building Fund Inc. REIT                                                 | CUSIP: J52088101<br>LEI: 52990053R8NL2MB32172 | Long             | EC               | CORP              | JP        |      1070 | NS      | $908847.29    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari N V                                                       | Ferrari N V COM EUR0.01                                                        | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     18874 | NS      | $8060365.11   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Infratil Ltd.                                                     | Infratil Ltd. ORD NPV                                                          | CUSIP: Q4933Q124<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |    129520 | NS      | $763292.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hang Seng Bank Ltd.                                               | Hang Seng Bank Ltd. NPV                                                        | CUSIP: Y30327103<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |    117700 | NS      | $1602933.08   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankyu Hanshin Holdings Inc.                                      | Hankyu Hanshin Holdings Inc. NPV                                               | CUSIP: J18439109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31700 | NS      | $852961.19    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Kongsberg Gruppen ASA                                             | Kongsberg Gruppen ASA NOK1.25                                                  | CUSIP: R60837102<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |     11927 | NS      | $1748678.79   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                         | Epiroc AB SER'B'NPV                                                            | CUSIP: W25918157<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     59749 | NS      | $1052375.80   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Henderson Land Development Co Ltd.                                | Henderson Land Development Co Ltd. NPV                                         | CUSIP: Y31476107<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |    242830 | NS      | $698449.53    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                                      | Hitachi Ltd. NPV                                                               | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    685000 | NS      | $16083391.87  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                  | UniCredit S.p.A. NPV                                                           | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    206005 | NS      | $11563538.00  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                                       | Hongkong Land Holdings Ltd. ORD USD0.10(SINGAPORE REG)                         | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | SG        |    182500 | NS      | $788400.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Honda Motor Co Ltd.                                               | Honda Motor Co Ltd. NPV                                                        | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    672100 | NS      | $6082219.30   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Assets Holdings Ltd.                                        | Power Assets Holdings Ltd. NPV                                                 | CUSIP: Y7092Q109<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |    207000 | NS      | $1239630.89   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf (Holdings) Ltd. The                                         | Wharf (Holdings) Ltd. The NPV                                                  | CUSIP: Y8800U127<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |    191000 | NS      | $453601.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hongkong & China Gas Co Ltd.                                      | Hongkong & China Gas Co Ltd. NPV                                               | CUSIP: Y33370100<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |   1725229 | NS      | $1484688.42   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                                                        | HOYA Corp. NPV                                                                 | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     52200 | NS      | $5891213.27   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL Group Ltd                                                     | ICL Group Ltd ILS1                                                             | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |     92747 | NS      | $526718.45    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd.                                                 | Isuzu Motors Ltd. NPV                                                          | CUSIP: J24994113<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |     84800 | NS      | $1153076.24   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                                      | ITOCHU Corp. NPV                                                               | CUSIP: J2501P104<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |    178000 | NS      | $8263285.27   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                                 | Japan Tobacco Inc NPV                                                          | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |    179700 | NS      | $4939260.62   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeon Co Ltd.                                                      | Aeon Co Ltd. NPV                                                               | CUSIP: J00288100<br>LEI: 5299009MXFL34SA71416 | Long             | EC               | CORP              | JP        |     98600 | NS      | $2472880.58   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kajima Corp.                                                      | Kajima Corp. NPV                                                               | CUSIP: J29223120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     60700 | NS      | $1241644.14   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc                                      | Kansai Electric Power Co Inc NPV                                               | CUSIP: J30169106<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |    132700 | NS      | $1574887.63   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp.                                                         | Kao Corp. NPV                                                                  | CUSIP: J30642169<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     69800 | NS      | $3021412.68   | 0.12%             |  |  |  | No            |                  2 | On Loan: —       |
| Kawasaki Kisen Kaisha Ltd.                                        | Kawasaki Kisen Kaisha Ltd. NPV                                                 | CUSIP: J31588148<br>LEI: 353800FL04R73DS5P870 | Long             | EC               | CORP              | JP        |     61000 | NS      | $829136.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Keyence Corp.                                                     | Keyence Corp. NPV                                                              | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     28660 | NS      | $11269403.42  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Co Ltd                                             | Kirin Holdings Co Ltd NPV                                                      | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |    114500 | NS      | $1586531.25   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                                      | Komatsu Ltd. NPV                                                               | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |    131900 | NS      | $3862444.58   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Konami Group Corp.                                                | Konami Group Corp. NPV                                                         | CUSIP: J3600L101<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |     15100 | NS      | $1783042.91   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corporation                                                | Kubota Corporation NPV                                                         | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    150600 | NS      | $1861024.69   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| KYOCERA Corp.                                                     | KYOCERA Corp. NPV                                                              | CUSIP: J37479110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    191900 | NS      | $2167517.97   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyowa Hakko Kirin Co Ltd.                                         | Kyowa Hakko Kirin Co Ltd. NPV                                                  | CUSIP: J38296117<br>LEI: 529900TBXKVTQGYA3582 | Long             | EC               | CORP              | JP        |     39900 | NS      | $582406.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Hong Kong (Holdings) Ltd.                                     | BOC Hong Kong (Holdings) Ltd. NPV                                              | CUSIP: Y0920U103<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |    552500 | NS      | $2237029.58   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                                          | CapitaLand Ascendas REIT NPV(REAL ESTATE INVESTMENT TRUSTS)                    | CUSIP: Y0205X103<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               | CORP              | SG        |    609940 | NS      | $1205146.64   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp.                                                    | Marubeni Corp. NPV                                                             | CUSIP: J39788138<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    213400 | NS      | $3423323.31   | 0.13%             |  |  |  | No            |                  2 | On Loan: —       |
| Panasonic Holdings Corp.                                          | Panasonic Holdings Corp. NPV                                                   | CUSIP: J6354Y104<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |    349100 | NS      | $4164589.64   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                       | Mizuho Financial Group Inc. NPV                                                | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |    353010 | NS      | $9687911.84   | 0.37%             |  |  |  | No            |                  2 | On Loan: —       |
| Mitsubishi Estate Co Ltd                                          | Mitsubishi Estate Co Ltd NPV                                                   | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |    157300 | NS      | $2571215.66   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                                                  | Mitsubishi Corp. NPV                                                           | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |    503200 | NS      | $8883875.53   | 0.34%             |  |  |  | No            |                  2 | On Loan: —       |
| Mitsubishi Electric Corp.                                         | Mitsubishi Electric Corp. NPV                                                  | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |    284800 | NS      | $5252362.16   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd.                                  | Mitsubishi Heavy Industries Ltd. NPV                                           | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |    479900 | NS      | $8241608.91   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd.                                                  | Mitsui & Co Ltd. NPV                                                           | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |    378000 | NS      | $7126518.63   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd.                                            | Mitsui Fudosan Co Ltd. NPV                                                     | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    401100 | NS      | $3591880.83   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                                      | Murata Manufacturing Co Ltd. NPV                                               | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    253400 | NS      | $3908681.99   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                      | National Australia Bank Ltd. NPV                                               | CUSIP: Q65336119<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |    462520 | NS      | $9948227.28   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                                                  | Nintendo Co Ltd. NPV                                                           | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    162100 | NS      | $11019185.32  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                                       | Denso Corp. NPV                                                                | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |    283200 | NS      | $3513542.55   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp.                                                         | NEC Corp. NPV                                                                  | CUSIP: J48818207<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |    184000 | NS      | $3919333.28   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp.                                                       | Nidec Corp. NPV                                                                | CUSIP: J52968104<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |    125000 | NS      | $2097785.20   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp.                                | Nippon Telegraph & Telephone Corp. NPV                                         | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |   4505800 | NS      | $4354728.41   | 0.17%             |  |  |  | No            |                  2 | On Loan: —       |
| Nissin Foods Holdings Co Ltd.                                     | Nissin Foods Holdings Co Ltd. NPV                                              | CUSIP: J58063124<br>LEI: 529900YMZMNSHC1W6V41 | Long             | EC               | CORP              | JP        |     30800 | NS      | $628639.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Nippon Steel Corp.                                                | Nippon Steel Corp. NPV                                                         | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |    147274 | NS      | $3151821.15   | 0.12%             |  |  |  | No            |                  2 | On Loan: —       |
| Nissan Motor Co Ltd.                                              | Nissan Motor Co Ltd. NPV                                                       | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |    333700 | NS      | $855831.98    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Nomura Holdings Inc.                                              | Nomura Holdings Inc. NPV                                                       | CUSIP: J58646100<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |    451600 | NS      | $2782724.62   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                                     | Nippon Yusen Kabushiki Kaisha NPV                                              | CUSIP: J56515232<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |     66200 | NS      | $2187783.94   | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| Oriental Land Co Ltd.                                             | Oriental Land Co Ltd. NPV                                                      | CUSIP: J6174U100<br>LEI: 353800PIFKBZ6KTU5994 | Long             | EC               | CORP              | JP        |    161900 | NS      | $3192785.63   | 0.12%             |  |  |  | No            |                  2 | On Loan: —       |
| Obayashi Corp.                                                    | Obayashi Corp. NPV                                                             | CUSIP: J59826107<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |     97200 | NS      | $1296681.51   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| Omron Corp.                                                       | Omron Corp. NPV                                                                | CUSIP: J61374120<br>LEI: 549300ZHW0TR2QZ0NY83 | Long             | EC               | CORP              | JP        |     27000 | NS      | $762391.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| ONO Pharmaceutical Co Ltd                                         | ONO Pharmaceutical Co Ltd NPV                                                  | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |     55800 | NS      | $600332.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| ORIX Corp.                                                        | ORIX Corp. NPV                                                                 | CUSIP: J61933123<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |    172800 | NS      | $3607874.90   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                                  | Osaka Gas Co Ltd NPV                                                           | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     54400 | NS      | $1230926.53   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                          | QBE Insurance Group Ltd. NPV                                                   | CUSIP: Q78063114<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |    225558 | NS      | $3116579.14   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd.                                                     | Ricoh Co Ltd. NPV                                                              | CUSIP: J64683105<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |     83800 | NS      | $886449.64    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| SMC Corp.                                                         | SMC Corp. NPV                                                                  | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      8600 | NS      | $3077457.84   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                                              | Softbank Group Corp. NPV                                                       | CUSIP: J7596P109<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |    143000 | NS      | $7314438.14   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd.                                                       | Santos Ltd. NPV                                                                | CUSIP: Q82869118<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |    475505 | NS      | $1992581.29   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                                      | Secom Co Ltd NPV                                                               | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |     64300 | NS      | $2189999.98   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd.                                          | Sekisui Chemical Co Ltd. NPV                                                   | CUSIP: J70703137<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |     56600 | NS      | $965359.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd                                                 | Sekisui House Ltd NPV                                                          | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |     91700 | NS      | $2052441.40   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd.                                        | Shin-Etsu Chemical Co Ltd. NPV                                                 | CUSIP: J72810120<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |    260600 | NS      | $7436265.01   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd.                                                  | Shiseido Co Ltd. NPV                                                           | CUSIP: J74358144<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     60600 | NS      | $1149274.47   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd.                                                 | Sino Land Co Ltd. NPV                                                          | CUSIP: Y80267126<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |    643178 | NS      | $643844.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                                  | Sony Group Corp. NPV                                                           | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    914100 | NS      | $23129477.73  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd.                                 | Sumitomo Electric Industries Ltd. NPV                                          | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |    105000 | NS      | $1752441.55   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp.                                                    | Sumitomo Corp. NPV                                                             | CUSIP: J77282119<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |    163200 | NS      | $3723873.58   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Sun Hung Kai Properties Ltd.                                      | Sun Hung Kai Properties Ltd. NPV                                               | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |    216500 | NS      | $2062736.09   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp.                                                | Suzuki Motor Corp. NPV                                                         | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |    233200 | NS      | $2862557.88   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd.                                                | Swire Pacific Ltd. 'A' NPV                                                     | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     61000 | NS      | $537766.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp.                                                         | TDK Corp. NPV                                                                  | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |    288200 | NS      | $3020073.31   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisei Corp.                                                      | Taisei Corp. NPV                                                               | CUSIP: J79561148<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |     24200 | NS      | $1077180.06   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.                                     | Takeda Pharmaceutical Co Ltd. NPV                                              | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    238152 | NS      | $7058534.61   | 0.27%             |  |  |  | No            |                  2 | On Loan: —       |
