# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-046392
**Filing Date:** 2025-7
**Character Count:** 914860
**Document Hash:** 130ae2817873679c1ee0268091b8d6a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-046392.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001145549-25-046392

**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:** 251121923

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

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

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

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

## Series and Classes Contracts Data

### Empower Core Strategies: International Equity Fund (Series ID: S000061891)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200582 | Institutional Class | MXECX           |
| C000204665 | Investor Class      | MXEVX           |

## Nport-Ex

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

---

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

---

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

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

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

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 830 | USD | &nbsp;&nbsp;92312 | Jun 2025 | &nbsp;&nbsp;&nbsp;$718127 |
| U.S. 10 Year Ultra Treasury Note Futures | 109 | USD | &nbsp;&nbsp;12440 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;154009 |
| U.S. 2 Year Treasury Note Futures | 547 | USD | 113323 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;321787 |
| U.S. 5 Year Treasury Note Futures | 1829 | USD | 197818 | Jun 2025 | &nbsp;&nbsp;1325585 |
| U.S. Treasury Bond Futures | 66 | USD | &nbsp;&nbsp;&nbsp;&nbsp;7740 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;160359 |
| U.S. Ultra Long Term Treasury Bond Futures | 70 | USD | &nbsp;&nbsp;&nbsp;&nbsp;8558 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64952 |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Ultra Treasury Note Futures | 401 | USD | &nbsp;&nbsp;45764 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;(188825) |
| U.S. Treasury Bond Futures | 303 | USD | &nbsp;&nbsp;35536 | Jun 2025 | &nbsp;&nbsp;&nbsp;&nbsp;127426 |
|  |  |  |  | **Net Appreciation** | **$2683420** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation** |
| BA | USD | 2338081 | EUR | 2135000 | 06/18/2025 | $19350 |
|  |  |  |  |  | **Net Appreciation** | **$19350** |

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

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

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

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

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

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

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

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

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

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long** |  |  |  |  |  |
| U.S. 10 Year Treasury Note Futures | 483 | USD | &nbsp;&nbsp;53719 | Jun 2025 | $429557 |
| U.S. 5 Year Treasury Note Futures | 1131 | USD | 122325 | Jun 2025 | &nbsp;&nbsp;367187 |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Ultra Treasury Note Futures | 31 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3538 | Jun 2025 | &nbsp;&nbsp;&nbsp;(32937) |
| U.S. 2 Year Treasury Note Futures | 414 | USD | &nbsp;&nbsp;85769 | Jun 2025 | &nbsp;&nbsp;&nbsp;(47774) |
| U.S. Treasury Bond Futures | 9 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1056 | Jun 2025 | &nbsp;&nbsp;&nbsp;(11050) |
| U.S. Ultra Long Term Treasury Bond Futures | 120 | USD | &nbsp;&nbsp;14670 | Jun 2025 | &nbsp;&nbsp;106125 |
|  |  |  |  | **Net Appreciation** | **$811108** |

---

---

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

---

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

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

---

---

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

---

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

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

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2596 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(12) |
| CGM | USD | &nbsp;&nbsp;14136 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22723 | 04/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2611 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;7295 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11726 | 04/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
| CGM | USD | &nbsp;&nbsp;89185 | DKK | &nbsp;&nbsp;&nbsp;&nbsp;616698 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |
| CGM | USD | &nbsp;&nbsp;44306 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40964 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2460 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| CGM | USD | &nbsp;&nbsp;28523 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22538 | 04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) |
| CGM | USD | &nbsp;&nbsp;43696 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33746 | 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| CGM | USD | &nbsp;&nbsp;43526 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33754 | 05/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;3594 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 | 05/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| CGM | USD | &nbsp;&nbsp;15522 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12021 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;9376 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271 | 05/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2545 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760 | 04/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2038 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;302600 | 05/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;6835 | JPY | &nbsp;&nbsp;1013625 | 05/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;7269 | JPY | &nbsp;&nbsp;1076100 | 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;9432 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94309 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| MEL | USD | &nbsp;&nbsp;16351 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25729 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;6184 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;4425 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7010 | 04/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| MEL | USD | &nbsp;&nbsp;11791 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| MEL | USD | &nbsp;&nbsp;29689 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26155 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| MEL | USD | 273569 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;247000 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(5962) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5492 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| MEL | USD | &nbsp;&nbsp;10810 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10015 | 04/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| MEL | USD | 598333 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;578000 | 04/10/2025 | &nbsp;&nbsp;(26977) |
| MEL | USD | &nbsp;&nbsp;25343 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23428 | 05/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| MEL | USD | &nbsp;&nbsp;24099 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19153 | 04/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642) |
| MEL | USD | &nbsp;&nbsp;29388 | JPY | &nbsp;&nbsp;4590977 | 04/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1220) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5866 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;900575 | 04/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;9641 | JPY | &nbsp;&nbsp;1447040 | 05/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| MEL | USD | &nbsp;&nbsp;80314 | JPY | 12049600 | 05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(548) |
| MEL | USD | &nbsp;&nbsp;35272 | JPY | &nbsp;&nbsp;5290740 | 05/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) |
| MEL | USD | &nbsp;&nbsp;24796 | JPY | &nbsp;&nbsp;3718920 | 05/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169) |
| MEL | USD | &nbsp;&nbsp;43422 | JPY | &nbsp;&nbsp;6509555 | 06/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) |
| MEL | USD | &nbsp;&nbsp;61978 | JPY | &nbsp;&nbsp;9290307 | 06/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(423) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;8529 | JPY | &nbsp;&nbsp;1278400 | 06/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
| MEL | USD | &nbsp;&nbsp;49568 | JPY | &nbsp;&nbsp;7428371 | 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) |
| MEL | USD | &nbsp;&nbsp;13000 | JPY | &nbsp;&nbsp;1947605 | 06/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |
| MEL | USD | &nbsp;&nbsp;15131 | JPY | &nbsp;&nbsp;2266525 | 06/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;3857 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;577702 | 06/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5567 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;818125 | 06/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| MEL | USD | &nbsp;&nbsp;10225 | JPY | &nbsp;&nbsp;1530340 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) |
| MEL | USD | 100331 | JPY | 15012912 | 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(685) |
| MEL | USD | &nbsp;&nbsp;41041 | JPY | &nbsp;&nbsp;6139125 | 06/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) |
| MEL | USD | 101066 | JPY | 15116400 | 06/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(691) |
| MEL | USD | &nbsp;&nbsp;66006 | JPY | &nbsp;&nbsp;9871475 | 06/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |
| MEL | USD | &nbsp;&nbsp;38333 | JPY | &nbsp;&nbsp;5732315 | 06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |
| MEL | USD | &nbsp;&nbsp;63246 | JPY | &nbsp;&nbsp;9456760 | 06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) |
| MEL | USD | 208910 | JPY | 31226704 | 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1431) |
| MEL | USD | 100301 | SEK | &nbsp;&nbsp;1005059 | 04/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| MEL | USD | &nbsp;&nbsp;11959 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;119941 | 04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  |  |  |  | **Net Depreciation** | **$(41508)** |

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

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

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

---

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

---

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

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

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

---

---

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

---

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

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

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

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

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

<sup>ADR</sup> American Depositary Receipt

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2025, the Fund held the following outstanding exchange traded futures contracts: |
| **Description** | **Number of<br> Contracts** | **Notional Amount<br> (000)** | **Notional Amount<br> (000)** | **Expiration<br> Date** | **Fair Value and<br> Net Unrealized<br> Appreciation** |
| **Long** |  |  |  |  |  |
| S&P 500® Emini Futures | 36 | USD | 10176 | Jun 2025 | $109059 |
|  |  |  |  | **Net Appreciation** | **$109059** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.<br>

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of March 31, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| BB | EUR | &nbsp;&nbsp;&nbsp;376500 | USD | &nbsp;&nbsp;&nbsp;402469 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$6432 |
| BB | USD | &nbsp;&nbsp;&nbsp;503317 | EUR | &nbsp;&nbsp;&nbsp;467400 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(4306) |
| BB | USD | &nbsp;&nbsp;&nbsp;607161 | GBP | &nbsp;&nbsp;&nbsp;473600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(4568) |
| CGM | USD | &nbsp;&nbsp;&nbsp;241391 | EUR | &nbsp;&nbsp;&nbsp;224200 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(2103) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;13604 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;10600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| GS | USD | &nbsp;&nbsp;&nbsp;388558 | EUR | &nbsp;&nbsp;&nbsp;360800 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(3291) |
| GS | USD | &nbsp;&nbsp;&nbsp;&nbsp;31560 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;24600 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
| HSB | USD | &nbsp;&nbsp;&nbsp;301970 | EUR | &nbsp;&nbsp;&nbsp;280400 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(2561) |
| HSB | USD | &nbsp;&nbsp;&nbsp;220633 | GBP | &nbsp;&nbsp;&nbsp;172100 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1661) |
| MS | EUR | &nbsp;&nbsp;&nbsp;&nbsp;88800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;94073 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 |
| SSB | USD | &nbsp;&nbsp;&nbsp;267044 | EUR | &nbsp;&nbsp;&nbsp;248000 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(2298) |
| SSB | USD | &nbsp;&nbsp;&nbsp;&nbsp;48458 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;37800 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |
| TD | USD | &nbsp;&nbsp;&nbsp;404129 | EUR | &nbsp;&nbsp;&nbsp;375300 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(3468) |
| TD | USD | 1377949 | GBP | 1074800 | 06/18/2025 | &nbsp;&nbsp;(10322) |
| UBS | USD | &nbsp;&nbsp;&nbsp;104740 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;97300 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934) |
| WES | USD | &nbsp;&nbsp;&nbsp;839016 | GBP | &nbsp;&nbsp;&nbsp;650900 | 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1722) |
|  |  |  |  |  | **Net Depreciation** | **$(29101)** |

---

---

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

---

---

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

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2025*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

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

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

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

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

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

Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.

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

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

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

Independent pricing services are approved by the Board and are utilized for all investment types when available. In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources. The inputs used by the pricing services are

------

*March 31, 2025*

------

reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.

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

---

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

---

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

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

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

------

*March 31, 2025*

------

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

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

#### Empower Core Strategies: Flexible Bond Fund

---

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

---

---

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

---

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

------

*March 31, 2025*

------

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

---

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

---

---

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

---

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

------

*March 31, 2025*

------

#### Empower Core Strategies: International Equity Fund

---

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

---

---

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

---

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

------

*March 31, 2025*

------

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

---

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

---

---

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

---

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

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

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

<u>Futures Contracts</u>

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

<u>Forward Foreign Currency Contracts</u>

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

------

*March 31, 2025*

------

<u>Interest Rate Swaps</u>

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

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

<u>Inflation Swaps</u>

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

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

---

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

---

---

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

---

------

*March 31, 2025*

------

---

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

---

---

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

---

------

*March 31, 2025*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenwood Village

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

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

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

- **a. Name of Series:** Empower Core Strategies: International Equity Fund

- **b. EDGAR series identifier (if any):** S000061891

- **c. LEI of Series:** 549300MCJHTBL41HTN02

**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:** $1003408423.61

**Total Liabilities:** $1791621.90

**Net Assets:** $1001616801.71

**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 C000200582 | 4.79%                | 3.05%                | 0.20%                |
| Class ID C000204665 | 4.75%                | 3.12%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1550137.51              | $43655994.49                               |
| Month 2  | $6188437.14              | $24848489.38                               |
| Month 3  | $9097203.85              | $-6613870.09                               |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** 549300MCJHTBL41HTN02