| Advantest Corp.                                                   | Advantest Corp. NPV                                                            | CUSIP: J00210104<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |    115300 | NS      | $5139669.66   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Gas Co Ltd                                                  | Tokyo Gas Co Ltd NPV                                                           | CUSIP: J87000113<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |     51500 | NS      | $1638247.04   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                                               | Tokyo Electron Ltd. NPV                                                        | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     65600 | NS      | $8995897.93   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Corp                                                        | Tokyu Corp NPV                                                                 | CUSIP: J88720149<br>LEI: 3538005PGNIBTZYXAE45 | Long             | EC               | CORP              | JP        |     79500 | NS      | $895014.69    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPPAN Holdings Inc                                               | TOPPAN Holdings Inc NPV                                                        | CUSIP: 890747108<br>LEI: 3538003H9W4KIDODQY20 | Long             | EC               | CORP              | JP        |     34900 | NS      | $954070.86    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc.                                             | Toray Industries Inc. NPV                                                      | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |    207600 | NS      | $1418721.47   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                                         | United Overseas Bank Ltd. NPV                                                  | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    189306 | NS      | $5341554.62   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Porsche Automobil Holding SE                                      | Porsche Automobil Holding SE NON VTG PRF NPV                                   | CUSIP: D6240C122<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EP               | CORP              | DE        |     23461 | NS      | $883510.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                                       | Novartis AG CHF0.49 (REGD)                                                     | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    293246 | NS      | $32570774.53  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                              | Credit Agricole S.A. EUR3                                                      | CUSIP: F22797108<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |    159795 | NS      | $2909404.38   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia S.p.A.                                             | Telecom Italia S.p.A. NPV                                                      | CUSIP: T92778108<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |   1491963 | NS      | $503987.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Gecina SA                                                         | Gecina SA EUR7.50                                                              | CUSIP: F4268U171<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |      7059 | NS      | $662373.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                            | Yara International ASA NOK1.7                                                  | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |     24574 | NS      | $741287.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                                          | Sea Ltd. SPONSORD ADS                                                          | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     55000 | NS      | $7176950.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Trelleborg AB                                                     | Trelleborg AB SER'B'NPV                                                        | CUSIP: W96297101<br>LEI: 213800XY16PAWG2PAD14 | Long             | EC               | CORP              | SE        |     32850 | NS      | $1221745.50   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Medibank Pvt Ltd.                                                 | Medibank Pvt Ltd. NPV                                                          | CUSIP: Q5921Q109<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |    425961 | NS      | $1190497.11   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PRO Medicus Ltd.                                                  | PRO Medicus Ltd. NPV                                                           | CUSIP: Q77301101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      9074 | NS      | $1148548.91   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group Ltd.                                                | Scentre Group Ltd. NPV STAPLED UNIT                                            | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    780936 | NS      | $1652304.40   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Wisetech Global Ltd.                                              | Wisetech Global Ltd. NPV                                                       | CUSIP: Q98056106<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |     27754 | NS      | $1431222.52   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sainsbury (J) PLC                                                 | Sainsbury (J) PLC ORD GBP0.28571428                                            | CUSIP: G77732173<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    274871 | NS      | $837121.26    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd.                                 | Oversea-Chinese Banking Corp Ltd. NPV                                          | CUSIP: Y64248209<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |    506985 | NS      | $6497535.70   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                            | Daiichi Sankyo Co Ltd. NPV                                                     | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |    262400 | NS      | $6248762.70   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                                      | Unilever PLC ORD GBP0.031111                                                   | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    368934 | NS      | $22008540.58  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Idemitsu Kosan Co.,Ltd.                                           | Idemitsu Kosan Co.,Ltd. NPV                                                    | CUSIP: J2388K103<br>LEI: 549300P0R46FF6DUA630 | Long             | EC               | CORP              | JP        |    134380 | NS      | $950509.37    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                                  | Severn Trent PLC ORD GBP0.9789                                                 | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |     42039 | NS      | $1375728.12   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                       | Aker BP ASA NOK1                                                               | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |     52126 | NS      | $1235858.32   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                                            | SKF AB SER'B'NPV                                                               | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     45563 | NS      | $923041.66    | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Sandvik AB                                                        | Sandvik AB NPV                                                                 | CUSIP: W74857165<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |    157331 | NS      | $3308906.37   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                                  | Smiths Group PLC ORD GBP0.375                                                  | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |     51591 | NS      | $1293908.06   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                              | Banco de Sabadell SA EUR0.125                                                  | CUSIP: E15819191<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |    785052 | NS      | $2204162.44   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                                          | Vinci SA EUR2.50                                                               | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     72798 | NS      | $9176954.42   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                                | Anglo American PLC ORD USD0.54945                                              | CUSIP: G03764134<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    190262 | NS      | $5331516.08   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                                      | 3i Group PLC ORD GBP0.738636                                                   | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |    145747 | NS      | $6851251.99   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide S.A.(L')                                              | Air Liquide S.A.(L') EUR5.50                                                   | CUSIP: F01764103<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     85498 | NS      | $16239984.01  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group AG                                              | Julius Baer Group AG CHF0.02 (REGD)                                            | CUSIP: H4414N103<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |     31391 | NS      | $2175899.58   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                          | AIA Group Ltd, Hong Kong NPV                                                   | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   1594600 | NS      | $12070920.12  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| HKT Trust & HKT Ltd.                                              | HKT Trust & HKT Ltd. HKD0.0005 SHARE STAPLED UNIT                              | CUSIP: Y3R29Z107<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    575900 | NS      | $769357.09    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss RE AG                                                       | Swiss RE AG CHF0.10                                                            | CUSIP: H8431B109<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |     45338 | NS      | $7715569.80   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneos Holdings Inc                                                | Eneos Holdings Inc NPV                                                         | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |    408750 | NS      | $2155751.80   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd.                                                        | Aegon Ltd. EUR0.12                                                             | CUSIP: G0112X105<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | BM        |    175045 | NS      | $1149665.14   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Prime Site AG                                               | Swiss Prime Site AG CHF2.00 (REGD)                                             | CUSIP: H8403W107<br>LEI: 506700XI9H64OPR34158 | Long             | EC               | CORP              | CH        |     11575 | NS      | $1420463.55   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                                             | EMS-Chemie Holding AG CHF0.01 (REGD)                                           | CUSIP: H22206199<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |      1011 | NS      | $688822.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                                 | Galderma Group AG CHF0.01                                                      | CUSIP: H3301B107<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |     12055 | NS      | $1274993.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Scout24 SE                                                        | Scout24 SE NPV                                                                 | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |     10920 | NS      | $1143573.10   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                                       | Rational AG NPV                                                                | CUSIP: D6349P107<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |       804 | NS      | $669859.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                                      | Sartorius AG NON VTG PFD NPV                                                   | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |      3924 | NS      | $914766.08    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                  | Delivery Hero SE NPV                                                           | CUSIP: D1T0KZ103<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |     27851 | NS      | $667802.82    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                                       | Covestro AG NPV (ASD 27/11/2024 ADNOC INT CASH)                                | CUSIP: D15349117<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |     26885 | NS      | $1726807.70   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerzbank AG                                                    | Commerzbank AG NPV                                                             | CUSIP: D172W1279<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |    142787 | NS      | $3267687.86   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| LEG Immobilien SE                                                 | LEG Immobilien SE NPV                                                          | CUSIP: D4960A103<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |     11321 | NS      | $800234.67    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                           | Siemens Healthineers AG NPV                                                    | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     42039 | NS      | $2268025.58   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems AS                                            | Vestas Wind Systems AS DKK0.20                                                 | CUSIP: K9773J201<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |    151210 | NS      | $2091915.02   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME S.A.                                                     | Aena SME S.A. EUR10                                                            | CUSIP: E526K0106<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     11231 | NS      | $2634846.73   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Getlink SE                                                        | Getlink SE EUR0.40                                                             | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |     49166 | NS      | $849143.11    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd.                                    | Jardine Matheson Holdings Ltd. USD0.25(SINGAPORE REG)                          | CUSIP: G50736100<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | BM        |     22079 | NS      | $880510.52    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                                                 | National Grid PLC ORD GBP0.12431289                                            | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    731578 | NS      | $9538189.73   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                 | NatWest Group PLC ORD GBP1.0769                                                | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |   1144557 | NS      | $6756446.47   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                                     | Schroders PLC ORD GBP0.20                                                      | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |    120687 | NS      | $546096.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Land Securities Group PLC                                         | Land Securities Group PLC ORD GBP0.106666666                                   | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |    103312 | NS      | $735684.88    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| VAT Group AG                                                      | VAT Group AG CHF0.10 (REGD)                                                    | CUSIP: H90508104<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |      4042 | NS      | $1456987.91   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC                                                | Kingspan Group PLC ORD EUR0.13                                                 | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |     23148 | NS      | $1869859.50   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Finecobank Banca Fineco S.p.A.                                    | Finecobank Banca Fineco S.p.A. EUR0.33                                         | CUSIP: T4R999104<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |     94611 | NS      | $1873927.06   | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| Amplifon S.p.A.                                                   | Amplifon S.p.A. EUR0.02                                                        | CUSIP: T0388E118<br>LEI: ZYXJDNVM2JI3VBM8G556 | Long             | EC               | CORP              | IT        |     18847 | NS      | $382615.04    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Moncler S.p.A.                                                    | Moncler S.p.A. NPV                                                             | CUSIP: T6730E110<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |     34976 | NS      | $2154426.16   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp.                                                    | Lasertec Corp. NPV                                                             | CUSIP: J38702106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12100 | NS      | $1039999.98   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Holdings Co Ltd.                                       | Japan Post Holdings Co Ltd. NPV                                                | CUSIP: J2800D109<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |    287600 | NS      | $2883885.48   | 0.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Hoshizaki Corp.                                                   | Hoshizaki Corp. NPV                                                            | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |     12800 | NS      | $495470.41    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro CoLtd                                                    | Monotaro CoLtd NPV                                                             | CUSIP: J46583100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     39500 | NS      | $737889.37    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd.                               | SITC International Holdings Co Ltd. HKD0.10                                    | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    227000 | NS      | $616986.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE                                            | Eurofins Scientific SE EUR0.01                                                 | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     20228 | NS      | $1079020.09   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Check Point Software Technologies Ltd.                            | Check Point Software Technologies Ltd. ORD ILS0.01                             | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     13175 | NS      | $3002846.01   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Global E Online Ltd                                               | Global E Online Ltd SHS                                                        | CUSIP: M5216V106<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     15204 | NS      | $542022.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings N.V.                                              | AerCap Holdings N.V. EUR0.01                                                   | CUSIP: N00985106<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |     29449 | NS      | $3008804.36   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel N.V.                                                   | Akzo Nobel N.V. EUR0.50(POST REV SPLIT)                                        | CUSIP: N01803308<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |     25047 | NS      | $1542541.83   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                                         | Argenx SE EUR0.10                                                              | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      8954 | NS      | $5283736.75   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank N.V.                                                | ABN AMRO Bank N.V. DR EACH REP SHS                                             | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     69451 | NS      | $1463432.90   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                          | Adyen NV EUR0.01                                                               | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      3257 | NS      | $4992332.04   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Davide Campari-Milano N.V.                                        | Davide Campari-Milano N.V. EUR0.01                                             | CUSIP: N24565108<br>LEI: 213800ED5AN2J56N6Z02 | Long             | EC               | CORP              | NL        |     92203 | NS      | $541965.33    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Xero Ltd.                                                         | Xero Ltd. NPV                                                                  | CUSIP: Q98665104<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |     21726 | NS      | $2123581.47   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                                      | Northern Star Resources Ltd. NPV                                               | CUSIP: Q6951U101<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    173386 | NS      | $2001777.13   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB (publ)                                          | Industrivarden AB (publ) SER'A'NPV                                             | CUSIP: W45430100<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |     19677 | NS      | $722972.38    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                                        | Boliden AB NPV                                                                 | CUSIP: W17218210<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |     40954 | NS      | $1343808.88   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Saab AB                                                           | Saab AB NPV B                                                                  | CUSIP: W72838175<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |     47961 | NS      | $1885798.97   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER Banca S.p.A.                                                 | BPER Banca S.p.A. NPV                                                          | CUSIP: T1325T119<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |    140887 | NS      | $1105923.13   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin S.p.A.                                                   | DiaSorin S.p.A. EUR1                                                           | CUSIP: T3475Y104<br>LEI: 8156002878BDF0EE4348 | Long             | EC               | CORP              | IT        |      3419 | NS      | $339547.82    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                    | Atlas Copco AB SER'A'NPV                                                       | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    404888 | NS      | $6467451.49   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT AB                                                            | EQT AB NPV                                                                     | CUSIP: W3R27C102<br>LEI: 213800U7P9GOIRKCTB34 | Long             | EC               | CORP              | SE        |     55752 | NS      | $1700048.47   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lifco AB                                                          | Lifco AB SER'B'NPV                                                             | CUSIP: W5321L166<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |     32947 | NS      | $1168754.84   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NIBE Industrier AB                                                | NIBE Industrier AB SER'B'NPV                                                   | CUSIP: W6S38Z126<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |    230206 | NS      | $875589.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                                       | Swedish Orphan Biovitrum AB NPV                                                | CUSIP: W95637117<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |     27834 | NS      | $797617.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                               | Imperial Brands PLC GBP0.10                                                    | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    120695 | NS      | $4464403.29   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                | Smith & Nephew PLC ORD USD0.20                                                 | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |    114680 | NS      | $1611957.19   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| BT Group PLC                                                      | BT Group PLC ORD GBP0.05                                                       | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |    988716 | NS      | $2120126.24   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Marks & Spencer Group PLC                                         | Marks & Spencer Group PLC ORD GBP0.01                                          | CUSIP: G5824M107<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |    295642 | NS      | $1364558.13   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                          | Next PLC ORD GBP0.10                                                           | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |     17837 | NS      | $2568723.71   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                                    | Kingfisher PLC ORD GBP0.157142857                                              | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    262738 | NS      | $865123.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                                         | Airbus SE EUR1                                                                 | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     87748 | NS      | $15451212.46  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                                         | Veolia Environnement S.A. EUR5                                                 | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |    105355 | NS      | $3623360.97   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                         | Thales SA EUR3                                                                 | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     13876 | NS      | $3688549.77   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller-Maersk                                                  | AP Moller-Maersk SER'A'DKK1000                                                 | CUSIP: K0514G135<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       450 | NS      | $770854.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                           | Fresenius SE & Co. KGaA NPV                                                    | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     63252 | NS      | $2700467.95   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                                | Publicis Groupe SA EUR0.40                                                     | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     34271 | NS      | $3233432.58   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                                                 | Hannover Rueck SE ORD NPV(REGD)                                                | CUSIP: D3015J135<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |      9087 | NS      | $2708459.33   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mediobanca - Banca di Credito Finanziario SpA                     | Mediobanca - Banca di Credito Finanziario SpA EUR0.5                           | CUSIP: T10584117<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |     72567 | NS      | $1361192.90   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                   | Danske Bank A/S DKK10                                                          | CUSIP: K22272114<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    104175 | NS      | $3409795.94   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                                            | RWE AG NPV                                                                     | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     94671 | NS      | $3380193.17   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                                           | Heidelberg Materials AG NPV                                                    | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |     20607 | NS      | $3552196.01   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International                                              | Hermes International NPV                                                       | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |      4658 | NS      | $12255791.85  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                               | Erste Group Bank AG NPV                                                        | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     45491 | NS      | $3146671.33   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitas AB                                                      | Securitas AB SER'B'NPV                                                         | CUSIP: W7912C118<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |     74704 | NS      | $1057133.87   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortum Oyj                                                        | Fortum Oyj EUR3.40                                                             | CUSIP: X2978Z118<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     61303 | NS      | $1003870.46   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| UCB SA                                                            | UCB SA NPV                                                                     | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     18930 | NS      | $3332916.40   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour S.A.                                                    | Carrefour S.A. EUR2.50                                                         | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     80222 | NS      | $1147331.00   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                                         | Repsol SA EUR1                                                                 | CUSIP: E8471S130<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |    176295 | NS      | $2340768.75   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                                 | Wolters Kluwer NV EUR0.12                                                      | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |     35713 | NS      | $5560398.46   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Elisa OYJ                                                         | Elisa OYJ NPV                                                                  | CUSIP: X1949T102<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |     22640 | NS      | $1103590.15   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                                             | Banco Santander, S.A. EUR0.50(REGD)                                            | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |   2238840 | NS      | $15082900.03  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                        | Siemens AG NPV(REGD)                                                           | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    113153 | NS      | $26132344.08  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                                              | Koninklijke KPN N.V. EUR0.04                                                   | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    605593 | NS      | $2565093.40   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                            | Telefonaktiebolaget LM Ericsson (publ) SER'B'NPV                               | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    412943 | NS      | $3213009.57   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                            | Chocoladefabriken Lindt & Spruengli AG CHF10 (PTG CERT)                        | CUSIP: H49983184<br>LEI: 529900JYJNNOKKAGK736 | Long             | EP               | CORP              | CH        |       127 | NS      | $1716969.46   | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| STMicroelectronics N.V.                                           | STMicroelectronics N.V. EUR1.04                                                | CUSIP: N83574108<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |    102026 | NS      | $2237186.24   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                             | Societe Generale S.A. EUR1.25                                                  | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |    107850 | NS      | $4865550.08   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Telia Company AB                                                  | Telia Company AB NPV                                                           | CUSIP: W95890104<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |    329038 | NS      | $1187925.46   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Givaudan SA                                                       | Givaudan SA CHF10                                                              | CUSIP: H3238Q102<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |      1375 | NS      | $5902848.47   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group Ltd.                                       | Zurich Insurance Group Ltd. CHF0.10                                            | CUSIP: H9870Y105<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     21562 | NS      | $15050450.74  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Philips NV                                                  | Royal Philips NV EUR0.20                                                       | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |    119629 | NS      | $3045538.86   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Technologies Engineering Ltd.                           | Singapore Technologies Engineering Ltd. NPV                                    | CUSIP: Y7996W103<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    240600 | NS      | $1208330.25   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                           | Bank Leumi Le-Israel BM ILS1                                                   | CUSIP: M16043107<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |    225766 | NS      | $3040298.28   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Trend Micro Inc.                                                  | Trend Micro Inc. NPV                                                           | CUSIP: J9298Q104<br>LEI: 3538005O5UJ5RNAGVE16 | Long             | EC               | CORP              | JP        |     18100 | NS      | $1221894.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd.                                                          | ASX Ltd. NPV                                                                   | CUSIP: Q0604U105<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |     29032 | NS      | $1189842.19   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                                           | DBS Group Holdings Ltd. NPV                                                    | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    291533 | NS      | $10011630.59  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd.                                                | Computershare Ltd. NPV                                                         | CUSIP: Q2721E105<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |     79405 | NS      | $1957261.80   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co.                                         | Central Japan Railway Co. NPV                                                  | CUSIP: J05523105<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |    113400 | NS      | $2163008.53   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd.                                                          | CSL Ltd. ORD NPV                                                               | CUSIP: Q3018U109<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     70950 | NS      | $11166794.78  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                                  | Transurban Group STAPLED UNITS NPV                                             | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    467003 | NS      | $3933429.59   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                                      | Cochlear Ltd ORD NPV                                                           | CUSIP: Q25953102<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |      9801 | NS      | $1615297.52   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                                            | Daikin Industries Ltd. NPV                                                     | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     39600 | NS      | $4297339.24   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp.                                                      | Otsuka Corp. NPV                                                               | CUSIP: J6243L115<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     34200 | NS      | $740478.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                                           | Singapore Exchange Ltd. NPV                                                    | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    128300 | NS      | $1270174.75   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd.                                            | Fast Retailing Co Ltd. NPV                                                     | CUSIP: J1346E100<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |     27800 | NS      | $8275821.07   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Fisher & Paykel Healthcare Corp Ltd.                              | Fisher & Paykel Healthcare Corp Ltd. NPV                                       | CUSIP: Q38992105<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     85334 | NS      | $1628546.78   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp.                                                      | Subaru Corp. NPV                                                               | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     86600 | NS      | $1550933.66   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                                     | Nomura Research Institute Ltd NPV                                              | CUSIP: J5900F106<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     57369 | NS      | $1867496.20   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust Ltd.                       | CapitaLand Integrated Commercial Trust Ltd. NPV (REAL ESTATE INVESTMENT TRUST) | CUSIP: Y0259J109<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |    934528 | NS      | $1452212.24   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc.                                              | Resona Holdings Inc. NPV                                                       | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |    315400 | NS      | $2754013.02   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.                                  | Sumitomo Mitsui Trust Group Inc. NPV                                           | CUSIP: J7772M102<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     98672 | NS      | $2483700.77   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| JFE Holdings, Inc.                                                | JFE Holdings, Inc. NPV                                                         | CUSIP: J2817M100<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |     86200 | NS      | $1058235.22   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Suncorp Group Ltd.                                                | Suncorp Group Ltd. NPV                                                         | CUSIP: Q88040334<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |    165547 | NS      | $2005062.13   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui O.S.K. Lines Ltd.                                          | Mitsui O.S.K. Lines Ltd. NPV                                                   | CUSIP: J45013133<br>LEI: 353800P8O843TMAZ6S09 | Long             | EC               | CORP              | JP        |     51000 | NS      | $1775677.74   | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| Seiko Epson Corp                                                  | Seiko Epson Corp NPV                                                           | CUSIP: J7030F105<br>LEI: 549300NIOFQDR749W206 | Long             | EC               | CORP              | JP        |     44400 | NS      | $711312.30    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Minebea Mitsumi Inc.                                              | Minebea Mitsumi Inc. NPV                                                       | CUSIP: J42884130<br>LEI: 353800CCB0CZ75YZ4010 | Long             | EC               | CORP              | JP        |     55400 | NS      | $809754.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd.                                           | Nitori Holdings Co Ltd. NPV                                                    | CUSIP: J58214131<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11700 | NS      | $1144721.04   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Olympus Corp.                                                     | Olympus Corp. NPV                                                              | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    155700 | NS      | $2038226.59   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd.                                               | Qantas Airways Ltd. NPV                                                        | CUSIP: Q77974550<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |    114725 | NS      | $654065.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimadzu Corporation                                              | Shimadzu Corporation NPV                                                       | CUSIP: J72165129<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35400 | NS      | $884244.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd.                                                | Shionogi & Co Ltd. NPV                                                         | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |    115600 | NS      | $1744949.33   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd.                                             | Sonic Healthcare Ltd. NPV                                                      | CUSIP: Q8563C107<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |     70722 | NS      | $1148307.36   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland Corp Ltd.                                               | Stockland Corp Ltd. NPV (STAPLED)                                              | CUSIP: Q8773B105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    360597 | NS      | $1112645.38   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd.                                     | Sumitomo Metal Mining Co Ltd. NPV                                              | CUSIP: J77712180<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |     37000 | NS      | $808776.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Sysmex Corp.                                                      | Sysmex Corp. NPV                                                               | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |     77700 | NS      | $1483293.90   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp.                                                      | Terumo Corp. NPV                                                               | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |    200800 | NS      | $3778260.20   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizrahi Tefahot Bank Limited                                      | Mizrahi Tefahot Bank Limited ILS0.01                                           | CUSIP: M7031A135<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |     22093 | NS      | $993597.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| West Japan Railway Co.                                            | West Japan Railway Co. NPV                                                     | CUSIP: J95094108<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |     65700 | NS      | $1281640.29   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                                            | Yaskawa Electric Corp. NPV                                                     | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |     32200 | NS      | $806871.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo S.A.                                                       | Sodexo S.A. EUR4                                                               | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |     13381 | NS      | $859453.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd.                                                          | ABB Ltd. CHF0.12 (REGD)                                                        | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    232653 | NS      | $12004419.76  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG CHF1 (BR)                                                     | CUSIP: H69293225<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      4792 | NS      | $1663354.01   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                         | Nestle SA CHF0.10 (REGD)                                                       | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    389929 | NS      | $39404909.41  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                                       | Equinor ASA NOK2.50                                                            | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    127150 | NS      | $3357872.73   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel S.p.A.                                                       | Enel S.p.A. EUR1                                                               | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   1217834 | NS      | $9872407.81   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                                                           | Eni SpA NPV                                                                    | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    307614 | NS      | $4757735.99   | 0.18%             |  |  |  | No            |                  2 | On Loan: —       |
| Sonova Holding AG                                                 | Sonova Holding AG CHF0.05 (REGD)                                               | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      7678 | NS      | $2241825.82   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| The Swatch Group AG                                               | The Swatch Group AG CHF2.25(BR)                                                | CUSIP: H83949141<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      4848 | NS      | $836020.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                                     | Alfa Laval AB NPV                                                              | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |     43906 | NS      | $1882475.31   | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| Swiss Life Holding AG                                             | Swiss Life Holding AG CHF0.1 (REGD)                                            | CUSIP: H8404J162<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |      4312 | NS      | $3933878.39   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bills                                      | WIB 0 05/15/25                                                                 | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20329700 | NS      | $20225159.38  | 0.78%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAR Group Limited                                                 | CAR Group Limited NPV                                                          | CUSIP: Q21411121<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |     55407 | NS      | $1104297.32   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Elbit Systems Ltd                                                 | Elbit Systems Ltd ILS1                                                         | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |      4009 | NS      | $1537445.07   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken N.V.                                                     | Heineken N.V. EUR1.60                                                          | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     42457 | NS      | $3461971.13   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd.                               | Teva Pharmaceutical Industries Ltd. SPONSORED ADS                              | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |    169634 | NS      | $2607274.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Verbund AG                                                        | Verbund AG CLASS'A'NPV                                                         | CUSIP: A91460104<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |     10010 | NS      | $708420.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                                                  | Pernod Ricard SA EUR1.55                                                       | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |     30345 | NS      | $2997871.21   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                             | Schneider Electric SE EUR4.00                                                  | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     80892 | NS      | $18673600.28  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                            | SAP SE ORD NPV                                                                 | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    155420 | NS      | $41644861.32  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                           | E.ON SE NPV                                                                    | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    336170 | NS      | $5074416.81   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                                              | Henkel AG & Co. KGaA NPV(BR)                                                   | CUSIP: D3207M102<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |     15561 | NS      | $1121109.04   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Corporation                                           | UPM-Kymmene Corporation NPV                                                    | CUSIP: X9518S108<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     79981 | NS      | $2145762.15   | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| Bayer AG                                                          | Bayer AG NPV (REGD)                                                            | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    147102 | NS      | $3526331.21   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                                                    | Stora Enso Oyj SER'R'NPV                                                       | CUSIP: X8T9CM113<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |     87160 | NS      | $825954.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                                              | Henkel AG & Co. KGaA NON-VTG PRF NPV                                           | CUSIP: D3207M110<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EP               | CORP              | DE        |     25910 | NS      | $2061591.26   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                           | BASF SE NPV                                                                    | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |    133641 | NS      | $6699289.78   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                                          | Accor SA EUR3                                                                  | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |     29726 | NS      | $1355666.54   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Corp                                                        | Nokia Corp NPV                                                                 | CUSIP: X61873133<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    805348 | NS      | $4241616.15   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd.                                         | Israel Discount Bank Ltd. ILS0.10                                              | CUSIP: 465074201<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |    185223 | NS      | $1290286.53   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC | BlueScope Steel (Finance) Ltd / BlueScope Steel Finance (USA) LLC NPV          | CUSIP: Q1415L177<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |     64809 | NS      | $868050.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| South32 Ltd.                                                      | South32 Ltd. NPV                                                               | CUSIP: Q86668102<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    698714 | NS      | $1407590.97   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicinity Centres Re Ltd                                           | Vicinity Centres Re Ltd NPV (STAPLED SECURITY)                                 | CUSIP: Q9395F102<br>LEI: 549300S7GOEVR0EGFN47 | Long             | EC               | CORP              | AU        |    577875 | NS      | $800180.92    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc.                              | Sumitomo Mitsui Financial Group Inc. NPV                                       | CUSIP: J7771X109<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |    550200 | NS      | $14148178.21  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie de Saint-Gobain SA                                      | Compagnie de Saint-Gobain SA EUR4                                              | CUSIP: F80343100<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     65464 | NS      | $6521336.65   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                                   | London Stock Exchange Group PLC ORD GBP0.06918604                              | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     72247 | NS      | $10726017.69  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                                       | Inpex Corp. NPV                                                                | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |    132200 | NS      | $1833719.14   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd.                                                  | Coles Group Ltd. NPV                                                           | CUSIP: Q26203408<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |    201443 | NS      | $2465821.55   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| TERNA - Rete Elettrica Nazionale S.p.A.                           | TERNA - Rete Elettrica Nazionale S.p.A. ORD EUR0.22                            | CUSIP: T9471R100<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |    207303 | NS      | $1873460.20   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                                   | Norsk Hydro ASA NOK1.098                                                       | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    210192 | NS      | $1215118.77   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                         | Logitech International SA CHF0.25 (REGD)                                       | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |     22769 | NS      | $1929336.08   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Syensqo SA                                                        | Syensqo SA NPV                                                                 | CUSIP: B8T189100<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |     11314 | NS      | $772098.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                                         | Tesco PLC ORD GBP0.0633333                                                     | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |   1025960 | NS      | $4412665.85   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                | Vodafone Group PLC ORD USD0.2095238                                            | CUSIP: G93882192<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |   3004460 | NS      | $2822292.24   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                                           | DCC PLC ORD EUR0.25 (CDI)                                                      | CUSIP: G2689P101<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |     14805 | NS      | $988488.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica S.p.A.                 | Recordati Industria Chimica e Farmaceutica S.p.A. EUR0.125                     | CUSIP: T78458139<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |     17729 | NS      | $1004667.93   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                                                 | Admiral Group PLC ORD GBP0.001                                                 | CUSIP: G0110T106<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |     40284 | NS      | $1486774.96   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                                      | Centrica PLC ORD GBP0.061728395                                                | CUSIP: G2018Z143<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |    776767 | NS      | $1503519.94   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                                                     | Goodman Group NPV (STAPLED UNITS)                                              | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    289387 | NS      | $5193537.70   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                                         | Safran SA EUR0.20                                                              | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     53659 | NS      | $14127568.47  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                         | Bunzl PLC ORD GBP0.32142857                                                    | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     50304 | NS      | $1933718.80   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                                          | Kone Oyj SER'B'NPV                                                             | CUSIP: X4551T105<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |     51340 | NS      | $2832727.50   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding N.V.                                             | Heineken Holding N.V. EUR1.60                                                  | CUSIP: N39338194<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     19967 | NS      | $1445090.17   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd.                                        | Seven & i Holdings Co Ltd. NPV                                                 | CUSIP: J7165H108<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |    331400 | NS      | $4798972.79   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc.                                        | Bandai Namco Holdings Inc. NPV                                                 | CUSIP: Y0606D102<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |     90600 | NS      | $3039401.17   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Link Real Estate Investment Trust                                 | Link Real Estate Investment Trust UNITS                                        | CUSIP: Y5281M111<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               | CORP              | HK        |    370044 | NS      | $1734090.25   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                                         | Partners Group Holding AG CHF0.01 (REGD)                                       | CUSIP: H6120A101<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |      3378 | NS      | $4807576.77   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                              | Schindler Holding AG CHF0.10 (REGD)                                            | CUSIP: H7258G233<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |      3679 | NS      | $1114929.98   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne & Nagel International AG                                   | Kuehne & Nagel International AG CHF1 (REGD)                                    | CUSIP: H4673L145<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |      7416 | NS      | $1712582.61   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                  | TotalEnergies SE EUR2.5                                                        | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    319420 | NS      | $20581244.73  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris                                                | Aeroports de Paris EUR3                                                        | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |      4717 | NS      | $480207.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd.                                         | Wilmar International Ltd. NPV                                                  | CUSIP: Y9586L109<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |    304700 | NS      | $755547.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                                      | Experian PLC ORD USD0.10                                                       | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    137693 | NS      | $6378292.23   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd.                                                     | Brambles Ltd. NPV                                                              | CUSIP: Q6634U106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    209868 | NS      | $2651316.67   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                                              | Galp Energia SGPS SA EUR1                                                      | CUSIP: X3078L108<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     69590 | NS      | $1219220.59   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread Group PLC                                               | Whitbread Group PLC ORD GBP0.76797385                                          | CUSIP: G9606P197<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     28024 | NS      | $892372.53    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                                          | Volvo AB SER'B'NPV                                                             | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    238862 | NS      | $7007819.10   | 0.27%             |  |  |  | No            |                  2 | On Loan: —       |