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| L'Oreal S.A.                                                      | L'Oreal S.A. EUR0.20                                                           | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |      6925 | NS      | $2573981.37   | 0.26%             |  |  |  | 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        |    433333 | NS      | $2233262.03   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                                   | Antofagasta PLC ORD GBP0.05                                                    | CUSIP: G0398N128<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     10375 | NS      | $225813.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                            | Standard Chartered PLC ORD USD0.50                                             | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |    198504 | NS      | $2944396.35   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                                      | Capgemini SE EUR8                                                              | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      4322 | NS      | $649417.32    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg A/S                                                     | Carlsberg A/S SER'B'DKK20                                                      | CUSIP: K36628137<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |      9244 | NS      | $1170084.49   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller-Maersk                                                  | AP Moller-Maersk SER'B'DKK1000                                                 | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       114 | NS      | $198408.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United Internet AG                                                | United Internet AG NPV                                                         | CUSIP: D8542B125<br>LEI: 3VEKWPJHTD4NKMBVG947 | Long             | EC               | CORP              | DE        |     29500 | NS      | $609207.94    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Indra Sistemas S.A.                                               | Indra Sistemas S.A. EUR0.20 SER 'A'                                            | CUSIP: E6271Z155<br>LEI: 95980020140005308793 | Long             | EC               | CORP              | ES        |     52100 | NS      | $1510298.83   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                                         | Kesko Oyj SER'B'EUR2                                                           | CUSIP: X44874109<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |      7836 | NS      | $160171.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                                      | KBC Group NV NPV                                                               | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      6500 | NS      | $592434.93    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kemira Oyj                                                        | Kemira Oyj NPV                                                                 | CUSIP: X44073108<br>LEI: 74370031Y7RK5H88CQ48 | Long             | EC               | CORP              | FI        |     57900 | NS      | $1259405.75   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                                    | Continental AG NPV                                                             | CUSIP: D16212140<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |      2907 | NS      | $205001.73    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                                                       | Telenor ASA ORD NOK6                                                           | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |     17953 | NS      | $256529.99    | 0.03%             |  |  |  | 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        |     45228 | NS      | $744057.67    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Solvay NV/SA                                                      | Solvay NV/SA NPV                                                               | CUSIP: B82095116<br>LEI: 549300MMVL80RTBP3O28 | Long             | EC               | CORP              | BE        |     27900 | NS      | $992454.71    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                             | Schneider Electric SE EUR4.00                                                  | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     15642 | NS      | $3610894.34   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                            | SAP SE ORD NPV                                                                 | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     44749 | NS      | $11990515.72  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedbank AB (publ)                                                | Swedbank AB (publ) SER'A'NPV                                                   | CUSIP: W94232100<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |     96152 | NS      | $2189812.50   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                           | E.ON SE NPV                                                                    | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     63355 | NS      | $956330.66    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co. KGaA                                              | Henkel AG & Co. KGaA NPV(BR)                                                   | CUSIP: D3207M102<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |      2931 | NS      | $211167.03    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Corporation                                           | UPM-Kymmene Corporation NPV                                                    | CUSIP: X9518S108<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     15711 | NS      | $421500.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                          | Bayer AG NPV (REGD)                                                            | CUSIP: D0712D163<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     42485 | NS      | $1018451.02   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                                                    | Stora Enso Oyj SER'R'NPV                                                       | CUSIP: X8T9CM113<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |     15240 | NS      | $144418.88    | 0.01%             |  |  |  | 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        |      4559 | NS      | $362747.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                                           | BASF SE NPV                                                                    | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     25538 | NS      | $1280194.44   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                                     | Beiersdorf AG NPV                                                              | CUSIP: D08792109<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |      2708 | NS      | $349831.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                         | Fresenius Medical Care AG NPV                                                  | CUSIP: D2734Z107<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |      5370 | NS      | $267212.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange S.A.                                                       | Orange S.A. EUR4                                                               | CUSIP: F6866T100<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    137005 | NS      | $1774788.24   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                                        | Allianz SE NPV(REGD)(VINKULIERT)                                               | CUSIP: D03080112<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     17674 | NS      | $6764034.49   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                               | Imperial Brands PLC GBP0.10                                                    | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    143145 | NS      | $5294809.33   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Serco Group PLC                                                   | Serco Group PLC GBP0.02                                                        | CUSIP: G80400107<br>LEI: 549300PT2CIHYN5GWJ21 | Long             | EC               | CORP              | GB        |    731300 | NS      | $1494631.64   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                                   | AstraZeneca PLC ORD USD0.25                                                    | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     67187 | NS      | $9864356.79   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Adidas AG                                                         | Adidas AG NPV (REGD)                                                           | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |      4884 | NS      | $1151946.15   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Generali S.p.A.                                                   | Generali S.p.A. NPV                                                            | CUSIP: T05040109<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |     27273 | NS      | $958078.69    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                                | Publicis Groupe SA EUR0.40                                                     | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     16973 | NS      | $1601384.60   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                                            | RWE AG NPV                                                                     | CUSIP: D6629K109<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     17792 | NS      | $635256.80    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                                           | Heidelberg Materials AG NPV                                                    | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |     20291 | NS      | $3497724.64   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Elisa OYJ                                                         | Elisa OYJ NPV                                                                  | CUSIP: X1949T102<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |      4103 | NS      | $200001.35    | 0.02%             |  |  |  | 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        |    901528 | NS      | $6073533.87   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                                  | Mercadolibre Inc COM USD0.001                                                  | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      2800 | NS      | $5462436.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics N.V.                                           | STMicroelectronics N.V. EUR1.04                                                | CUSIP: N83574108<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |     47945 | NS      | $1051319.18   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Philips NV                                                  | Royal Philips NV EUR0.20                                                       | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     22381 | NS      | $569779.90    | 0.06%             |  |  |  | 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        |     42859 | NS      | $577164.59    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd.                                           | DBS Group Holdings Ltd. NPV                                                    | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     96530 | NS      | $3314968.49   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd.                                            | Daikin Industries Ltd. NPV                                                     | CUSIP: J10038115<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      7700 | NS      | $835593.74    | 0.08%             |  |  |  | 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        |     16312 | NS      | $311304.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dentsu Group Inc                                                  | Dentsu Group Inc NPV                                                           | CUSIP: J1207N108<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |      5200 | NS      | $114839.93    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp.                                                      | Makita Corp. NPV                                                               | CUSIP: J39584107<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |      6800 | NS      | $225307.67    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Saison Co Ltd.                                             | Credit Saison Co Ltd. NPV                                                      | CUSIP: J7007M109<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |     55300 | NS      | $1314388.07   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Seiko Epson Corp                                                  | Seiko Epson Corp NPV                                                           | CUSIP: J7030F105<br>LEI: 549300NIOFQDR749W206 | Long             | EC               | CORP              | JP        |    107800 | NS      | $1727015.09   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimadzu Corporation                                              | Shimadzu Corporation NPV                                                       | CUSIP: J72165129<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7200 | NS      | $179846.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd.                                             | Sonic Healthcare Ltd. NPV                                                      | CUSIP: Q8563C107<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |     14088 | NS      | $228745.71    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstGroup PLC                                                    | FirstGroup PLC ORD GBP0.05                                                     | CUSIP: G34604101<br>LEI: 549300DEJZCPWA4HKM93 | Long             | EC               | CORP              | GB        |    480200 | NS      | $967049.62    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                                         | Halma PLC ORD GBP0.10                                                          | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |     10522 | NS      | $352894.88    | 0.04%             |  |  |  | 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        |     58335 | NS      | $1445833.76   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC                                                | Intertek Group PLC ORD GBP0.01                                                 | CUSIP: G4911B108<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |      4484 | NS      | $291279.22    | 0.03%             |  |  |  | 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        |      7851 | NS      | $4861970.96   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Puma SE                                                           | Puma SE NPV                                                                    | CUSIP: D62318148<br>LEI: 529900GRZ2BQY5ZM9N49 | Long             | EC               | CORP              | DE        |     87199 | NS      | $2126987.46   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                                                     | Volkswagen AG NON VTG PRF NPV                                                  | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |     15058 | NS      | $1536495.93   | 0.15%             |  |  |  | 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        |    303129 | NS      | $4136990.61   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                                       | Kering S.A. EUR4                                                               | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |      2069 | NS      | $430436.57    | 0.04%             |  |  |  | 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        |     63746 | NS      | $3765597.61   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Hennes & Mauritz AB                                               | Hennes & Mauritz AB SER'B'NPV                                                  | CUSIP: W41422101<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |     15734 | NS      | $207532.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica, S.A.                                                  | Telefonica, S.A. EUR1                                                          | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |    115896 | NS      | $546263.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                               | Deutsche Telekom AG NPV(REGD)                                                  | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     98678 | NS      | $3643201.21   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Telia Company AB                                                  | Telia Company AB NPV                                                           | CUSIP: W95890104<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |     65475 | NS      | $236384.31    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                                    | BHP Group Ltd. NPV                                                             | CUSIP: Q1498M100<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    145311 | NS      | $3525710.41   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Brother Industries Ltd                                            | Brother Industries Ltd NPV                                                     | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |     94400 | NS      | $1709242.86   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Canon Inc.                                                        | Canon Inc. NPV                                                                 | CUSIP: J05124144<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |     82700 | NS      | $2578848.50   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd.                                                          | CSL Ltd. ORD NPV                                                               | CUSIP: Q3018U109<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     13680 | NS      | $2153090.27   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Chiba Bank Ltd.                                                   | Chiba Bank Ltd. NPV                                                            | CUSIP: J05670104<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |     17800 | NS      | $168488.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc.                                      | Chubu Electric Power Co Inc. NPV                                               | CUSIP: J06510101<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |     19500 | NS      | $211423.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                    | Commonwealth Bank of Australia ORD NPV                                         | CUSIP: Q26915100<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |     47821 | NS      | $4547496.14   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO Tinto Limited                                                 | RIO Tinto Limited NPV                                                          | CUSIP: Q81437107<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |     61625 | NS      | $4471511.97   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                                         | KDDI Corp NPV                                                                  | CUSIP: J31843105<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     86000 | NS      | $1358426.51   | 0.14%             |  |  |  | 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        |      1600 | NS      | $163718.77    | 0.02%             |  |  |  | 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        |     10400 | NS      | $148069.45    | 0.01%             |  |  |  | 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        |     15700 | NS      | $519270.38    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc.                                       | Daiwa Securities Group Inc. NPV                                                | CUSIP: J11718111<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |     36600 | NS      | $246436.91    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Steel Mfg Co Ltd                                            | Tokyo Steel Mfg Co Ltd NPV                                                     | CUSIP: J88204110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     94800 | NS      | $1005841.52   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizrahi Tefahot Bank Limited                                      | Mizrahi Tefahot Bank Limited ILS0.01                                           | CUSIP: M7031A135<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |      4125 | NS      | $185515.26    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| East Japan Railway Co.                                            | East Japan Railway Co. NPV                                                     | CUSIP: J1257M109<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |     26500 | NS      | $522330.20    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd.                                                     | Eisai Co Ltd. NPV                                                              | CUSIP: J12852117<br>LEI: 353800HDEE0ZYEX4QV91 | Long             | EC               | CORP              | JP        |      6700 | NS      | $186509.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp.                                                      | Subaru Corp. NPV                                                               | CUSIP: J7676H100<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     98400 | NS      | $1762261.82   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp.                                           | FUJIFILM Holdings Corp. NPV                                                    | CUSIP: J14208102<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |     32900 | NS      | $630330.22    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                         | Nestle SA CHF0.10 (REGD)                                                       | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     74650 | NS      | $7543877.14   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                                 | Sonova Holding AG CHF0.05 (REGD)                                               | CUSIP: H8024W106<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      1512 | NS      | $441474.43    | 0.04%             |  |  |  | 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        |     14753 | NS      | $390835.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG                                             | Deutsche Lufthansa AG ORD NPV (REGD)(VINK)                                     | CUSIP: D1908N106<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |     19234 | NS      | $140143.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Gunma Bank Ltd                                                    | Gunma Bank Ltd NPV                                                             | CUSIP: J17766106<br>LEI: 54930054A69VC4I5BP89 | Long             | EC               | CORP              | JP        |    159300 | NS      | $1328772.55   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Seng Bank Ltd.                                               | Hang Seng Bank Ltd. NPV                                                        | CUSIP: Y30327103<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |     22100 | NS      | $300975.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankyu Hanshin Holdings Inc.                                      | Hankyu Hanshin Holdings Inc. NPV                                               | CUSIP: J18439109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6500 | NS      | $174897.42    | 0.02%             |  |  |  | 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        |    149922 | NS      | $232971.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                                      | Centrica PLC ORD GBP0.061728395                                                | CUSIP: G2018Z143<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |    137289 | NS      | $265738.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                                                         | Safran SA EUR0.20                                                              | CUSIP: F4035A557<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     10267 | NS      | $2703139.22   | 0.27%             |  |  |  | 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        |     36000 | NS      | $103546.44    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                                      | Hitachi Ltd. NPV                                                               | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    132900 | NS      | $3120412.89   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                         | Bunzl PLC ORD GBP0.32142857                                                    | CUSIP: G16968110<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |      9312 | NS      | $357959.40    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Metcash Ltd.                                                      | Metcash Ltd. NPV                                                               | CUSIP: Q6014C106<br>LEI: 25490065W4SN3LZMX216 | Long             | EC               | CORP              | AU        |    160000 | NS      | $317881.00    | 0.03%             |  |  |  | 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        |       633 | NS      | $900886.93    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris                                                | Aeroports de Paris EUR3                                                        | CUSIP: F00882104<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |      1044 | NS      | $106282.97    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                                               | Honda Motor Co Ltd. NPV                                                        | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    384400 | NS      | $3478656.58   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Assets Holdings Ltd.                                        | Power Assets Holdings Ltd. NPV                                                 | CUSIP: Y7092Q109<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |     38000 | NS      | $227565.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf (Holdings) Ltd. The                                         | Wharf (Holdings) Ltd. The NPV                                                  | CUSIP: Y8800U127<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |     31000 | NS      | $73621.24     | 0.01%             |  |  |  | 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        |    351000 | NS      | $302061.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd.                                         | Wilmar International Ltd. NPV                                                  | CUSIP: Y9586L109<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |     60500 | NS      | $150018.45    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Caixabank S.A.                                                    | Caixabank S.A. EUR1                                                            | CUSIP: E2427M123<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |    110642 | NS      | $861874.51    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA Corp.                                                        | HOYA Corp. NPV                                                                 | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     10100 | NS      | $1139870.86   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd.                                                 | Isuzu Motors Ltd. NPV                                                          | CUSIP: J24994113<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |    121300 | NS      | $1649388.59   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneos Holdings Inc                                                | Eneos Holdings Inc NPV                                                         | CUSIP: J29699105<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |    303800 | NS      | $1602244.43   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                                        | Edenred SA EUR2                                                                | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |      6553 | NS      | $212950.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp.                                                      | ITOCHU Corp. NPV                                                               | CUSIP: J2501P104<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     33400 | NS      | $1550526.59   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                                 | Japan Tobacco Inc NPV                                                          | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |     34700 | NS      | $953769.29    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis Inc                                                       | Kinaxis Inc COM NPV                                                            | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |     30000 | NS      | $3307598.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| DSM Firmenich AG                                                  | DSM Firmenich AG EUR0.01                                                       | CUSIP: H0245V108<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |      5356 | NS      | $530235.50    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeon Co Ltd.                                                      | Aeon Co Ltd. NPV                                                               | CUSIP: J00288100<br>LEI: 5299009MXFL34SA71416 | Long             | EC               | CORP              | JP        |     17800 | NS      | $446422.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kajima Corp.                                                      | Kajima Corp. NPV                                                               | CUSIP: J29223120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11700 | NS      | $239328.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SGS SA                                                            | SGS SA CHF0.04 (REGD)                                                          | CUSIP: H63838116<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |      4488 | NS      | $447178.85    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                                 | Galderma Group AG CHF0.01                                                      | CUSIP: H3301B107<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |      2779 | NS      | $293920.02    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kansai Electric Power Co Inc                                      | Kansai Electric Power Co Inc NPV                                               | CUSIP: J30169106<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |     25200 | NS      | $299074.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp.                                                         | Kao Corp. NPV                                                                  | CUSIP: J30642169<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     13000 | NS      | $562727.29    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Krones AG                                                         | Krones AG ORD NPV                                                              | CUSIP: D47441171<br>LEI: 529900NY2GSZWWUBW049 | Long             | EC               | CORP              | DE        |      7800 | NS      | $1063807.38   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                                          | Daimler Truck Holding AG NPV                                                   | CUSIP: D1T3RZ100<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |     79578 | NS      | $3223680.87   | 0.32%             |  |  |  | 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        |     98000 | NS      | $396794.38    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Niterra Co Ltd.                                                   | Niterra Co Ltd. NPV                                                            | CUSIP: J49119100<br>LEI: 549300RG3XQGTFM4HH31 | Long             | EC               | CORP              | JP        |     34800 | NS      | $1061587.75   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                                                 | Siemens Energy AG NPV                                                          | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     18292 | NS      | $1084389.95   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtel Africa PLC                                                 | Airtel Africa PLC ORD USD0.5                                                   | CUSIP: G01415101<br>LEI: 254900ZNZDQL6OWQH623 | Long             | EC               | CORP              | GB        |    613900 | NS      | $1321000.78   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                                         | United Overseas Bank Ltd. NPV                                                  | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |     95100 | NS      | $2683389.99   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo S.A.                                                       | Sodexo S.A. EUR4                                                               | CUSIP: F84941123<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |      2309 | NS      | $148305.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                                           | GSK plc ORD GBP0.3125                                                          | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    369711 | NS      | $7062869.82   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| United Laboratories International Holdings Ltd                    | United Laboratories International Holdings Ltd HKD0.01                         | CUSIP: G8813K108<br>LEI: 2549007JL3XIH77JXN70 | Long             | EC               | CORP              | KY        |   1072000 | NS      | $2017401.14   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG CHF1 (BR)                                                     | CUSIP: H69293225<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       957 | NS      | $332184.83    | 0.03%             |  |  |  | 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        |       851 | NS      | $146752.04    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VTech Holdings Ltd.                                               | VTech Holdings Ltd. USD0.05                                                    | CUSIP: G9400S132<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    176300 | NS      | $1292960.83   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                                          | Wise PLC CLS A ORD GBP0.01                                                     | CUSIP: G97229101<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |     20039 | NS      | $245847.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Snam S.p.A.                                                       | Snam S.p.A. NPV                                                                | CUSIP: T8578N103<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     57559 | NS      | $298434.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                                      | WIB 0 05/15/25                                                                 | CUSIP: 912797LB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4814100 | NS      | $4789313.88   | 0.48%             | 2025-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nippon Shinyaku Co                                                | Nippon Shinyaku Co NPV                                                         | CUSIP: J55784102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47500 | NS      | $1211826.16   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Jvckenwood Corp.                                                  | Jvckenwood Corp. NPV                                                           | CUSIP: J29697109<br>LEI: 529900GGYCEJXM5Y6961 | Long             | EC               | CORP              | JP        |    112900 | NS      | $951933.48    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| South32 Ltd.                                                      | South32 Ltd. NPV                                                               | CUSIP: Q86668102<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |    124932 | NS      | $251681.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding N.V.                                             | Heineken Holding N.V. EUR1.60                                                  | CUSIP: N39338194<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |      3649 | NS      | $264092.45    | 0.03%             |  |  |  | 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        |     51600 | NS      | $523924.72    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcs Company Limited                                              | Arcs Company Limited NPV                                                       | CUSIP: J0195H107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17700 | NS      | $343329.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                                        | Symrise AG NPV (BR)                                                            | CUSIP: D827A1108<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |      3973 | NS      | $411898.18    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola, S.A.                                                   | Iberdrola, S.A. EUR0.75                                                        | CUSIP: E6165F166<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    166396 | NS      | $2686984.92   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peets N.V                                                     | JDE Peets N.V EUR0.01                                                          | CUSIP: N44664105<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |      4137 | NS      | $90449.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                         | QIAGEN NV COM SHS                                                              | CUSIP: N72482206<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      6071 | NS      | $241186.95    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                              | Macquarie Group Ltd. NPV                                                       | CUSIP: Q57085286<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     45236 | NS      | $5629483.16   | 0.56%             |  |  |  | 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        |     37400 | NS      | $813369.35    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Europris ASA                                                      | Europris ASA NOK1                                                              | CUSIP: R2R97J126<br>LEI: 5967007LIEEXZXGA8G28 | Long             | EC               | CORP              | NO        |     52300 | NS      | $418102.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Inghams Group Ltd.                                                | Inghams Group Ltd. NPV                                                         | CUSIP: Q4912E100<br>LEI: 529900ZZ4VRHSGVBNE41 | Long             | EC               | CORP              | AU        |    511000 | NS      | $1004455.15   | 0.10%             |  |  |  | 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        |      2035 | NS      | $249731.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                                  | Delivery Hero SE NPV                                                           | CUSIP: D1T0KZ103<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |      4827 | NS      | $115740.37    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Reece Ltd.                                                        | Reece Ltd. NPV                                                                 | CUSIP: Q80528138<br>LEI: 254900WJVAXNEIFYYV88 | Long             | EC               | CORP              | AU        |      5861 | NS      | $58153.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SGH Ltd.                                                          | SGH Ltd. NPV                                                                   | CUSIP: Q84384124<br>LEI: 254900DME8O9GCK94794 | Long             | EC               | CORP              | AU        |      6098 | NS      | $191421.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab As                                                         | Genmab As DKK1                                                                 | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      1762 | NS      | $343273.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Redeia Corporacion S.A.                                           | Redeia Corporacion S.A. EUR0.5                                                 | CUSIP: E42807110<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |     11832 | NS      | $237484.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                                       | Investor AB SER'B'NPV                                                          | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |     48909 | NS      | $1458667.08   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijer Ref AB                                                     | Beijer Ref AB SER'B'NPV                                                        | CUSIP: W14029123<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |     11415 | NS      | $160578.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Getlink SE                                                        | Getlink SE EUR0.40                                                             | CUSIP: F4R053105<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |      8984 | NS      | $155162.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                                 | Ashtead Group PLC ORD GBP0.10                                                  | CUSIP: G05320109<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     12197 | NS      | $659296.44    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                              | Infrastrutture Wireless Italiane SpA NPV                                       | CUSIP: T6032P102<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |      8509 | NS      | $90075.92     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Unipol Assicurazioni S.p.A.                                       | Unipol Assicurazioni S.p.A. NPV                                                | CUSIP: T9532W106<br>LEI: 8156005CE5E7340CCA86 | Long             | EC               | CORP              | IT        |     10616 | NS      | $169940.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp.                                                    | Lasertec Corp. NPV                                                             | CUSIP: J38702106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $197685.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Macnica Holdings Inc                                              | Macnica Holdings Inc NPV                                                       | CUSIP: J3923S106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     63900 | NS      | $827137.24    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UBE Corporation                                                   | UBE Corporation NPV                                                            | CUSIP: J93796159<br>LEI: 529900XMRZ2VNF3ZPS69 | Long             | EC               | CORP              | JP        |     16300 | NS      | $237986.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd                                       | Suntory Beverage & Food Ltd NPV                                                | CUSIP: J78186103<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |      4600 | NS      | $151761.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                    | Atlas Copco AB SER'B'NPV                                                       | CUSIP: W1R924229<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     46294 | NS      | $650991.84    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Indutrade AB                                                      | Indutrade AB NPV                                                               | CUSIP: W4939U106<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |      7119 | NS      | $197280.86    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwabo Holdings Co Ltd.                                          | Daiwabo Holdings Co Ltd. NPV                                                   | CUSIP: J1R29Q108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8100 | NS      | $137441.03    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                     | SoftBank Corp NPV                                                              | CUSIP: J75963132<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |    826200 | NS      | $1152528.58   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd.                                     | Nippon Paint Holdings Co Ltd. NPV                                              | CUSIP: J55053128<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |     29900 | NS      | $224535.72    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                                          | Recruit Holdings Co Ltd. NPV                                                   | CUSIP: J6433A101<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     39600 | NS      | $2051726.37   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingboard Holdings Ltd.                                           | Kingboard Holdings Ltd. HKD0.10                                                | CUSIP: G52562140<br>LEI: 529900G89MY26MMSDR76 | Long             | EC               | CORP              | KY        |    480500 | NS      | $1373668.96   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Heijmans NV                                           | Koninklijke Heijmans NV CVA EUR0.30                                            | CUSIP: N3928R264<br>LEI: 724500OUE3PCA809DZ79 | Long             | EC               | CORP              | NL        |      1440 | NS      | $60901.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SalMar ASA                                                        | SalMar ASA NOK0.25                                                             | CUSIP: R7445C102<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |      1736 | NS      | $83460.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottery Corporation Ltd                                           | Lottery Corporation Ltd NPV                                                    | CUSIP: Q56337100<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     65018 | NS      | $194534.85    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DnB Bank ASA                                                      | DnB Bank ASA NOK12.50                                                          | CUSIP: R1R15X100<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     80277 | NS      | $2112303.35   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                                     | Assa Abloy AB SER'B'NPV                                                        | CUSIP: W0817X204<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |     27844 | NS      | $835912.07    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitaland Investment Ltd.                                        | Capitaland Investment Ltd. NPV                                                 | CUSIP: Y1091P105<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |     66500 | NS      | $134496.48    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                                | Smith & Nephew PLC ORD USD0.20                                                 | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |     22356 | NS      | $314238.91    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                                    | Kingfisher PLC ORD GBP0.157142857                                              | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    540899 | NS      | $1781030.88   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                         | Thales SA EUR3                                                                 | CUSIP: F9156M108<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      2777 | NS      | $738188.41    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                                                 | Hannover Rueck SE ORD NPV(REGD)                                                | CUSIP: D3015J135<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |      1746 | NS      | $520410.49    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitas AB                                                      | Securitas AB SER'B'NPV                                                         | CUSIP: W7912C118<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |    115053 | NS      | $1628111.35   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                                 | Wolters Kluwer NV EUR0.12                                                      | CUSIP: N9643A197<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      6710 | NS      | $1044725.28   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Suedzucker AG                                                     | Suedzucker AG NPV                                                              | CUSIP: D82781101<br>LEI: 529900S8QNB101D40S72 | Long             | EC               | CORP              | DE        |     31700 | NS      | $393846.29    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson (publ)                            | Telefonaktiebolaget LM Ericsson (publ) SER'B'NPV                               | CUSIP: W26049119<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    274489 | NS      | $2135732.50   | 0.21%             |  |  |  | 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        |        37 | NS      | $500219.49    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Trend Micro Inc.                                                  | Trend Micro Inc. NPV                                                           | CUSIP: J9298Q104<br>LEI: 3538005O5UJ5RNAGVE16 | Long             | EC               | CORP              | JP        |      3400 | NS      | $229527.17    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd.                                                | Computershare Ltd. NPV                                                         | CUSIP: Q2721E105<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |     15724 | NS      | $387582.43    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                                  | Transurban Group STAPLED UNITS NPV                                             | CUSIP: Q9194A106<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |     88874 | NS      | $748559.66    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd.                                           | Singapore Exchange Ltd. NPV                                                    | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |     22400 | NS      | $221760.85    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc.                                              | Resona Holdings Inc. NPV                                                       | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |     59100 | NS      | $516049.98    | 0.05%             |  |  |  | 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        |     17800 | NS      | $448048.81    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd.                                           | Nitori Holdings Co Ltd. NPV                                                    | CUSIP: J58214131<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $225030.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd.                                                | Shionogi & Co Ltd. NPV                                                         | CUSIP: J74229105<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |    151400 | NS      | $2285340.32   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd.                                              | Yamaha Motor Co Ltd. NPV                                                       | CUSIP: J95776126<br>LEI: 3538004LR5NXILJDHY88 | Long             | EC               | CORP              | JP        |    135400 | NS      | $1084056.06   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd.                                                          | ABB Ltd. CHF0.12 (REGD)                                                        | CUSIP: H0010V101<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     44710 | NS      | $2306944.70   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Adecco Group AG                                                   | Adecco Group AG CHF0.1 (REGD)                                                  | CUSIP: H00392318<br>LEI: NI14Y5UMU60O7JE9P611 | Long             | EC               | CORP              | CH        |     12800 | NS      | $384904.75    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                                       | Equinor ASA NOK2.50                                                            | CUSIP: R2R90P103<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    114232 | NS      | $3016724.34   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                                    | BAWAG Group AG NPV                                                             | CUSIP: A0997C107<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |     16500 | NS      | $1702211.88   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Super Retail Group Ltd.                                           | Super Retail Group Ltd. NPV                                                    | CUSIP: Q88009107<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    122600 | NS      | $997343.15    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd.                                                  | Coles Group Ltd. NPV                                                           | CUSIP: Q26203408<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |     38526 | NS      | $471588.67    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                                                 | Admiral Group PLC ORD GBP0.001                                                 | CUSIP: G0110T106<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |      6879 | NS      | $253885.55    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                              | Schindler Holding AG CHF0.10 (REGD)                                            | CUSIP: H7258G233<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |       640 | NS      | $193953.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                                          | Volvo AB SER'B'NPV                                                             | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    166665 | NS      | $4889677.62   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian S.p.A.                                                   | Prysmian S.p.A. EUR0.10                                                        | CUSIP: T7630L105<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      8013 | NS      | $441092.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                                        | Geberit AG CHF0.10 (REGD)                                                      | CUSIP: H2942E124<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |       909 | NS      | $569476.51    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                                 | Bureau Veritas SA EUR0.12                                                      | CUSIP: F96888114<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |      8775 | NS      | $266235.18    | 0.03%             |  |  |  | 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        |    239430 | NS      | $2326497.58   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Ageas SA/NV                                                       | Ageas SA/NV NPV                                                                | CUSIP: B0148L138<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |     26055 | NS      | $1561828.42   | 0.16%             |  |  |  | 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        |     25907 | NS      | $1592804.36   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| HORNBACH Holding KGaA                                             | HORNBACH Holding KGaA NPV                                                      | CUSIP: D33875119<br>LEI: 529900EGQZ79V21LBL44 | Long             | EC               | CORP              | DE        |      2600 | NS      | $252244.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                               | MTU Aero Engines AG NPV (REGD)                                                 | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |     17485 | NS      | $6075576.45   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted A/S                                                        | Orsted A/S DKK10                                                               | CUSIP: K7653Q105<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |      4586 | NS      | $200275.75    | 0.02%             |  |  |  | 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        |     91839 | NS      | $6279798.28   | 0.63%             |  |  |  | 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        |      8949 | NS      | $79672.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                              | Dassault Aviation SA EUR0.80                                                   | CUSIP: F24539169<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |       559 | NS      | $184317.35    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes                                                 | Dassault Systemes EUR0.10                                                      | CUSIP: F24571451<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     19478 | NS      | $741582.85    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                                | Teleperformance SE EUR2.50                                                     | CUSIP: F9120F106<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      1554 | NS      | $156256.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMerieux SA                                                     | BioMerieux SA NPV                                                              | CUSIP: F1149Y232<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |      1395 | NS      | $172434.09    | 0.02%             |  |  |  | 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        |      3769 | NS      | $317767.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Verallia                                                          | Verallia EUR3.38                                                               | CUSIP: F96976117<br>LEI: 5299007YZU978DE0ZY32 | Long             | EC               | CORP              | FR        |     42600 | NS      | $1322982.42   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| CVC Capital Partners PLC                                          | CVC Capital Partners PLC ORD NPV                                               | CUSIP: G2716N103<br>LEI: 213800E8UQS1KA32YD39 | Long             | EC               | CORP              | JE        |      5869 | NS      | $116431.35    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Sage Group PLC                                                | The Sage Group PLC GBP0.01051948                                               | CUSIP: G7771K142<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |     28890 | NS      | $453396.74    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                                       | Informa PLC ORD GBP0.001                                                       | CUSIP: G4770L106<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |     37980 | NS      | $380724.58    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Reinsurance AG                                             | Munich Reinsurance AG NPV(REGD)                                                | CUSIP: D55535104<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |      3772 | NS      | $2382858.65   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe BIC SA                                                    | Societe BIC SA EUR3.82                                                         | CUSIP: F10080103<br>LEI: 969500UR00DF63I0VH67 | Long             | EC               | CORP              | FR        |      2800 | NS      | $189530.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC                                             | Auto Trader Group PLC ORD GBP0.01                                              | CUSIP: G06708104<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     27501 | NS      | $265853.92    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banque Cantonale Vaudoise                                         | Banque Cantonale Vaudoise CHF1 (REGD)                                          | CUSIP: H04825354<br>LEI: K1MOBB3OPSBBQO554R76 | Long             | EC               | CORP              | CH        |       935 | NS      | $102169.88    | 0.01%             |  |  |  | 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        |      3333 | NS      | $403506.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                              | Ryanair Holdings PLC ORD EUR0.006                                              | CUSIP: G7727C186<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     34000 | NS      | $687069.44    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.Com Limited                                                | Monday.Com Limited SHS                                                         | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      1096 | NS      | $266503.36    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO Corp.                                                       | DISCO Corp. NPV                                                                | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19600 | NS      | $4002744.72   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS Inc.                                                          | TIS Inc. NPV                                                                   | CUSIP: J8T622102<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |      6400 | NS      | $177106.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanamoto Co Ltd                                                   | Kanamoto Co Ltd NPV                                                            | CUSIP: J29557105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     59200 | NS      | $1285426.50   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Komeri Co Ltd                                                     | Komeri Co Ltd NPV                                                              | CUSIP: J3590M101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23400 | NS      | $463066.81    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Soda Co Ltd.                                               | Nippon Soda Co Ltd. NPV                                                        | CUSIP: J55870109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     56400 | NS      | $1095918.93   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                          | Japan Exchange Group Inc NPV                                                   | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |     28400 | NS      | $292262.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwa Co Ltd                                                      | Hanwa Co Ltd NPV                                                               | CUSIP: J18774166<br>LEI: 8EUP1TJYZFX3T1E5AJ33 | Long             | EC               | CORP              | JP        |     28800 | NS      | $943852.45    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Leasing Co Ltd.                                             | Ricoh Leasing Co Ltd. NPV                                                      | CUSIP: J64694102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     22900 | NS      | $841878.38    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Demant A/S                                                        | Demant A/S DKK0.20                                                             | CUSIP: K3008M105<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |      2993 | NS      | $100582.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd.                                        | CK Hutchison Holdings Ltd. HKD1                                                | CUSIP: G21765105<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |    432417 | NS      | $2437507.89   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology S.A.                                           | Spotify Technology S.A. SHS                                                    | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      4412 | NS      | $2426732.43   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.Com Limited                                                | Monday.Com Limited SHS                                                         | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     20000 | NS      | $4863200.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                                     | Koninklijke Ahold Delhaize NV EUR0.01                                          | CUSIP: N0074E105<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    126321 | NS      | $4718742.53   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                                    | BE Semiconductor Industries NV EUR0.01                                         | CUSIP: N13107144<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |      2527 | NS      | $264088.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd.                                            | Genting Singapore Ltd. NPV                                                     | CUSIP: Y2692C139<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |    191627 | NS      | $106332.27    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexi S.p.A.                                                       | Nexi S.p.A. NPV                                                                | CUSIP: T6S18J104<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |     14948 | NS      | $79725.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swisscom AG                                                       | Swisscom AG CHF1(REGD)                                                         | CUSIP: H8398N104<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |       728 | NS      | $419511.24    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Acciona SA                                                        | Acciona SA EUR1                                                                | CUSIP: E0008Z109<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |       733 | NS      | $95937.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                                       | Bayerische Motoren Werke AG EUR1                                               | CUSIP: D12096109<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     35196 | NS      | $2838121.02   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                                          | Accor SA EUR3                                                                  | CUSIP: F00189120<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |      6062 | NS      | $276460.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                 | HSBC Holdings PLC ORD USD0.50                                                  | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    761681 | NS      | $8633837.34   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                            | BP PLC ORD USD0.25                                                             | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    786948 | NS      | $4415437.66   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                          | Infineon Technologies AG ORD NPV (REGD)                                        | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     61319 | NS      | $2044068.92   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Corp                                                        | Nokia Corp NPV                                                                 | CUSIP: X61873133<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    428571 | NS      | $2257202.74   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                            | Chocoladefabriken Lindt & Spruengli AG CHF100 (REGD)                           | CUSIP: H49983176<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |         2 | NS      | $262451.88    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonae SGPS SA                                                     | Sonae SGPS SA EUR1                                                             | CUSIP: X8252W176<br>LEI: 549300847SOBT7HY7R50 | Long             | EC               | CORP              | PT        |    174000 | NS      | $199811.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BT Group PLC                                                      | BT Group PLC ORD GBP0.05                                                       | CUSIP: G16612106<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |   1119467 | NS      | $2400498.60   | 0.24%             |  |  |  | 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        |    348760 | NS      | $1609728.27   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                          | Next PLC ORD GBP0.10                                                           | CUSIP: G6500M106<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |      3280 | NS      | $472356.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouygues SA                                                       | Bouygues SA EUR1                                                               | CUSIP: F11487125<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |     44910 | NS      | $1770373.84   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                                         | Airbus SE EUR1                                                                 | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     16799 | NS      | $2958072.16   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                            | EDP SA EUR1(REGD)                                                              | CUSIP: X67925119<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |     85542 | NS      | $287850.14    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller-Maersk                                                  | AP Moller-Maersk SER'A'DKK1000                                                 | CUSIP: K0514G135<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        89 | NS      | $152457.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                           | Fresenius SE & Co. KGaA NPV                                                    | CUSIP: D27348263<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     33571 | NS      | $1433273.38   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                   | Danske Bank A/S DKK10                                                          | CUSIP: K22272114<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    112852 | NS      | $3693806.48   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Post AG                                                  | Deutsche Post AG NPV(REGD)                                                     | CUSIP: D19225107<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |     57547 | NS      | $2470689.57   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                                            | ASM International N.V. EUR0.04                                                 | CUSIP: N07045201<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      1309 | NS      | $596504.30    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International                                              | Hermes International NPV                                                       | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       912 | NS      | $2399588.34   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                               | Erste Group Bank AG NPV                                                        | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     28692 | NS      | $1984662.80   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Barry Callebaut AG                                                | Barry Callebaut AG CHF0.02 (REGD)                                              | CUSIP: H05072105<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |        92 | NS      | $121846.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| A2A S.p.A.                                                        | A2A S.p.A. EUR0.52                                                             | CUSIP: T0579B105<br>LEI: 81560076E3944316DB24 | Long             | EC               | CORP              | IT        |    659100 | NS      | $1588471.58   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortum Oyj                                                        | Fortum Oyj EUR3.40                                                             | CUSIP: X2978Z118<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |     11470 | NS      | $187827.