| Keppel Ltd.                                                       | Keppel Ltd. NPV                                                                | CUSIP: Y4722Z120<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    218100 | NS      | $1112510.93   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB (publ)                                          | Industrivarden AB (publ) SER'C'NPV                                             | CUSIP: W45430126<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |     23521 | NS      | $864094.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Cellulosa Aktiebolaget SCA (publ)                         | Svenska Cellulosa Aktiebolaget SCA (publ) SER'B'NPV                            | CUSIP: W90152120<br>LEI: 549300FW5JDRV1IJ0M67 | Long             | EC               | CORP              | SE        |     97240 | NS      | $1283003.13   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian S.p.A.                                                   | Prysmian S.p.A. EUR0.10                                                        | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     42685 | NS      | $2349688.27   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                                        | Geberit AG CHF0.10 (REGD)                                                      | CUSIP: H2942E124<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |      5047 | NS      | $3161878.90   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                         | Danone SA EUR0.25                                                              | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     96665 | NS      | $7393470.71   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Caixabank S.A.                                                    | Caixabank S.A. EUR1                                                            | CUSIP: E2427M123<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |    598552 | NS      | $4662575.65   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                                 | Bureau Veritas SA EUR0.12                                                      | CUSIP: F96888114<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |     48092 | NS      | $1459120.37   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                                          | Relx PLC ORD GBP0.1444                                                         | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    273945 | NS      | $13756958.08  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc.                               | MS&AD Insurance Group Holdings Inc. NPV                                        | CUSIP: J4687C105<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |    192700 | NS      | $4190809.55   | 0.16%             |  |  |  | No            |                  2 | On Loan: —       |
| EDP Renovaveis SA                                                 | EDP Renovaveis SA EUR5                                                         | CUSIP: E3847K101<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |     47608 | NS      | $396649.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                                        | United Utilities Group PLC ORD GBP0.05                                         | CUSIP: G92755100<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    106788 | NS      | $1392682.48   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                                       | Pandora A/S DKK1                                                               | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |     12476 | NS      | $1912087.95   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| D'Ieteren Group                                                   | D'Ieteren Group NPV                                                            | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      3146 | NS      | $541934.99    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Gjensidige Forsikring ASA                                         | Gjensidige Forsikring ASA NOK2                                                 | CUSIP: R2763X101<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |     34506 | NS      | $793060.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                                      | Glencore PLC ORD USD0.01                                                       | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1552791 | NS      | $5682434.00   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                  | Sands China Ltd. USD0.01                                                       | CUSIP: G7800X107<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |    371701 | NS      | $745663.63    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc.                                       | Dai-ichi Life Holdings Inc. NPV                                                | CUSIP: J09748112<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |    540000 | NS      | $4123185.83   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                                        | Edenred SA EUR2                                                                | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     36510 | NS      | $1186450.28   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                                          | Rolls-Royce Holdings PLC ORD GBP0.20                                           | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |   1247440 | NS      | $12121147.01  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                                           | Novonesis (Novozymes) B SER'B'DKK2                                             | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     52761 | NS      | $3072089.49   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolta AG                                                         | Avolta AG CHF5 (REGD)                                                          | CUSIP: H2082J107<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |     14992 | NS      | $656717.81    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                                  | Coca-Cola HBC AG ORD CHF6.70(CDI)                                              | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     32526 | NS      | $1472262.00   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                                           | Sika AG CHF0.01 (REG)                                                          | CUSIP: H7631K273<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |     22827 | NS      | $5560297.98   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| DSM Firmenich AG                                                  | DSM Firmenich AG EUR0.01                                                       | CUSIP: H0245V108<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |     27985 | NS      | $2770470.69   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                                                   | Sandoz Group AG CHF0.05                                                        | CUSIP: H7140B103<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     63930 | NS      | $2680843.41   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                               | MTU Aero Engines AG NPV (REGD)                                                 | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      8149 | NS      | $2831562.66   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                                        | Vonovia SE NPV                                                                 | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |    110887 | NS      | $2984013.81   | 0.12%             |  |  |  | No            |                  2 | On Loan: —       |
| Daimler Truck Holding AG                                          | Daimler Truck Holding AG NPV                                                   | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     68400 | NS      | $2770863.51   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                                              | Evonik Industries AG NPV                                                       | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |     33441 | NS      | $724969.49    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing H C F Porsche AG                                           | Dr Ing H C F Porsche AG NON-VTG PRF NPV                                        | CUSIP: D2R3HA114<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |     17842 | NS      | $893580.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                                         | Talanx AG NPV                                                                  | CUSIP: D82827110<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |      9781 | NS      | $1028732.38   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                                        | Zalando SE NPV                                                                 | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |     32967 | NS      | $1143474.10   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rockwool A/S                                                      | Rockwool A/S SER'B'DKK10                                                       | CUSIP: K8254S144<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |      1533 | NS      | $635441.14    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted A/S                                                        | Orsted A/S DKK10                                                               | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |     26729 | NS      | $1167285.26   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast AS                                                      | Coloplast AS SER'B'DKK1                                                        | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |     19098 | NS      | $2003068.29   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                                  | Novo Nordisk A/S SER'B'DKK0.1                                                  | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    479501 | NS      | $32787481.72  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom S.A.U                                             | Cellnex Telecom S.A.U EUR0.25                                                  | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |     79338 | NS      | $2820376.14   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria De Diseno Textil SA                                     | Industria De Diseno Textil SA EUR0.03 (POST SUBD)                              | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    158598 | NS      | $7896915.91   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols S.A.                                                      | Grifols S.A. EUR0.25 (CLASS A) POST SUBD                                       | CUSIP: E5706X215<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |     52914 | NS      | $471091.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Redeia Corporacion S.A.                                           | Redeia Corporacion S.A. EUR0.5                                                 | CUSIP: E42807110<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |     60763 | NS      | $1219594.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                                   | Iberdrola, S.A. EUR0.75(STK DIV 24/01/2025)                                    | CUSIP: E6R44C542<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    907090 | NS      | $222627.06    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                              | Dassault Aviation SA EUR0.80                                                   | CUSIP: F24539169<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |      2573 | NS      | $848387.42    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                                 | Dassault Systemes EUR0.10                                                      | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |    100205 | NS      | $3815089.64   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                                          | Ipsen SA EUR1                                                                  | CUSIP: F5362H107<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |      5705 | NS      | $657107.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ United SA                                                     | FDJ United SA EUR0.40                                                          | CUSIP: F55896108<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |     16398 | NS      | $515982.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo PLC                                                         | Sampo PLC NPV A                                                                | CUSIP: X75653232<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |    370450 | NS      | $3550098.72   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                                                        | Bollore SE EUR0.16                                                             | CUSIP: F10659260<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |    113326 | NS      | $663910.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                                | Teleperformance SE EUR2.50                                                     | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      8564 | NS      | $861122.76    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Amundi SA                                                         | Amundi SA EUR2.5                                                               | CUSIP: F0300Q103<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |     10348 | NS      | $810720.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech SA                                       | Sartorius Stedim Biotech SA EUR0.20                                            | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      4897 | NS      | $970182.27    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield SE                                      | Unibail-Rodamco-Westfield SE NPV (1 ORD UNIBAIL-R & 1CLASS A WFD)              | CUSIP: F95094581<br>LEI: 969500SHQITWXSIS7N89 | Long             | EC               | CORP              | FR        |     17691 | NS      | $1491541.27   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| CVC Capital Partners PLC                                          | CVC Capital Partners PLC ORD NPV                                               | CUSIP: G2716N103<br>LEI: 213800E8UQS1KA32YD39 | Long             | EC               | CORP              | JE        |     28928 | NS      | $573884.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                                           | GSK plc ORD GBP0.3125                                                          | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    620644 | NS      | $11856633.66  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                                | Grab Holdings Ltd. CLASS A ORD                                                 | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    323263 | NS      | $1464381.38   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC                                 | InterContinental Hotels Group PLC ORD GBP0.208521303                           | CUSIP: G4804L163<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |     23843 | NS      | $2566570.86   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                                 | Ashtead Group PLC ORD GBP0.10                                                  | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     64674 | NS      | $3495887.29   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| The Sage Group PLC                                                | The Sage Group PLC GBP0.01051948                                               | CUSIP: G7771K142<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |    150444 | NS      | $2361052.99   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                                | Coca-Cola Europacific Partners PLC ORD EUR0.01                                 | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |     30885 | NS      | $2690305.18   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| M&G PLC                                                           | M&G PLC ORD GBP0.05                                                            | CUSIP: G6107R102<br>LEI: 254900TWUJUQ44TQJY84 | Long             | EC               | CORP              | GB        |    325926 | NS      | $839361.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                                          | Wise PLC CLS A ORD GBP0.01                                                     | CUSIP: G97229101<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |    107061 | NS      | $1313473.63   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                                       | Informa PLC ORD GBP0.001                                                       | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |    192058 | NS      | $1925255.34   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                                            | Melrose Industries PLC ORD GBP0.001                                            | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |    209087 | NS      | $1290390.98   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                   | BAE Systems PLC ORD GBP0.025                                                   | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    452501 | NS      | $9134237.92   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                                      | British American Tobacco PLC ORD GBP0.25                                       | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |    292452 | NS      | $11993946.11  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearson PLC                                                       | Pearson PLC ORD GBP0.25                                                        | CUSIP: G69651100<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |     91824 | NS      | $1452016.99   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                                    | Prudential PLC GBP0.05                                                         | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    403636 | NS      | $4354612.77   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                                     | Rio Tinto PLC ORD GBP0.10                                                      | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    164505 | NS      | $9870949.34   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Sse PLC                                                           | Sse PLC GBP0.50                                                                | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |    162955 | NS      | $3355570.82   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                             | Auto Trader Group PLC ORD GBP0.01                                              | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |    140318 | NS      | $1356462.92   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Banque Cantonale Vaudoise                                         | Banque Cantonale Vaudoise CHF1 (REGD)                                          | CUSIP: H04825354<br>LEI: K1MOBB3OPSBBQO554R76 | Long             | EC               | CORP              | CH        |      4628 | NS      | $505713.