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                                            | UCB SA NPV                                                                     | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |      3716 | NS      | $654258.72    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                                         | Repsol SA EUR1                                                                 | CUSIP: E8471S130<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |    219075 | NS      | $2908782.96   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                                            | Sanofi EUR2                                                                    | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     74885 | NS      | $8291433.32   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                                  | Deutsche Bank AG ORD NPV(REGD)                                                 | CUSIP: D18190898<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    230061 | NS      | $5484018.81   | 0.55%             |  |  |  | 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        |      1521 | NS      | $114742.12    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bekaert SA                                                        | Bekaert SA NPV                                                                 | CUSIP: B6346B111<br>LEI: 5493008SR6XZECH6BN71 | Long             | EC               | CORP              | BE        |      3600 | NS      | $129356.78    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                                              | Koninklijke KPN N.V. EUR0.04                                                   | CUSIP: N4297B146<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |    112632 | NS      | $477072.25    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                             | Societe Generale S.A. EUR1.25                                                  | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     60361 | NS      | $2723129.16   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Givaudan SA                                                       | Givaudan SA CHF10                                                              | CUSIP: H3238Q102<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |       267 | NS      | $1146225.86   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group Ltd.                                       | Zurich Insurance Group Ltd. CHF0.10                                            | CUSIP: H9870Y105<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |      4137 | NS      | $2887659.61   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp.                                                       | Aisin Corp. NPV                                                                | CUSIP: J00714105<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |     14100 | NS      | $154012.79    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Amada Co Ltd                                                      | Amada Co Ltd NPV                                                               | CUSIP: J01218106<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     92500 | NS      | $900913.01    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Technologies Engineering Ltd.                           | Singapore Technologies Engineering Ltd. NPV                                    | CUSIP: Y7996W103<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     47200 | NS      | $237045.69    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                                        | Asics Corp NPV                                                                 | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     17400 | NS      | $369011.79    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd.                                                          | ASX Ltd. NPV                                                                   | CUSIP: Q0604U105<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |      4960 | NS      | $203279.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Harvey Norman Holdings Ltd.                                       | Harvey Norman Holdings Ltd. NPV                                                | CUSIP: Q4525E117<br>LEI: 529900ONRWOF42PYKU59 | Long             | EC               | CORP              | AU        |    177800 | NS      | $559219.31    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co.                                         | Central Japan Railway Co. NPV                                                  | CUSIP: J05523105<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |     22700 | NS      | $432983.15    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Citizen Watch Co Ltd                                              | Citizen Watch Co Ltd NPV                                                       | CUSIP: J0793Q103<br>LEI: 529900DUZBKERKGQ2628 | Long             | EC               | CORP              | JP        |    159100 | NS      | $952044.97    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                                      | Cochlear Ltd ORD NPV                                                           | CUSIP: Q25953102<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |     29941 | NS      | $4934560.02   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Cycle & Carriage Ltd.                                     | Jardine Cycle & Carriage Ltd. NPV                                              | CUSIP: Y43703100<br>LEI: 254900WEP6OCEXFWML09 | Long             | EC               | CORP              | SG        |     71800 | NS      | $1409242.53   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd.                                    | Insurance Australia Group Ltd. NPV                                             | CUSIP: Q49361100<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |     68202 | NS      | $331772.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd.                                                     | MTR Corp Ltd. NPV                                                              | CUSIP: Y6146T101<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |     40000 | NS      | $131046.41    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd.                                            | Fast Retailing Co Ltd. NPV                                                     | CUSIP: J1346E100<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |     14000 | NS      | $4167679.61   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| GPT Group (The)                                                   | GPT Group (The) NPV (STAPLED SECURITIES)                                       | CUSIP: Q4252X155<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     55262 | NS      | $151573.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Building Fund Inc.                                         | Nippon Building Fund Inc. REIT                                                 | CUSIP: J52088101<br>LEI: 52990053R8NL2MB32172 | Long             | EC               | CORP              | JP        |       225 | NS      | $191112.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kamigumi Co Ltd                                                   | Kamigumi Co Ltd NPV                                                            | CUSIP: J29438165<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23500 | NS      | $549982.93    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kikkoman Corp                                                     | Kikkoman Corp NPV                                                              | CUSIP: J32620106<br>LEI: 529900T9K5UH9HXOND47 | Long             | EC               | CORP              | JP        |     20200 | NS      | $194863.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuraray Co Ltd                                                    | Kuraray Co Ltd NPV                                                             | CUSIP: J37006137<br>LEI: 549300W9JPTOE739QZ31 | Long             | EC               | CORP              | JP        |     92600 | NS      | $1141061.23   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Metropole Television-(M6)                                         | Metropole Television-(M6) EUR0.40                                              | CUSIP: F62379114<br>LEI: 96950018NOMJX5XRH047 | Long             | EC               | CORP              | FR        |     37700 | NS      | $566429.01    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc.                                                 | Ajinomoto Co Inc. NPV                                                          | CUSIP: J00882126<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |     26600 | NS      | $526619.18    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JFE Holdings, Inc.                                                | JFE Holdings, Inc. NPV                                                         | CUSIP: J2817M100<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |     15800 | NS      | $193968.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncorp Group Ltd.                                                | Suncorp Group Ltd. NPV                                                         | CUSIP: Q88040334<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |     32587 | NS      | $394683.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Yue Yuen Industrial (Holdings) Limited                            | Yue Yuen Industrial (Holdings) Limited HKD0.25                                 | CUSIP: G98803144<br>LEI: 254900YUFIBANZ1XU687 | Long             | EC               | CORP              | BM        |    621000 | NS      | $997723.62    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sojitz Corp.                                                      | Sojitz Corp. NPV                                                               | CUSIP: J7608R119<br>LEI: 5493004SE33MRLPB1W98 | Long             | EC               | CORP              | JP        |     59300 | NS      | $1306986.66   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Gas Chemical Co Inc.                                   | Mitsubishi Gas Chemical Co Inc. NPV                                            | CUSIP: J43959113<br>LEI: 529900G5O4J27ZPLJJ89 | Long             | EC               | CORP              | JP        |     55400 | NS      | $865551.10    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Chemicals Inc.                                             | Mitsui Chemicals Inc. NPV                                                      | CUSIP: J4466L136<br>LEI: 353800H2UB5ZEZRZQC02 | Long             | EC               | CORP              | JP        |     21200 | NS      | $476166.12    | 0.05%             |  |  |  | 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        |      9900 | NS      | $344690.37    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NGK Insulators Ltd                                                | NGK Insulators Ltd NPV                                                         | CUSIP: J49076110<br>LEI: 353800701BNCL25VYY16 | Long             | EC               | CORP              | JP        |     78300 | NS      | $964733.47    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Minebea Mitsumi Inc.                                              | Minebea Mitsumi Inc. NPV                                                       | CUSIP: J42884130<br>LEI: 353800CCB0CZ75YZ4010 | Long             | EC               | CORP              | JP        |     11600 | NS      | $169551.44    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Limited                                                      | Nice Limited ILS1                                                              | CUSIP: M7494X101<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      1829 | NS      | $282324.42    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp.                                                     | Olympus Corp. NPV                                                              | CUSIP: J61240107<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     33100 | NS      | $433303.17    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd.                                               | Qantas Airways Ltd. NPV                                                        | CUSIP: Q77974550<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |    347054 | NS      | $1978608.74   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sankyo Co Ltd                                                     | Sankyo Co Ltd NPV                                                              | CUSIP: J67844100<br>LEI: 3538009H2R9ZBZAOAK48 | Long             | EC               | CORP              | JP        |    122800 | NS      | $1794482.88   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd.                                           | Singapore Airlines Ltd. NPV                                                    | CUSIP: Y7992P128<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |     37800 | NS      | $190416.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland Corp Ltd.                                               | Stockland Corp Ltd. NPV (STAPLED)                                              | CUSIP: Q8773B105<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     71065 | NS      | $219275.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Heavy Industries Ltd                                     | Sumitomo Heavy Industries Ltd NPV                                              | CUSIP: J77497170<br>LEI: 353800VSTEIRMBC3S374 | Long             | EC               | CORP              | JP        |     35100 | NS      | $719008.95    | 0.07%             |  |  |  | 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        |      6500 | NS      | $142082.39    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp.                                                      | Sysmex Corp. NPV                                                               | CUSIP: J7864H102<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |     14300 | NS      | $272987.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Toho Co Ltd.                                                      | Toho Co Ltd. NPV                                                               | CUSIP: J84764117<br>LEI: 529900IYHHYWU4O3H185 | Long             | EC               | CORP              | JP        |      3700 | NS      | $183852.11    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                                | Deutsche Boerse AG NPV(REGD)                                                   | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |      5323 | NS      | $1570607.72   | 0.16%             |  |  |  | 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        |      5054 | NS      | $190326.96    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                                           | Eni SpA NPV                                                                    | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    132376 | NS      | $2047403.78   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Life Holding AG                                             | Swiss Life Holding AG CHF0.1 (REGD)                                            | CUSIP: H8404J162<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |       822 | NS      | $749918.40    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Gecina SA                                                         | Gecina SA EUR7.50                                                              | CUSIP: F4268U171<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |      1177 | NS      | $110442.49    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Covivio SA                                                        | Covivio SA EUR3                                                                | CUSIP: F2R22T119<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |      1830 | NS      | $102437.80    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                                          | Sea Ltd. SPONSORD ADS                                                          | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     10508 | NS      | $1371188.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                                       | Shopify Inc COM NPV CL A                                                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     50500 | NS      | $4821740.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Wienerberger AG                                                   | Wienerberger AG NPV                                                            | CUSIP: A95384110<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |     33500 | NS      | $1116728.35   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| AGL Energy Ltd.                                                   | AGL Energy Ltd. NPV                                                            | CUSIP: Q01630195<br>LEI: 549300QAZ8A74DEDXO80 | Long             | EC               | CORP              | AU        |    257800 | NS      | $1701645.81   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| PRO Medicus Ltd.                                                  | PRO Medicus Ltd. NPV                                                           | CUSIP: Q77301101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      1772 | NS      | $224292.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| REA Group Ltd.                                                    | REA Group Ltd. ORD NPV                                                         | CUSIP: Q8051B108<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |      1583 | NS      | $219633.16    | 0.02%             |  |  |  | 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        |    114667 | NS      | $158778.89    | 0.02%             |  |  |  | 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        |     40127 | NS      | $362639.88    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                                          | Engie SA EUR1                                                                  | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    149600 | NS      | $2915088.55   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                                         | Alstom SA EUR7.00                                                              | CUSIP: F0259M475<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |      9600 | NS      | $212647.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo S.p.A.                                                   | Leonardo S.p.A. NPV                                                            | CUSIP: T6S996112<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |     40443 | NS      | $1969533.62   | 0.20%             |  |  |  | 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        |     63300 | NS      | $916641.46    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc.                                        | Bandai Namco Holdings Inc. NPV                                                 | CUSIP: Y0606D102<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |     16400 | NS      | $550178.58    | 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        |    220300 | NS      | $1088608.81   | 0.11%             |  |  |  | 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        |     70567 | NS      | $330689.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Arkema SA                                                         | Arkema SA EUR10                                                                | CUSIP: F0392W125<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |      1463 | NS      | $112023.94    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Investec PLC                                                      | Investec PLC ORD GBP0.0002                                                     | CUSIP: G49188116<br>LEI: 2138007Z3U5GWDN3MY22 | Long             | EC               | CORP              | GB        |    163800 | NS      | $1013514.34   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                                      | Experian PLC ORD USD0.10                                                       | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    126062 | NS      | $5839514.47   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                                  | Severn Trent PLC ORD GBP0.9789                                                 | CUSIP: G8056D159<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      7374 | NS      | $241314.47    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd.                                                     | Brambles Ltd. NPV                                                              | CUSIP: Q6634U106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     38290 | NS      | $483727.44    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                                              | Galp Energia SGPS SA EUR1                                                      | CUSIP: X3078L108<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     11486 | NS      | $201235.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread Group PLC                                               | Whitbread Group PLC ORD GBP0.76797385                                          | CUSIP: G9606P197<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      5763 | NS      | $183512.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SCOR SE                                                           | SCOR SE EUR7.876972                                                            | CUSIP: F15561677<br>LEI: 96950056ULJ4JI7V3752 | Long             | EC               | CORP              | FR        |     35600 | NS      | $1028124.19   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                                            | SKF AB SER'B'NPV                                                               | CUSIP: W84237143<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |     81191 | NS      | $1644814.34   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB (publ)                                          | Industrivarden AB (publ) SER'C'NPV                                             | CUSIP: W45430126<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |      4672 | NS      | $171635.98    | 0.02%             |  |  |  | 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        |     17954 | NS      | $236888.50    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                                              | Banco de Sabadell SA EUR0.125                                                  | CUSIP: E15819191<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |    147479 | NS      | $414071.52    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                                          | Vinci SA EUR2.50                                                               | CUSIP: F5879X108<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     14210 | NS      | $1791320.20   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                                | Anglo American PLC ORD USD0.54945                                              | CUSIP: G03764134<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     37100 | NS      | $1039615.06   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                         | Danone SA EUR0.25                                                              | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     17927 | NS      | $1371155.55   | 0.14%             |  |  |  | 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        |     16347 | NS      | $3105043.69   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                                       | Reckitt Benckiser Group PLC ORD GBP0.10                                        | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     35016 | NS      | $2366906.09   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                                          | Relx PLC ORD GBP0.1444                                                         | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     52674 | NS      | $2645180.63   | 0.26%             |  |  |  | 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        |     18716 | NS      | $244085.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                                               | Amadeus IT Group SA EUR0.01                                                    | CUSIP: E04648114<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |     68612 | NS      | $5254528.51   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                                       | Pandora A/S DKK1                                                               | CUSIP: K7681L102<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      2470 | NS      | $378555.40    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| D'Ieteren Group                                                   | D'Ieteren Group NPV                                                            | CUSIP: B49343187<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |       702 | NS      | $120927.65    | 0.01%             |  |  |  | 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        |     14481 | NS      | $1003765.44   | 0.10%             |  |  |  | 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        |    308600 | NS      | $2336062.92   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                                       | Brenntag SE NPV                                                                | CUSIP: D12459117<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |      3305 | NS      | $214222.78    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss RE AG                                                       | Swiss RE AG CHF0.10                                                            | CUSIP: H8431B109<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |     34069 | NS      | $5797824.00   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc.                                                 | ANA Holdings Inc. NPV                                                          | CUSIP: J0156Q112<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |      5500 | NS      | $101523.11    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                                          | Asahi Group Holdings Ltd NPV                                                   | CUSIP: J02100113<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     42100 | NS      | $537893.57    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd.                                                  | Sands China Ltd. USD0.01                                                       | CUSIP: G7800X107<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |     71600 | NS      | $143635.65    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Holdings Co Ltd.                                           | Otsuka Holdings Co Ltd. NPV                                                    | CUSIP: J63117105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12900 | NS      | $672218.87    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SEGRO PLC                                                         | SEGRO PLC ORD GBP0.10                                                          | CUSIP: G80277141<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               | CORP              | GB        |     35998 | NS      | $321868.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Meiji Holdings Co Ltd.                                            | Meiji Holdings Co Ltd. NPV                                                     | CUSIP: J41729104<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      6100 | NS      | $132175.47    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Wine Estates Ltd.                                        | Treasury Wine Estates Ltd. NPV                                                 | CUSIP: Q9194S107<br>LEI: 529900LVOPJGAX6ILK66 | Long             | EC               | CORP              | AU        |     24553 | NS      | $150540.56    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                                           | Novonesis (Novozymes) B SER'B'DKK2                                             | CUSIP: K7317J133<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     10058 | NS      | $585642.37    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotus Bakeries                                                    | Lotus Bakeries NPV                                                             | CUSIP: B5783H102<br>LEI: 5493004C0K34IFI67I03 | Long             | EC               | CORP              | BE        |        13 | NS      | $115570.97    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bpost SA                                                          | Bpost SA NPV                                                                   | CUSIP: B1306V108<br>LEI: 5493008AAX0BESN9WN06 | Long             | EC               | CORP              | BE        |     27434 | NS      | $43084.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd.                                                        | Aegon Ltd. EUR0.12                                                             | CUSIP: G0112X105<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | BM        |    165318 | NS      | $1085784.04   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Forbo Holdings AG                                                 | Forbo Holdings AG CHF0.10 (REGD)                                               | CUSIP: H26865214<br>LEI: 506700HR073894C16243 | Long             | EC               | CORP              | CH        |       400 | NS      | $364858.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Interroll Holding AG                                              | Interroll Holding AG CHF1 (REGD)                                               | CUSIP: H4247Q117<br>LEI: 529900MU4QAEI94TB543 | Long             | EC               | CORP              | CH        |      2000 | NS      | $4739214.66   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| INFICON Holding AG                                                | INFICON Holding AG CHF5 (REGD)                                                 | CUSIP: H7190K102<br>LEI: 5067008UT6890I0YM937 | Long             | EC               | CORP              | CH        |      1100 | NS      | $1154214.13   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| EFG International AG                                              | EFG International AG CHF0.50 (REGD)                                            | CUSIP: H2078C108<br>LEI: 506700PR1R98BSF81139 | Long             | EC               | CORP              | CH        |     66700 | NS      | $994948.54    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolta AG                                                         | Avolta AG CHF5 (REGD)                                                          | CUSIP: H2082J107<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |     42906 | NS      | $1879478.06   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa                                 | Compagnie Financiere Richemont Sa CHF1 (REGD)                                  | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     15442 | NS      | $2695647.13   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                      | UBS Group AG USD0.10 (REGD)                                                    | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    121339 | NS      | $3726878.55   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                                          | Alcon AG CHF0.04                                                               | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     74328 | NS      | $7052613.09   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                                                   | Sandoz Group AG CHF0.05                                                        | CUSIP: H7140B103<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     20590 | NS      | $863422.01    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                                                        | Scout24 SE NPV                                                                 | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |     38067 | NS      | $3986483.23   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                                    | Rheinmetall AG NPV                                                             | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      1256 | NS      | $1797244.47   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Traton SE                                                         | Traton SE NPV (NEW)                                                            | CUSIP: D8T4KC101<br>LEI: 529900UIMQRKPFN6SV80 | Long             | EC               | CORP              | DE        |     47300 | NS      | $1601952.24   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                                        | Vonovia SE NPV                                                                 | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     21517 | NS      | $579031.14    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hugo Boss AG                                                      | Hugo Boss AG NPV (REGD)                                                        | CUSIP: D34902102<br>LEI: 529900LFVU534EBRXD13 | Long             | EC               | CORP              | DE        |     37700 | NS      | $1433287.14   | 0.14%             |  |  |  | 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        |      5211 | NS      | $334699.44    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Evonik Industries AG                                              | Evonik Industries AG NPV                                                       | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |      6758 | NS      | $146507.12    | 0.01%             |  |  |  | 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        |      2962 | NS      | $148345.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                           | Siemens Healthineers AG NPV                                                    | CUSIP: D6T479107<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |      7731 | NS      | $417091.42    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                                        | Zalando SE NPV                                                                 | CUSIP: D98423102<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |      6348 | NS      | $220183.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rockwool A/S                                                      | Rockwool A/S SER'B'DKK10                                                       | CUSIP: K8254S144<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |      2698 | NS      | $1118343.22   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast AS                                                      | Coloplast AS SER'B'DKK1                                                        | CUSIP: K16018192<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |      3704 | NS      | $388489.12    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Scandinavian Tobacco Group A/s                                    | Scandinavian Tobacco Group A/s DKK1                                            | CUSIP: K8553U105<br>LEI: 5299003KG4JS99TRML67 | Long             | EC               | CORP              | DK        |     49900 | NS      | $727564.43    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems AS                                            | Vestas Wind Systems AS DKK0.20                                                 | CUSIP: K9773J201<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     28517 | NS      | $394518.50    | 0.04%             |  |  |  | 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        |     15789 | NS      | $561281.09    | 0.06%             |  |  |  | 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        |     30683 | NS      | $1527768.72   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| International Consolidated Airlines Group S.A.                    | International Consolidated Airlines Group S.A. ORD EUR0.10 (CDI)               | CUSIP: E67674106<br>LEI: 959800TZHQRUSH1ESL13 | Long             | EC               | CORP              | ES        |    428700 | NS      | $1213819.75   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ United SA                                                     | FDJ United SA EUR0.40                                                          | CUSIP: F55896108<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |      2680 | NS      | $84329.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Konecranes Oyj                                                    | Konecranes Oyj NPV                                                             | CUSIP: X4550J108<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |     17900 | NS      | $1145564.80   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                                                        | Bollore SE EUR0.16                                                             | CUSIP: F10659260<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |     23789 | NS      | $139365.87    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                                         | Amundi SA EUR2.5                                                               | CUSIP: F0300Q103<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |      1705 | NS      | $133579.34    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercialys S.A.                                                    | Mercialys S.A. EUR1                                                            | CUSIP: F61573105<br>LEI: 969500081CGAXB7YS433 | Long             | EC               | CORP              | FR        |     81600 | NS      | $1023459.25   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd.                                       | Hongkong Land Holdings Ltd. ORD USD0.10(BERMUDA REG)                           | CUSIP: G4587L109<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |     28600 | NS      | $110396.00    | 0.01%             |  |  |  | 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        |      4553 | NS      | $490106.01    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Intermediate Capital Group PLC                                    | Intermediate Capital Group PLC ORD GBP0.2625                                   | CUSIP: G4807D192<br>LEI: 549300OGASR5WRKJ8R68 | Long             | EC               | RF                | GB        |    230000 | NS      | $5854964.69   | 0.58%             |  |  |  | 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        |     79091 | NS      | $69914.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitie Group PLC                                                   | Mitie Group PLC ORD GBP0.025                                                   | CUSIP: G6164F157<br>LEI: 213800MTCLTKEHWZMJ03 | Long             | EC               | CORP              | GB        |    711500 | NS      | $1060894.52   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Drax Group PLC                                                    | Drax Group PLC ORD GBP0.1155172                                                | CUSIP: G2904K127<br>LEI: 549300YPSNTXR4ZHSR98 | Long             | EC               | CORP              | GB        |    194000 | NS      | $1466013.98   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NMC Health PLC                                                    | NMC Health PLC ORD GBP0.10                                                     | CUSIP: G65836101<br>LEI: 2138008YQEVWBE1V2M52 | Long             | EC               | CORP              | GB        |       305 | NS      | $19.70        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| M&G PLC                                                           | M&G PLC ORD GBP0.05                                                            | CUSIP: G6107R102<br>LEI: 254900TWUJUQ44TQJY84 | Long             | EC               | CORP              | GB        |     56506 | NS      | $145520.66    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                                            | Melrose Industries PLC ORD GBP0.001                                            | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |     38951 | NS      | $240388.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                         | Shell PLC ORD EUR0.07                                                          | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    340218 | NS      | $12381912.75  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Kasei Corp.                                                 | Asahi Kasei Corp. NPV                                                          | CUSIP: J0242P110<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |     36200 | NS      | $253785.95    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AGC Inc.                                                          | AGC Inc. NPV                                                                   | CUSIP: J0025W100<br>LEI: JE4WFFEELMVPFZ0G1E77 | Long             | EC               | CORP              | JP        |      8100 | NS      | $246586.33    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Computacenter PLC                                                 | Computacenter PLC ORD GBP0.075555                                              | CUSIP: G23356150<br>LEI: 549300XSXUZ1I19DB105 | Long             | EC               | CORP              | GB        |     21000 | NS      | $666367.04    | 0.07%             |  |  |  | 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        |     18729 | NS      | $133369.25    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Georg Fischer AG                                                  | Georg Fischer AG CHF0.05 (REGD) (POST SPLIT)                                   | CUSIP: H26091274<br>LEI: 529900CMRQYW4U1W2456 | Long             | EC               | CORP              | CH        |     27000 | NS      | $1976100.47   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Helvetia Holding AG                                               | Helvetia Holding AG CHF0.02 (REGD) POST SUBD                                   | CUSIP: H3701P102<br>LEI: 529900SUJBXTORH0LT80 | Long             | EC               | CORP              | CH        |      1042 | NS      | $216123.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sig Group AG                                                      | Sig Group AG CHF0.01                                                           | CUSIP: H76406117<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |    258472 | NS      | $4778988.04   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| VAT Group AG                                                      | VAT Group AG CHF0.10 (REGD)                                                    | CUSIP: H90508104<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |      7741 | NS      | $2790337.32   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC                                                | Kingspan Group PLC ORD EUR0.13                                                 | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |      4328 | NS      | $349609.16    | 0.03%             |  |  |  | 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        |    169516 | NS      | $2002892.39   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ltd                                                          | Nova Ltd ILS0.01                                                               | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |       835 | NS      | $155024.31    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Plus500 Ltd.                                                      | Plus500 Ltd. ORD ILS0.01 (DI)                                                  | CUSIP: M7S2CK109<br>LEI: 549300X8NGW9C5OJZU13 | Long             | EC               | CORP              | IL        |     11200 | NS      | $396703.43    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                                                        | Entain PLC ORD EUR0.01                                                         | CUSIP: G3167C109<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |     19371 | NS      | $146306.33    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Piaggio & C. S.p.A.                                               | Piaggio & C. S.p.A. NPV                                                        | CUSIP: T74237107<br>LEI: 8156000256C2431C2E92 | Long             | EC               | CORP              | IT        |    305100 | NS      | $632906.74    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Amplifon S.p.A.                                                   | Amplifon S.p.A. EUR0.02                                                        | CUSIP: T0388E118<br>LEI: ZYXJDNVM2JI3VBM8G556 | Long             | EC               | CORP              | IT        |      3007 | NS      | $61045.45     | 0.01%             |  |  |  | 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        |     37849 | NS      | $385154.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hosiden Corp                                                      | Hosiden Corp NPV                                                               | CUSIP: J22470108<br>LEI: 353800IQGIGW1XT2JX97 | Long             | EC               | CORP              | JP        |     64800 | NS      | $864331.40    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Itoham Yonekyu Holdings Inc                                       | Itoham Yonekyu Holdings Inc NPV                                                | CUSIP: J25898115<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17320 | NS      | $484052.03    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Jaccs Co Ltd                                                      | Jaccs Co Ltd NPV                                                               | CUSIP: J26609107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16500 | NS      | $433288.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaga Electronics Co Ltd.                                          | Kaga Electronics Co Ltd. NPV                                                   | CUSIP: J28922102<br>LEI: 3538005V2HARHWLTPJ42 | Long             | EC               | CORP              | JP        |     26600 | NS      | $479552.04    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Scsk Corp                                                         | Scsk Corp NPV                                                                  | CUSIP: J70081104<br>LEI: 529900SNGFXMSUBB7864 | Long             | EC               | CORP              | JP        |      5300 | NS      | $131056.79    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Forestry Co Ltd.                                         | Sumitomo Forestry Co Ltd. NPV                                                  | CUSIP: J77454122<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     31400 | NS      | $946665.20    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokuyama Corp                                                     | Tokuyama Corp NPV                                                              | CUSIP: J86506110<br>LEI: 529900MHGZKHNMNCQB62 | Long             | EC               | CORP              | JP        |     54400 | NS      | $1020157.10   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Metro Co Ltd                                                | Tokyo Metro Co Ltd NPV                                                         | CUSIP: J8T324105<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |      8100 | NS      | $98432.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Valor Holdings Co Ltd                                             | Valor Holdings Co Ltd NPV                                                      | CUSIP: J94512100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13900 | NS      | $221886.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Holdings Co Ltd.                                               | SG Holdings Co Ltd. NPV                                                        | CUSIP: J7134P108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8100 | NS      | $80780.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd.                                                    | Capcom Co Ltd. NPV                                                             | CUSIP: J05187109<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |     10800 | NS      | $266560.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Concordia Financial Group Ltd.                                    | Concordia Financial Group Ltd. NPV                                             | CUSIP: J08613101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30900 | NS      | $205146.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sankyu Inc                                                        | Sankyu Inc NPV                                                                 | CUSIP: J68037100<br>LEI: 529900QWTXZZEM1T5G75 | Long             | EC               | CORP              | JP        |      5200 | NS      | $213701.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Co Ltd.                                                     | Hulic Co Ltd. NPV                                                              | CUSIP: J23594112<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |     11300 | NS      | $108471.08    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| M3, Inc.                                                          | M3, Inc. NPV                                                                   | CUSIP: J4697J108<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |     12000 | NS      | $137081.31    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Screen Holdings Co Ltd.                                           | Screen Holdings Co Ltd. NPV                                                    | CUSIP: J6988U114<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |     18000 | NS      | $1174346.46   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsubakimoto Chain Co                                              | Tsubakimoto Chain Co NPV                                                       | CUSIP: J93020105<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     89100 | NS      | $1104394.58   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Express Holdings Inc                                       | Nippon Express Holdings Inc NPV                                                | CUSIP: J53377107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     68100 | NS      | $1240430.10   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airlines Co Ltd.                                            | Japan Airlines Co Ltd. NPV                                                     | CUSIP: J25979121<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |      4600 | NS      | $78794.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc                                                | Hikari Tsushin Inc NPV                                                         | CUSIP: J1949F108<br>LEI: 3538001SOIIV8U3OXH94 | Long             | EC               | CORP              | JP        |       500 | NS      | $129047.15    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrotec Holdings Corp.                                           | Ferrotec Holdings Corp. NPV                                                    | CUSIP: J1347N109<br>LEI: 3538005N4KWZD4R07U97 | Long             | EC               | CORP              | JP        |     63900 | NS      | $1151555.84   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                                                   | Hoshizaki Corp. NPV                                                            | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |      3000 | NS      | $116125.90    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Matsukiyococokara & Co.                                           | Matsukiyococokara & Co. NPV                                                    | CUSIP: J41208109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8800 | NS      | $137667.16    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui-Soko Holdings Co. Ltd.                                     | Mitsui-Soko Holdings Co. Ltd. NPV                                              | CUSIP: J45314101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9800 | NS      | $521833.26    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokohama Rubber Co Ltd                                            | Yokohama Rubber Co Ltd NPV                                                     | CUSIP: J97536171<br>LEI: 52990036XNWY2FMYWB76 | Long             | EC               | CORP              | JP        |     46400 | NS      | $1069912.44   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV AS                                                            | DSV AS DKK1                                                                    | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     29398 | NS      | $5685020.75   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Per Aarsleff Holding A/S                                          | Per Aarsleff Holding A/S SER'B'DKK2                                            | CUSIP: K7627X145<br>LEI: 5493008HS8STXVZXYZ63 | Long             | EC               | CORP              | DK        |      3000 | NS      | $212625.88    | 0.02%             |  |  |  | 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        |     44000 | NS      | $106837.54    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                                | ArcelorMittal S.A. NPV                                                         | CUSIP: L0302D210<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     14104 | NS      | $407417.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpost S.A                                                        | Inpost S.A EUR0.01                                                             | CUSIP: L5125Z108<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |      5357 | NS      | $78621.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                        | Tenaris SA USD1                                                                | CUSIP: L90272136<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     11704 | NS      | $229033.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd.                            | Check Point Software Technologies Ltd. ORD ILS0.01                             | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      2421 | NS      | $551794.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Global E Online Ltd                                               | Global E Online Ltd SHS                                                        | CUSIP: M5216V106<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      3160 | NS      | $112654.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext N.V.                                                     | Euronext N.V. EUR1.60                                                          | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      2391 | NS      | $347011.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                                           | IMCD NV EUR0.16                                                                | CUSIP: N4447S106<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |      1740 | NS      | $231562.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad N.V                                                      | Randstad N.V EUR0.10                                                           | CUSIP: N7291Y137<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |      3697 | NS      | $153670.99    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Signify NV                                                        | Signify NV EUR0.01                                                             | CUSIP: N8063K107<br>LEI: 549300072P3J1X8NZO35 | Long             | EC               | CORP              | NL        |     58100 | NS      | $1261475.07   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                                                 | ASML Holding N.V. EUR0.09                                                      | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     17230 | NS      | $11402395.58  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd.                                           | ANZ Group Holdings Ltd. NPV                                                    | CUSIP: Q0429F119<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |    166574 | NS      | $3049823.55   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                                  | Bank Hapoalim BM ILS1                                                          | CUSIP: M1586M115<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |     37040 | NS      | $502300.46    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                             | Westpac Banking Corp. NPV                                                      | CUSIP: Q97417101<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |     96815 | NS      | $1929280.89   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| LY Corporation                                                    | LY Corporation NPV                                                             | CUSIP: J9894K105<br>LEI: 52990078MD2OL792YM35 | Long             | EC               | CORP              | JP        |     77200 | NS      | $261411.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd.                                                    | Fortescue Ltd. NPV                                                             | CUSIP: Q39360104<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     46167 | NS      | $446852.84    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd.                                                | Telstra Group Ltd. NPV                                                         | CUSIP: Q8975N105<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    113533 | NS      | $299930.65    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CLP Holdings Ltd.                                                 | CLP Holdings Ltd. NPV                                                          | CUSIP: Y1660Q104<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |     44500 | NS      | $362264.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT Data Group Corp.                                              | NTT Data Group Corp. NPV                                                       | CUSIP: J59031104<br>LEI: 353800SZGJGSLJRRWB43 | Long             | EC               | CORP              | JP        |     16900 | NS      | $306144.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp.                                                 | Bridgestone Corp. NPV                                                          | CUSIP: J04578126<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     15900 | NS      | $638748.16    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Obic Co Ltd.                                                      | Obic Co Ltd. NPV                                                               | CUSIP: J5946V107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9000 | NS      | $259497.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group N.V.                                                     | NN Group N.V. EUR0.12                                                          | CUSIP: N64038107<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |     58858 | NS      | $3275208.45   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari N V                                                       | Ferrari N V COM EUR0.01                                                        | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |      3594 | NS      | $1534860.16   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                    | ING Groep N.V. EUR0.01                                                         | CUSIP: N4578E595<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    192666 | NS      | $3774589.43   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland N.V.                                                | ASR Nederland N.V. EUR0.16                                                     | CUSIP: N0709G103<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     17494 | NS      | $1005691.68   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Exor Nv                                                           | Exor Nv EUR0.01                                                                | CUSIP: N3140A107<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |      2602 | NS      | $236296.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                          | Adyen NV EUR0.01                                                               | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       641 | NS      | $982525.29    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis N.V                                                    | Stellantis N.V COM EUR0.01                                                     | CUSIP: N82405106<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |    121292 | NS      | $1363496.06   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                                          | Mowi ASA NOK7.50                                                               | CUSIP: R4S04H101<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     39617 | NS      | $734395.59    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp Japan                                                 | Oracle Corp Japan NPV                                                          | CUSIP: J6165M109<br>LEI: 529900MIMKY9RU60Z323 | Long             | EC               | CORP              | JP        |       900 | NS      | $94710.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                                     | Chugai Pharmaceutical Co Ltd. NPV                                              | CUSIP: J06930101<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     19000 | NS      | $870419.65    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Energy Ltd.                                                | Origin Energy Ltd. NPV                                                         | CUSIP: Q71610101<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |     51198 | NS      | $338796.91    | 0.03%             |  |  |  | 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        |     34300 | NS      | $1525808.44   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NOS SGPS SA                                                       | NOS SGPS SA EUR1.66                                                            | CUSIP: X5S8LH105<br>LEI: 5493004DM8FGIY6QKF37 | Long             | EC               | CORP              | PT        |    289000 | NS      | $1376547.57   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Infratil Ltd.                                                     | Infratil Ltd. ORD NPV                                                          | CUSIP: Q4933Q124<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     24801 | NS      | $146158.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi HC Capital Inc.                                        | Mitsubishi HC Capital Inc. NPV                                                 | CUSIP: J4706D100<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |    165700 | NS      | $1122851.43   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Elbit Systems Ltd                                                 | Elbit Systems Ltd ILS1                                                         | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |       721 | NS      | $276502.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.                                      | Northern Star Resources Ltd. NPV                                               | CUSIP: Q6951U101<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |     33669 | NS      | $388715.54    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd.                                        | Woodside Energy Group Ltd. NPV                                                 | CUSIP: Q98327333<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     55052 | NS      | $799793.78    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                                  | SBI Holdings Inc NPV                                                           | CUSIP: J6991H100<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |      7800 | NS      | $210622.85    | 0.02%             |  |  |  | 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        |    424900 | NS      | $5793009.40   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Kongsberg Gruppen ASA                                             | Kongsberg Gruppen ASA NOK1.25                                                  | CUSIP: R60837102<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |      2517 | NS      | $369030.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB (publ)                                          | Industrivarden AB (publ) SER'A'NPV                                             | CUSIP: W45430100<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |      3160 | NS      | $116104.73    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                          | Svenska Handelsbanken AB SER'A'NPV                                             | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    159033 | NS      | $1797313.72   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Essity AB                                                         | Essity AB SER'B'NPV                                                            | CUSIP: W3R06F100<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |     17104 | NS      | $485945.72    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd.                                         | Israel Discount Bank Ltd. ILS0.10                                              | CUSIP: 465074201<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |     37270 | NS      | $259627.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL Group Ltd                                                     | ICL Group Ltd ILS1                                                             | CUSIP: M53213100<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |     66538 | NS      | $377875.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Loomis AB                                                         | Loomis AB NPV                                                                  | CUSIP: W5S50Y116<br>LEI: 213800NS2XXVRYS7WP40 | Long             | EC               | CORP              | SE        |     41100 | NS      | $1664679.31   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                         | Epiroc AB SER'A'NPV                                                            | CUSIP: W25918124<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     19251 | NS      | $387606.11    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaneka Corp.                                                      | Kaneka Corp. NPV                                                               | CUSIP: J2975N106<br>LEI: 529900FWWCF6RY313R16 | Long             | EC               | CORP              | JP        |     41100 | NS      | $1049488.81   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kawasaki Kisen Kaisha Ltd.                                        | Kawasaki Kisen Kaisha Ltd. NPV                                                 | CUSIP: J31588148<br>LEI: 353800FL04R73DS5P870 | Long             | EC               | CORP              | JP        |     12300 | NS      | $167186.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                         | Epiroc AB SER'B'NPV                                                            | CUSIP: W25918157<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     12395 | NS      | $218316.58    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| First Resources Ltd.                                              | First Resources Ltd. NPV                                                       | CUSIP: Y2560F107<br>LEI: 5493007RRD817HUP4O49 | Long             | EC               | CORP              | SG        |    548400 | NS      | $711625.28    | 0.07%             |  |  |  | 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        |      5900 | NS      | $86120.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc.                                        | Tokio Marine Holdings Inc. NPV                                                 | CUSIP: J86298106<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     50800 | NS      | $1976263.94   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                                                  | UniCredit S.p.A. NPV                                                           | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    104477 | NS      | $5864536.19   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Betsson AB (publ)                                                 | Betsson AB (publ) NPV B                                                        | CUSIP: W1556V193<br>LEI: 549300W61XW8OFGBG077 | Long             | EC               | CORP              | SE        |     92000 | NS      | $1425447.13   | 0.14%             |  |  |  | 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        |     11632 | NS      | $155798.73    | 0.02%             |  |  |  | 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        |    112600 | NS      | $222480.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                                      | Evolution AB NPV                                                               | CUSIP: W3287P115<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      4819 | NS      | $359059.75    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT AB                                                            | EQT AB NPV                                                                     | CUSIP: W3R27C102<br>LEI: 213800U7P9GOIRKCTB34 | Long             | EC               | CORP              | SE        |     10819 | NS      | $329904.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp.                                                    | Marubeni Corp. NPV                                                             | CUSIP: J39788138<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |    172200 | NS      | $2762400.57   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp.                                          | Panasonic Holdings Corp. NPV                                                   | CUSIP: J6354Y104<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |     66200 | NS      | $789733.11    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                       | Mizuho Financial Group Inc. NPV                                                | CUSIP: J4599L102<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |    142300 | NS      | $3905243.25   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                                          | Mitsubishi Estate Co Ltd NPV                                                   | CUSIP: J43916113<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     31900 | NS      | $521435.36    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp.                                                  | Mitsubishi Corp. NPV                                                           | CUSIP: J43830116<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |     98000 | NS      | $1730166.48   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                                         | Mitsubishi Electric Corp. NPV                                                  | CUSIP: J43873116<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     55600 | NS      | $1025390.92   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Holmen AB                                                         | Holmen AB SER'B'NPV                                                            | CUSIP: W4R00P201<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |      1732 | NS      | $68588.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NIBE Industrier AB                                                | NIBE Industrier AB SER'B'NPV                                                   | CUSIP: W6S38Z126<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |     46091 | NS      | $175307.38    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd.                                  | Mitsubishi Heavy Industries Ltd. NPV                                           | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     91600 | NS      | $1573101.46   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd.                                                  | Mitsui & Co Ltd. NPV                                                           | CUSIP: J44690139<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |    109600 | NS      | $2066313.30   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Sagax AB                                                          | Sagax AB SER'B'NPV                                                             | CUSIP: W7519A200<br>LEI: 549300LJX28T6OM8DT95 | Long             | EC               | CORP              | SE        |      6482 | NS      | $135998.58    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cargotec Oyj                                                      | Cargotec Oyj SER'B'NPV                                                         | CUSIP: X10788184<br>LEI: 5493002B0GOVF42KWX33 | Long             | EC               | CORP              | FI        |     12380 | NS      | $564132.15    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd.                                            | Mitsui Fudosan Co Ltd. NPV                                                     | CUSIP: J4509L101<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     77100 | NS      | $690436.31    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd.                                      | Murata Manufacturing Co Ltd. NPV                                               | CUSIP: J46840104<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     48400 | NS      | $746567.53    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kalmar Oyj                                                        | Kalmar Oyj SER'B'NPV                                                           | CUSIP: X4S8SE108<br>LEI: 636700Z25ZQXLMZ3CY73 | Long             | EC               | CORP              | FI        |     15100 | NS      | $499041.13    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| NHK Spring Co Ltd                                                 | NHK Spring Co Ltd NPV                                                          | CUSIP: J49162126<br>LEI: 35380033IJ3XRDV8VH57 | Long             | EC               | CORP              | JP        |     80900 | NS      | $875643.56    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd.                                      | National Australia Bank Ltd. NPV                                               | CUSIP: Q65336119<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |     86749 | NS      | $1865862.56   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                                                  | Nintendo Co Ltd. NPV                                                           | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     31500 | NS      | $2141297.58   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                                       | Denso Corp. NPV                                                                | CUSIP: J12075107<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     53200 | NS      | $660029.87    | 0.07%             |  |  |  | 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        |    168715 | NS      | $531849.