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Helvetia Holding AG                                               | Helvetia Holding AG CHF0.02 (REGD) POST SUBD                                   | CUSIP: H3701P102<br>LEI: 529900SUJBXTORH0LT80 | Long             | EC               | CORP              | CH        |      5430 | NS      | $1126246.83   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Straumann Holding AG                                              | Straumann Holding AG CHF0.01 (REGD) (POST SPLIT)                               | CUSIP: H8300N127<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |     16518 | NS      | $1999734.98   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                                        | Diageo PLC ORD GBP0.28 101/108                                                 | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    333163 | NS      | $8704310.50   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                                    | Techtronic Industries Co. Ltd. NPV                                             | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    205500 | NS      | $2462768.46   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                         | Bank of Ireland Group PLC ORD EUR1.00                                          | CUSIP: G0756R109<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |    157333 | NS      | $1858945.84   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                            | Standard Chartered PLC ORD USD0.50                                             | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    299734 | NS      | $4445934.06   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                                         | Legal & General Group PLC ORD GBP0.025                                         | CUSIP: G54404127<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |    882999 | NS      | $2783526.16   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                                                     | AIB Group PLC ORD EUR0.625                                                     | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |    320435 | NS      | $2069763.91   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Azrieli Group                                                     | Azrieli Group ILS0.10                                                          | CUSIP: M1571Q105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      7576 | NS      | $511334.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.Com Limited                                                | Monday.Com Limited SHS                                                         | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      5498 | NS      | $1336893.63   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Poste Italiane S.p.A.                                             | Poste Italiane S.p.A. NPV                                                      | CUSIP: T7S697106<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | NUSS              | IT        |     68448 | NS      | $1221137.62   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM S.p.A.                                                  | Banco BPM S.p.A. NPV                                                           | CUSIP: T1708N101<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |    196925 | NS      | $2003922.38   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO Corp.                                                       | DISCO Corp. NPV                                                                | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13600 | NS      | $2777414.69   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                          | Lloyds Banking Group PLC ORD GBP0.1                                            | CUSIP: G5533W248<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |   8895859 | NS      | $8341301.58   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                   | AstraZeneca PLC ORD USD0.25                                                    | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    230608 | NS      | $33857735.08  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS Inc.                                                          | TIS Inc. NPV                                                                   | CUSIP: J8T622102<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |     32500 | NS      | $899369.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Insurance Co Ltd.                                      | Japan Post Insurance Co Ltd. NPV                                               | CUSIP: J2800E107<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |     33100 | NS      | $674577.12    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dentsu Group Inc                                                  | Dentsu Group Inc NPV                                                           | CUSIP: J1207N108<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |     29500 | NS      | $651495.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp.                                                      | Makita Corp. NPV                                                               | CUSIP: J39584107<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |     38700 | NS      | $1282265.71   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Bussan Co Ltd.                                               | Kobe Bussan Co Ltd. NPV                                                        | CUSIP: J3478K102<br>LEI: 353800CJIFNHN2DXRD59 | Long             | EC               | CORP              | JP        |     25000 | NS      | $582060.52    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Metro Co Ltd                                                | Tokyo Metro Co Ltd NPV                                                         | CUSIP: J8T324105<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |     42046 | NS      | $510947.38    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| WPP PLC                                                           | WPP PLC ORD GBP0.10                                                            | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |    161830 | NS      | $1229333.27   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Holdings Co Ltd.                                               | SG Holdings Co Ltd. NPV                                                        | CUSIP: J7134P108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47900 | NS      | $477702.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                                      | Associated British Foods PLC ORD 5 15/22P                                      | CUSIP: G05600138<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |     49988 | NS      | $1238953.18   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                            | BP PLC ORD USD0.25                                                             | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |   2381959 | NS      | $13364785.30  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                          | Japan Exchange Group Inc NPV                                                   | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |    152000 | NS      | $1564221.66   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd.                                                    | Capcom Co Ltd. NPV                                                             | CUSIP: J05187109<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |     52800 | NS      | $1303186.24   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SGS SA                                                            | SGS SA CHF0.04 (REGD)                                                          | CUSIP: H63838116<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |     22519 | NS      | $2243765.69   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                                       | Investor AB SER'B'NPV                                                          | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |    259166 | NS      | $7729393.72   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                                      | Barclays PLC ORD GBP0.25                                                       | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   2106766 | NS      | $7920173.63   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd.                                                | Futu Holdings Ltd. SPON ADS CL A                                               | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      8100 | NS      | $829035.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Concordia Financial Group Ltd.                                    | Concordia Financial Group Ltd. NPV                                             | CUSIP: J08613101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    151900 | NS      | $1008468.52   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd                                       | Suntory Beverage & Food Ltd NPV                                                | CUSIP: J78186103<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |     21600 | NS      | $712620.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Co Ltd.                                                     | Hulic Co Ltd. NPV                                                              | CUSIP: J23594112<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |     63900 | NS      | $613389.50    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO Inc.                                                         | ZOZO Inc. NPV                                                                  | CUSIP: J9893A108<br>LEI: 549300GC7XPQMZA0OW13 | Long             | EC               | CORP              | JP        |     67800 | NS      | $649375.28    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Screen Holdings Co Ltd.                                           | Screen Holdings Co Ltd. NPV                                                    | CUSIP: J6988U114<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |     12100 | NS      | $789421.75    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp.                          | Pan Pacific International Holdings Corp. NPV                                   | CUSIP: J6352W100<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |     57400 | NS      | $1576683.43   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airlines Co Ltd.                                            | Japan Airlines Co Ltd. NPV                                                     | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |     22100 | NS      | $378558.56    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Nexon Co Ltd.                                                     | Nexon Co Ltd. NPV                                                              | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |     48200 | NS      | $660163.77    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc                                                | Hikari Tsushin Inc NPV                                                         | CUSIP: J1949F108<br>LEI: 3538001SOIIV8U3OXH94 | Long             | EC               | CORP              | JP        |      2700 | NS      | $696854.65    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Matsukiyococokara & Co.                                           | Matsukiyococokara & Co. NPV                                                    | CUSIP: J41208109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51200 | NS      | $800972.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouygues SA                                                       | Bouygues SA EUR1                                                               | CUSIP: F11487125<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |     29080 | NS      | $1146347.64   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                               | LVMH Moet Hennessy Louis Vuitton SE EUR0.30                                    | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     40942 | NS      | $25354581.04  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd.                                           | Japan Post Bank Co Ltd. NPV                                                    | CUSIP: J2800C101<br>LEI: 5493006JVO6N2HC2XZ76 | Long             | EC               | CORP              | JP        |    273300 | NS      | $2774973.35   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                                          | Recruit Holdings Co Ltd. NPV                                                   | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    205400 | NS      | $10642035.11  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Demant A/S                                                        | Demant A/S DKK0.20                                                             | CUSIP: K3008M105<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |     13662 | NS      | $459125.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV AS                                                            | DSV AS DKK1                                                                    | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     30603 | NS      | $5918045.08   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Puma SE                                                           | Puma SE NPV                                                                    | CUSIP: D62318148<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |     15175 | NS      | $370153.70    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                         | Fresenius Medical Care AG NPV                                                  | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     31863 | NS      | $1585507.52   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                                            | ASM International N.V. EUR0.04                                                 | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      7032 | NS      | $3204444.93   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                                            | Sanofi EUR2                                                                    | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    168949 | NS      | $18706408.21  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Hennes & Mauritz AB                                               | Hennes & Mauritz AB SER'B'NPV                                                  | CUSIP: W41422101<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |     82247 | NS      | $1084844.97   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| Telefonica, S.A.                                                  | Telefonica, S.A. EUR1                                                          | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    606973 | NS      | $2860891.13   | 0.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Deutsche Telekom AG                                               | Deutsche Telekom AG NPV(REGD)                                                  | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    515738 | NS      | $19041096.02  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                            | Chocoladefabriken Lindt & Spruengli AG CHF100 (REGD)                           | CUSIP: H49983176<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |        16 | NS      | $2099615.07   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd.                                        | CK Hutchison Holdings Ltd. HKD1                                                | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |    401442 | NS      | $2262903.71   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd.                              | Wharf Real Estate Investment Co Ltd. HKD0.1                                    | CUSIP: G9593A104<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | HK        |    262300 | NS      | $636897.45    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                                        | Asics Corp NPV                                                                 | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     93100 | NS      | $1974425.09   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Obic Co Ltd.                                                      | Obic Co Ltd. NPV                                                               | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48400 | NS      | $1395517.98   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology S.A.                                           | Spotify Technology S.A. SHS                                                    | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     23016 | NS      | $12659490.54  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal S.A.                                                | ArcelorMittal S.A. NPV                                                         | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     72320 | NS      | $2089083.03   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Contact Energy Ltd                                                | Contact Energy Ltd NPV                                                         | CUSIP: Q2818G104<br>LEI: 549300FT5JOXS1PZ1I32 | Long             | EC               | CORP              | NZ        |    133474 | NS      | $694992.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                                     | Chugai Pharmaceutical Co Ltd. NPV                                              | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |    101200 | NS      | $4636129.97   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                        | Tenaris SA USD1                                                                | CUSIP: L90272136<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     61340 | NS      | $1200350.06   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd.                                            | Cyberark Software Ltd. COM ILS0.01                                             | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      7180 | NS      | $2426840.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Origin Energy Ltd.                                                | Origin Energy Ltd. NPV                                                         | CUSIP: Q71610101<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |    252884 | NS      | $1673430.82   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                | Rakuten Group Inc. NPV                                                         | CUSIP: J64264104<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |    225400 | NS      | $1293112.07   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Construction Co Ltd.                                  | Daito Trust Construction Co Ltd. NPV                                           | CUSIP: J11151107<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |      8500 | NS      | $869756.02    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai Nippon Printing Co Ltd.                                       | Dai Nippon Printing Co Ltd. NPV                                                | CUSIP: J10584142<br>LEI: 529900S7NFNQ4FT6OP83 | Long             | EC               | CORP              | JP        |     60800 | NS      | $865636.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Industry Co Ltd.                                      | Daiwa House Industry Co Ltd. NPV                                               | CUSIP: J11508124<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |     80800 | NS      | $2672423.55   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Daiwa Securities Group Inc.                                       | Daiwa Securities Group Inc. NPV                                                | CUSIP: J11718111<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |    199500 | NS      | $1343283.15   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd.                                           | Aristocrat Leisure Ltd. NPV                                                    | CUSIP: Q0521T108<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     86126 | NS      | $3483213.12   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi HC Capital Inc.                                        | Mitsubishi HC Capital Inc. NPV                                                 | CUSIP: J4706D100<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |    133200 | NS      | $902618.06    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co., Ltd.                                           | Fuji Electric Co., Ltd. NPV                                                    | CUSIP: J14112106<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |     21300 | NS      | $910569.88    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd.                                   | Galaxy Entertainment Group Ltd. NPV                                            | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    332000 | NS      | $1297451.98   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc.                                        | Tokio Marine Holdings Inc. NPV                                                 | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    261500 | NS      | $10173090.52  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp.                                       | Nippon Sanso Holdings Corp. NPV                                                | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |     26200 | NS      | $794766.19    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                                           | IMCD NV EUR0.16                                                                | CUSIP: N4447S106<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |      9190 | NS      | $1223023.79   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad N.V                                                      | Randstad N.V EUR0.10                                                           | CUSIP: N7291Y137<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |     16591 | NS      | $689628.19    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Koninklijke Ahold Delhaize NV                                     | Koninklijke Ahold Delhaize NV EUR0.01                                          | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    137597 | NS      | $5139959.40   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                    | ING Groep N.V. EUR0.01                                                         | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    463900 | NS      | $9088433.12   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland N.V.                                                | ASR Nederland N.V. EUR0.16                                                     | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     23733 | NS      | $1364358.09   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Exor Nv                                                           | Exor Nv EUR0.01                                                                | CUSIP: N3140A107<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |     15124 | NS      | $1373462.21   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                                                      | Shimano Inc. NPV                                                               | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |     11300 | NS      | $1586666.92   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp.                                                    | Unicharm Corp. NPV                                                             | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |    171300 | NS      | $1364367.57   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                                    | BE Semiconductor Industries NV EUR0.01                                         | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     11231 | NS      | $1173715.79   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peets N.V                                                     | JDE Peets N.V EUR0.01                                                          | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |     18666 | NS      | $408105.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                                      | GEA Group AG NPV                                                               | CUSIP: D28304109<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |     23224 | NS      | $1411766.31   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Swisscom AG                                                       | Swisscom AG CHF1(REGD)                                                         | CUSIP: H8398N104<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |      3941 | NS      | $2271007.95   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.                               | Mitsubishi UFJ Financial Group Inc. NPV                                        | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   1702300 | NS      | $23208848.80  | 0.90%             |  |  |  | No            |                  2 | On Loan: —       |
| Renesas Electronics Corp.                                         | Renesas Electronics Corp. NPV                                                  | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    253500 | NS      | $3400106.67   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd.                                              | Yamaha Motor Co Ltd. NPV                                                       | CUSIP: J95776126<br>LEI: 3538004LR5NXILJDHY88 | Long             | EC               | CORP              | JP        |    143500 | NS      | $1148907.31   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corporation                                     | Yokogawa Electric Corporation NPV                                              | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     33600 | NS      | $655737.58    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| QIAGEN NV                                                         | QIAGEN NV COM SHS                                                              | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |     32055 | NS      | $1273471.88   | 0.05%             |  |  |  | No            |                  2 | On Loan: —       |
| SalMar ASA                                                        | SalMar ASA NOK0.25                                                             | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |     10043 | NS      | $482833.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Industries Corp.                                           | Toyota Industries Corp. NPV                                                    | CUSIP: J92628106<br>LEI: 35380000WKGEAHEMW830 | Long             | EC               | CORP              | JP        |     24400 | NS      | $2086864.85   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                | Toyota Motor Corp. NPV                                                         | CUSIP: J92676113<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |   1400875 | NS      | $24763689.85  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd.                                                   | Wesfarmers Ltd. ORD NPV                                                        | CUSIP: Q95870103<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |    169914 | NS      | $7702892.50   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd.                                             | Woolworths Group Ltd. NPV                                                      | CUSIP: Q98418108<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |    184545 | NS      | $3426519.32   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                                | Deutsche Boerse AG NPV(REGD)                                                   | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     28195 | NS      | $8319234.35   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurazeo                                                           | Eurazeo NPV                                                                    | CUSIP: F3296A108<br>LEI: 969500C656AA39O94N60 | Long             | EC               | CORP              | FR        |      7045 | NS      | $521732.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Axa SA                                                            | Axa SA EUR2.29                                                                 | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    264118 | NS      | $11284678.88  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert SA                                       | Groupe Bruxelles Lambert SA NPV                                                | CUSIP: B4746J115<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |     13148 | NS      | $981088.87    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Yakult Honsha Co Ltd                                              | Yakult Honsha Co Ltd NPV                                                       | CUSIP: J95468120<br>LEI: 353800YJPSPGG7KI0S71 | Long             | EC               | CORP              | JP        |     37800 | NS      | $719276.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Astellas Pharma Inc.                                              | Astellas Pharma Inc. NPV                                                       | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    271000 | NS      | $2638050.58   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Skanska AB                                                        | Skanska AB SER'B'NPV                                                           | CUSIP: W83567110<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |     48882 | NS      | $1078876.96   | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| ACS Actividades De Construccion Y Servicios S.A.                  | ACS Actividades De Construccion Y Servicios S.A. EUR0.5                        | CUSIP: E7813W163<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |     26696 | NS      | $1527932.79   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                                                | Baloise Holding AG CHF0.10 (REGD) (VINKULIERT)                                 | CUSIP: H04530202<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |      6188 | NS      | $1298708.05   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                               | EssilorLuxottica SA EUR0.18                                                    | CUSIP: F31665106<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     44693 | NS      | $12879157.41  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                                         | Neste Oyj NPV                                                                  | CUSIP: X5688A109<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |     63045 | NS      | $583119.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Sembcorp Industries Ltd.                                          | Sembcorp Industries Ltd. NPV                                                   | CUSIP: Y79711159<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |    133800 | NS      | $626172.43    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                                        | Legrand SA EUR4                                                                | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     39050 | NS      | $4135547.15   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                                        | Eiffage SA EUR4                                                                | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     11077 | NS      | $1289685.92   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Snam S.p.A.                                                       | Snam S.p.A. NPV                                                                | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |    309372 | NS      | $1604047.11   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                                    | BNP Paribas SA EUR2                                                            | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    153456 | NS      | $12825792.18  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Auckland International Airport Ltd.                               | Auckland International Airport Ltd. NPV                                        | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |    267006 | NS      | $1238511.03   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Lottery Corporation Ltd                                           | Lottery Corporation Ltd NPV                                                    | CUSIP: Q56337100<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    334491 | NS      | $1000802.35   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                                      | Klepierre SA EUR1.40                                                           | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     30640 | NS      | $1025577.06   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                              | Rentokil Initial PLC ORD GBP0.01                                               | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    385496 | NS      | $1748941.00   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Reece Ltd.                                                        | Reece Ltd. NPV                                                                 | CUSIP: Q80528138<br>LEI: 254900WJVAXNEIFYYV88 | Long             | EC               | CORP              | AU        |     38106 | NS      | $378093.73    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SGH Ltd.                                                          | SGH Ltd. NPV                                                                   | CUSIP: Q84384124<br>LEI: 254900DME8O9GCK94794 | Long             | EC               | CORP              | AU        |     30470 | NS      | $956481.39    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                                 | Siemens Energy AG NPV                                                          | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     95450 | NS      | $5658485.94   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                                                         | Metso Oyj NPV                                                                  | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |     86540 | NS      | $897269.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Schindler Holding AG                                              | Schindler Holding AG CHF0.10 (PTG CERT)                                        | CUSIP: H7258G209<br>LEI: 5299007DRLI319H7Q933 | Long             | EP               | CORP              | CH        |      6087 | NS      | $1907736.72   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                         | Orion Oyj SER'B'NPV                                                            | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |     16438 | NS      | $976370.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel, S.A.                                                       | Rexel, S.A. EUR5                                                               | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     35399 | NS      | $954039.18    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                                     | WH Group Ltd. USD0.0001                                                        | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |   1234145 | NS      | $1133197.12   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DnB Bank ASA                                                      | DnB Bank ASA NOK12.50                                                          | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |    133572 | NS      | $3514637.85   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tele2 AB (publ)                                                   | Tele2 AB (publ) SER'B'NPV                                                      | CUSIP: W95878166<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |     77372 | NS      | $1043372.76   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Energy Ltd.                                              | Meridian Energy Ltd. NPV                                                       | CUSIP: Q5997E121<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |    190448 | NS      | $605509.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| L E Lundbergforetagen AB (Publ)                                   | L E Lundbergforetagen AB (Publ) SER'B'NPV                                      | CUSIP: W54114108<br>LEI: 529900BPSFZS6O3A9R04 | Long             | EC               | CORP              | SE        |     13069 | NS      | $654851.25    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                          | Svenska Handelsbanken AB SER'A'NPV                                             | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    218399 | NS      | $2468239.42   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| Beijer Ref AB                                                     | Beijer Ref AB SER'B'NPV                                                        | CUSIP: W14029123<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |     56027 | NS      | $788150.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                                        | Symrise AG NPV (BR)                                                            | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     19777 | NS      | $2050367.57   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Yangzijiang Shipbuilding Holdings Ltd.                            | Yangzijiang Shipbuilding Holdings Ltd. NPV (SGD)                               | CUSIP: Y9728A102<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |    358600 | NS      | $629353.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fastighets AB Balder                                              | Fastighets AB Balder SER'B'NPV                                                 | CUSIP: W2951M127<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |     95402 | NS      | $596986.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Genting Singapore Ltd.                                            | Genting Singapore Ltd. NPV                                                     | CUSIP: Y2692C139<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |    929073 | NS      | $515535.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                                   | Iberdrola, S.A. EUR0.75                                                        | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    845263 | NS      | $13649419.30  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                              | Macquarie Group Ltd. NPV                                                       | CUSIP: Q57085286<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     54216 | NS      | $6747016.87   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                                        | Hexagon AB SER'B'NPV                                                           | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    310876 | NS      | $3323191.31   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Unipol Assicurazioni S.p.A.                                       | Unipol Assicurazioni S.p.A. NPV                                                | CUSIP: T9532W106<br>LEI: 8156005CE5E7340CCA86 | Long             | EC               | CORP              | IT        |     54715 | NS      | $875876.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Barratt Redrow PLC                                                | Barratt Redrow PLC ORD GBP0.10                                                 | CUSIP: G08288105<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |    207611 | NS      | $1141772.57   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                              | Infrastrutture Wireless Italiane SpA NPV                                       | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |     57078 | NS      | $604225.33    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexi S.p.A.                                                       | Nexi S.p.A. NPV                                                                | CUSIP: T6S18J104<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |     77300 | NS      | $412280.64    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Addtech AB                                                        | Addtech AB SER'B'NPV                                                           | CUSIP: W4260L147<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |     39731 | NS      | $1163624.11   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Investment AB Latour (publ)                                       | Investment AB Latour (publ) SER'B'NPV                                          | CUSIP: W5R10B108<br>LEI: 5493006GFBLNB3Y0Y789 | Long             | EC               | CORP              | SE        |     23025 | NS      | $626739.41    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Renault S.A.                                                      | Renault S.A. EUR3.81                                                           | CUSIP: F77098105<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |     28993 | NS      | $1468689.27   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                                        | Merck KGaA NPV                                                                 | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     19601 | NS      | $2697300.66   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                    | Atlas Copco AB SER'B'NPV                                                       | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    233717 | NS      | $3286556.77   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                                      | Evolution AB NPV                                                               | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     21861 | NS      | $1628845.23   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd.                                 | Singapore Telecommunications Ltd. NPV(BOARD LOT 100)                           | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |   1083100 | NS      | $2747124.59   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Indutrade AB                                                      | Indutrade AB NPV                                                               | CUSIP: W4939U106<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |     41235 | NS      | $1142699.34   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Holmen AB                                                         | Holmen AB SER'B'NPV                                                            | CUSIP: W4R00P201<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |      9885 | NS      | $391454.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Sagax AB                                                          | Sagax AB SER'B'NPV                                                             | CUSIP: W7519A200<br>LEI: 549300LJX28T6OM8DT95 | Long             | EC               | CORP              | SE        |     29400 | NS      | $616840.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                                         | Orkla ASA NOK1.25                                                              | CUSIP: R67787102<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    108824 | NS      | $1193417.21   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| James Hardie Industries PLC                                       | James Hardie Industries PLC CDI(CHESS DEPOSITARY INTERESTS)                    | CUSIP: G4253H119<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     64305 | NS      | $1534598.22   | 0.06%             |  |  |  | No            |                  2 | On Loan: —       |
| Sofina SA                                                         | Sofina SA NPV                                                                  | CUSIP: B80925124<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |      2605 | NS      | $667139.44    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotus Bakeries                                                    | Lotus Bakeries NPV                                                             | CUSIP: B5783H102<br>LEI: 5493004C0K34IFI67I03 | Long             | EC               | CORP              | BE        |        62 | NS      | $551184.63    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ageas SA/NV                                                       | Ageas SA/NV NPV                                                                | CUSIP: B0148L138<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     23924 | NS      | $1434088.76   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch Inbev SA/NV                                        | Anheuser-Busch Inbev SA/NV NPV                                                 | CUSIP: B639CJ108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |    134551 | NS      | $8272413.32   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                                                        | Temenos AG CHF5 (REGD)                                                         | CUSIP: H8547Q107<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |      8441 | NS      | $655377.07    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BKW AG                                                            | BKW AG CHF2.50                                                                 | CUSIP: H10053108<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |      3443 | NS      | $602194.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                                     | Nemetschek SE ORD NPV                                                          | CUSIP: D56134105<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |      8357 | NS      | $974229.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab As                                                         | Genmab As DKK1                                                                 | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      9286 | NS      | $1809102.48   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Tryg AS                                                           | Tryg AS DKK5                                                                   | CUSIP: K9640A110<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |     51122 | NS      | $1216114.16   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades De Construccion Y Servicios S.A.                  | ACS Actividades De Construccion Y Servicios S.A. EUR0.5(STK DIV 07/07/2021)    | CUSIP: E7813W502<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |     13981 | NS      | $18893.51     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BioMerieux SA                                                     | BioMerieux SA NPV                                                              | CUSIP: F1149Y232<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |      6667 | NS      | $824099.02    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Generale des Etablissements Michelin                    | Compagnie Generale des Etablissements Michelin EUR0.50 (POST SUBDIVISION)      | CUSIP: F61824870<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |    100034 | NS      | $3515862.28   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                                         | Aviva PLC ORD GBP0.328947368                                                   | CUSIP: G0683Q158<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |    402079 | NS      | $2896792.36   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Infrastructure Holdings Ltd.                                   | CK Infrastructure Holdings Ltd. HKD1                                           | CUSIP: G2178K100<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |     97000 | NS      | $580782.07    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                                 | Compass Group PLC ORD GBP0.1105                                                | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    247286 | NS      | $8176141.01   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                        | Haleon PLC ORD GBP0.01                                                         | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |   1295605 | NS      | $6541432.98   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                         | Hikma Pharmaceuticals PLC ORD GBP0.10                                          | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     26567 | NS      | $670796.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                                        | Phoenix Group Holdings PLC ORD GBP0.10                                         | CUSIP: G7S8MZ109<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |    114527 | NS      | $849422.85    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                                           | Croda International PLC ORD GBP0.10609756                                      | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |     20167 | NS      | $765919.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                                         | Mondi PLC ORD EUR0.22                                                          | CUSIP: G6258S115<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     72454 | NS      | $1080347.50   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sig Group AG                                                      | Sig Group AG CHF0.01                                                           | CUSIP: H76406117<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |     46822 | NS      | $865709.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Isracard Ltd                                                      | Isracard Ltd NPV                                                               | CUSIP: M5R26V107<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |         0 | NS      | $0.18         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                                        | Entain PLC ORD EUR0.01                                                         | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |     86769 | NS      | $655353.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Zensho Holdings Co., Ltd.                                         | Zensho Holdings Co., Ltd. NPV                                                  | CUSIP: J9885X108<br>LEI: 353800DYF3UDM49ITT03 | Long             | EC               | CORP              | JP        |     15300 | NS      | $825043.38    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                                          | M3, Inc. NPV                                                                   | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |     51100 | NS      | $583737.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Daifuku Co Ltd.                                                   | Daifuku Co Ltd. NPV                                                            | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |     48400 | NS      | $1189745.23   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                     | SoftBank Corp NPV                                                              | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |   4283300 | NS      | $5975097.74   | 0.23%             |  |  |  | No            |                  2 | On Loan: —       |
| Nippon Paint Holdings Co Ltd.                                     | Nippon Paint Holdings Co Ltd. NPV                                              | CUSIP: J55053128<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    147700 | NS      | $1109161.37   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Zealand Pharma As                                                 | Zealand Pharma As DKK1                                                         | CUSIP: K9898X127<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |      8981 | NS      | $674424.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                                                      | Ferrovial SE EUR0.01                                                           | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |     72967 | NS      | $3263622.73   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                                        | Woodside Energy Group Ltd. NPV                                                 | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |    284305 | NS      | $4130374.44   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                                     | Assa Abloy AB SER'B'NPV                                                        | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |    151472 | NS      | $4547381.01   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitaland Investment Ltd.                                        | Capitaland Investment Ltd. NPV                                                 | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |    388357 | NS      | $785453.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange S.A.                                                       | Orange S.A. EUR4                                                               | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    276270 | NS      | $3578853.17   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881137<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $6271.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881138<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $19765.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881139<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $67522.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881140<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $37139.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881141<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $48312.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881142<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3736.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881143<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $38054.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881144<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $969155.70    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881145<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $87194.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881146<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2662.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881147<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $154114.79    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881148<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $63833.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881149<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $10445.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881150<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $24650.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881151<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $511895.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881152<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $154491.20    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881153<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $64703.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881154<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $9682.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881155<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $9600.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881156<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $55033.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881134<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11287.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881135<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $226496.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881136<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $23343.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881157<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $4899.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881158<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $33896.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881159<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3493729.13   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881160<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $124945.12    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881161<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3559716.06   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881162<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $12348.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881163<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11408.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881164<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11341.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881165<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $32998.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881166<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $128195.57    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881167<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $51320.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881168<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $396833.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881169<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $19353.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881170<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $183489.60    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881171<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $9531.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881172<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $134027.67    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881173<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $231790.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881174<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $327798.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881175<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $43783.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881176<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $254816.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881177<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $73128.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881178<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $77500.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881179<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $20583.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881180<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $29715.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881181<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5400.43      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881182<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $54482.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881183<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $104248.61    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881184<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $427075.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881185<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $222413.10    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881186<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $525852.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881187<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $343573.19    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881188<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $202415.73    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881189<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $8100.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881190<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $329810.88    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881191<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $1082463.61   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881122<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $465646.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881123<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $231987.60    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881124<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $50198.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881125<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $14125.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881126<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11592.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881127<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $151467.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881128<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $75140.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881129<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $16238.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881130<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $12426.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881131<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $38060.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881132<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $10448.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881133<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $229716.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S.                                                  | MSCI EAFE Index Futures - ICUS - Jun25                                         | CUSIP: 0002MFSM5<br>LEI: 5493004R83R1LVX2IL36 | Long             | DE               | CORP              | US        |       416 | NC      | $-1031455.00  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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