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                                    | Prudential PLC GBP0.05                                                         | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     75127 | NS      | $810505.02    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                                     | Rio Tinto PLC ORD GBP0.10                                                      | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     32576 | NS      | $1954688.62   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sse PLC                                                           | Sse PLC GBP0.50                                                                | CUSIP: G8842P102<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     32515 | NS      | $669549.17    | 0.07%             |  |  |  | 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        |   3996791 | NS      | $3747635.65   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd.                                                | Futu Holdings Ltd. SPON ADS CL A                                               | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |      1500 | NS      | $153525.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Television Francaise 1 SA                                         | Television Francaise 1 SA EUR0.20                                              | CUSIP: F91255103<br>LEI: 969500WQFC6OAQYG7E65 | Long             | EC               | CORP              | FR        |     32700 | NS      | $318163.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                | Rakuten Group Inc. NPV                                                         | CUSIP: J64264104<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |     43700 | NS      | $250705.40    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd.                                           | Aristocrat Leisure Ltd. NPV                                                    | CUSIP: Q0521T108<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |     15889 | NS      | $642602.37    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co., Ltd.                                           | Fuji Electric Co., Ltd. NPV                                                    | CUSIP: J14112106<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |      3600 | NS      | $153899.14    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd.                                   | Galaxy Entertainment Group Ltd. NPV                                            | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |     64000 | NS      | $250111.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp.                                                    | Unicharm Corp. NPV                                                             | CUSIP: J94104114<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |     31800 | NS      | $253280.14    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert SA                                       | Groupe Bruxelles Lambert SA NPV                                                | CUSIP: B4746J115<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |      2181 | NS      | $162743.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Helia Group Ltd.                                                  | Helia Group Ltd. NPV                                                           | CUSIP: Q3983N155<br>LEI: 529900RUQ2G0JXJOF423 | Long             | EC               | CORP              | AU        |    338000 | NS      | $850315.89    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                              | Rentokil Initial PLC ORD GBP0.01                                               | CUSIP: G7494G105<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     74981 | NS      | $340178.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                              | Schindler Holding AG CHF0.10 (PTG CERT)                                        | CUSIP: H7258G209<br>LEI: 5299007DRLI319H7Q933 | Long             | EP               | CORP              | CH        |      1139 | NS      | $356975.82    | 0.04%             |  |  |  | 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        |     12349 | NS      | $294701.08    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                                     | Nemetschek SE ORD NPV                                                          | CUSIP: D56134105<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |      1762 | NS      | $205407.59    | 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        |     47972 | NS      | $1586122.26   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                         | Hikma Pharmaceuticals PLC ORD GBP0.10                                          | CUSIP: G4576K104<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |     43049 | NS      | $1086954.62   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Qinetiq Group PLC                                                 | Qinetiq Group PLC ORD GBP0.01                                                  | CUSIP: G7303P106<br>LEI: 213800S8OBDOZMCMUW34 | Long             | EC               | CORP              | GB        |     90500 | NS      | $453526.18    | 0.05%             |  |  |  | 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        |     21772 | NS      | $161478.38    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Isracard Ltd                                                      | Isracard Ltd NPV                                                               | CUSIP: M5R26V107<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |         1 | NS      | $2.58         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zealand Pharma As                                                 | Zealand Pharma As DKK1                                                         | CUSIP: K9898X127<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |      1707 | NS      | $128186.36    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                                                      | Ferrovial SE EUR0.01                                                           | CUSIP: N3168P101<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |     14003 | NS      | $626324.43    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp.                                                         | NEC Corp. NPV                                                                  | CUSIP: J48818207<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |     34500 | NS      | $734874.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nidec Corp.                                                       | Nidec Corp. NPV                                                                | CUSIP: J52968104<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |     23200 | NS      | $389348.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp.                                | Nippon Telegraph & Telephone Corp. NPV                                         | CUSIP: J59396101<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |   2493800 | NS      | $2410187.20   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissin Foods Holdings Co Ltd.                                     | Nissin Foods Holdings Co Ltd. NPV                                              | CUSIP: J58063124<br>LEI: 529900YMZMNSHC1W6V41 | Long             | EC               | CORP              | JP        |      6300 | NS      | $128585.38    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Steel Corp.                                                | Nippon Steel Corp. NPV                                                         | CUSIP: J55678106<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |     28200 | NS      | $603510.15    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                              | Nissan Motor Co Ltd. NPV                                                       | CUSIP: J57160129<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |     59600 | NS      | $152854.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc.                                              | Nomura Holdings Inc. NPV                                                       | CUSIP: J58646100<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |     84000 | NS      | $517601.57    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                                     | Nippon Yusen Kabushiki Kaisha NPV                                              | CUSIP: J56515232<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |     49000 | NS      | $1619356.72   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Oriental Land Co Ltd.                                             | Oriental Land Co Ltd. NPV                                                      | CUSIP: J6174U100<br>LEI: 353800PIFKBZ6KTU5994 | Long             | EC               | CORP              | JP        |     31200 | NS      | $615286.63    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Obayashi Corp.                                                    | Obayashi Corp. NPV                                                             | CUSIP: J59826107<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |     18500 | NS      | $246796.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd.                                          | QBE Insurance Group Ltd. NPV                                                   | CUSIP: Q78063114<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |    267636 | NS      | $3697979.26   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd.                                                     | Ricoh Co Ltd. NPV                                                              | CUSIP: J64683105<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |     16500 | NS      | $174539.61    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                                         | SMC Corp. NPV                                                                  | CUSIP: J75734103<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      1600 | NS      | $572550.24    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                                              | Softbank Group Corp. NPV                                                       | CUSIP: J7596P109<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |     27000 | NS      | $1381047.70   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd.                                                       | Santos Ltd. NPV                                                                | CUSIP: Q82869118<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |     86721 | NS      | $363400.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                                      | Secom Co Ltd NPV                                                               | CUSIP: J69972107<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |     11900 | NS      | $405303.29    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd.                                          | Sekisui Chemical Co Ltd. NPV                                                   | CUSIP: J70703137<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |      9900 | NS      | $168852.71    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd                                                 | Sekisui House Ltd NPV                                                          | CUSIP: J70746136<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |     16300 | NS      | $364828.73    | 0.04%             |  |  |  | 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        |     50400 | NS      | $1438172.46   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                                                      | Shimano Inc. NPV                                                               | CUSIP: J72262108<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |      2300 | NS      | $322949.90    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd.                                                  | Shiseido Co Ltd. NPV                                                           | CUSIP: J74358144<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     10500 | NS      | $199131.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd.                                                 | Sino Land Co Ltd. NPV                                                          | CUSIP: Y80267126<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |    131735 | NS      | $131871.43    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                                                  | Sony Group Corp. NPV                                                           | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    174600 | NS      | $4417904.80   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd.                                 | Sumitomo Electric Industries Ltd. NPV                                          | CUSIP: J77411114<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |     20400 | NS      | $340474.35    | 0.03%             |  |  |  | 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        |      8400 | NS      | $315617.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp.                                                    | Sumitomo Corp. NPV                                                             | CUSIP: J77282119<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |     75200 | NS      | $1715902.53   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd.                                      | Sun Hung Kai Properties Ltd. NPV                                               | CUSIP: Y82594121<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     43000 | NS      | $409688.91    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp.                                                | Suzuki Motor Corp. NPV                                                         | CUSIP: J78529138<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     45300 | NS      | $556062.90    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd.                                                | Swire Pacific Ltd. 'A' NPV                                                     | CUSIP: Y83310105<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |     12000 | NS      | $105790.06    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TDK Corp.                                                         | TDK Corp. NPV                                                                  | CUSIP: J82141136<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     54900 | NS      | $575301.98    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisei Corp.                                                      | Taisei Corp. NPV                                                               | CUSIP: J79561148<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |      4200 | NS      | $186948.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd.                                     | Takeda Pharmaceutical Co Ltd. NPV                                              | CUSIP: J8129E108<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |     45600 | NS      | $1351528.44   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp.                                                   | Advantest Corp. NPV                                                            | CUSIP: J00210104<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     21600 | NS      | $962852.20    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd.                               | Teva Pharmaceutical Industries Ltd. ILS0.10                                    | CUSIP: M8769Q102<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     85700 | NS      | $1319462.08   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Gas Co Ltd                                                  | Tokyo Gas Co Ltd NPV                                                           | CUSIP: J87000113<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |      9900 | NS      | $314925.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                                               | Tokyo Electron Ltd. NPV                                                        | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     12900 | NS      | $1769010.51   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp.                                               | Toyota Tsusho Corp. NPV                                                        | CUSIP: J92719111<br>LEI: 549300CEE2ENIUJNXB84 | Long             | EC               | CORP              | JP        |     19400 | NS      | $326848.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corporation                                     | Yokogawa Electric Corporation NPV                                              | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |      6500 | NS      | $126854.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurazeo                                                           | Eurazeo NPV                                                                    | CUSIP: F3296A108<br>LEI: 969500C656AA39O94N60 | Long             | EC               | CORP              | FR        |     12600 | NS      | $933119.98    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Axa SA                                                            | Axa SA EUR2.29                                                                 | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    113766 | NS      | $4860754.56   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                                       | Novartis AG CHF0.49 (REGD)                                                     | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    146016 | NS      | $16217968.10  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                                         | Holcim AG CHF2 (REGD)                                                          | CUSIP: H3816Q102<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     14735 | NS      | $1585680.73   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                                                | Baloise Holding AG CHF0.10 (REGD) (VINKULIERT)                                 | CUSIP: H04530202<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |      1214 | NS      | $254788.53    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Skanska AB                                                        | Skanska AB SER'B'NPV                                                           | CUSIP: W83567110<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |     10018 | NS      | $221107.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                               | EssilorLuxottica SA EUR0.18                                                    | CUSIP: F31665106<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |      8404 | NS      | $2421776.11   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole S.A.                                              | Credit Agricole S.A. EUR3                                                      | CUSIP: F22797108<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |     99655 | NS      | $1814429.07   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                    | BNP Paribas SA EUR2                                                            | CUSIP: F1058Q238<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     65571 | NS      | $5480398.44   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                                    | Lonza Group AG CHF1 (REGD)                                                     | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      6560 | NS      | $4052570.48   | 0.40%             |  |  |  | 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        |     26576 | NS      | $2647425.07   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                                      | Klepierre SA EUR1.40                                                           | CUSIP: F5396X102<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |      6504 | NS      | $217700.82    | 0.02%             |  |  |  | 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        |    209032 | NS      | $70611.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                            | Yara International ASA NOK1.7                                                  | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |     17479 | NS      | $527263.37    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken N.V.                                                     | Heineken N.V. EUR1.60                                                          | CUSIP: N39427211<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |      8491 | NS      | $692361.61    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd.                               | Teva Pharmaceutical Industries Ltd. SPONSORED ADS                              | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     33278 | NS      | $511482.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Trelleborg AB                                                     | Trelleborg AB SER'B'NPV                                                        | CUSIP: W96297101<br>LEI: 213800XY16PAWG2PAD14 | Long             | EC               | CORP              | SE        |      5590 | NS      | $207901.30    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Medibank Pvt Ltd.                                                 | Medibank Pvt Ltd. NPV                                                          | CUSIP: Q5921Q109<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |     83658 | NS      | $233811.57    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NEW Hope Corp Ltd.                                                | NEW Hope Corp Ltd. NPV                                                         | CUSIP: Q66635105<br>LEI: 254900DHRUGXZSLSNZ83 | Long             | EC               | CORP              | AU        |    344200 | NS      | $800978.74    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group Ltd.                                                | Scentre Group Ltd. NPV STAPLED UNIT                                            | CUSIP: Q8351E109<br>LEI: 529900TUCASM3W86E831 | Long             | EC               | CORP              | AU        |    141905 | NS      | $300242.60    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wisetech Global Ltd.                                              | Wisetech Global Ltd. NPV                                                       | CUSIP: Q98056106<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |      5436 | NS      | $280324.49    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sainsbury (J) PLC                                                 | Sainsbury (J) PLC ORD GBP0.28571428                                            | CUSIP: G77732173<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |    374720 | NS      | $1141211.98   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| 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        |      5444 | NS      | $311579.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Jyske Bank AS                                                     | Jyske Bank AS DKK10                                                            | CUSIP: K55633117<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | EC               | CORP              | DK        |     14800 | NS      | $1185983.08   | 0.12%             |  |  |  | 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        |     95400 | NS      | $1222649.40   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                                            | Daiichi Sankyo Co Ltd. NPV                                                     | CUSIP: J11257102<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     51000 | NS      | $1214507.98   | 0.12%             |  |  |  | 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        |     13800 | NS      | $2048791.59   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp.                                                       | Inpex Corp. NPV                                                                | CUSIP: J2467E101<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |    128000 | NS      | $1775461.79   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                                      | Unilever PLC ORD GBP0.031111                                                   | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     71067 | NS      | $4239460.15   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                                   | Norsk Hydro ASA NOK1.098                                                       | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     41763 | NS      | $241431.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                         | Orion Oyj SER'B'NPV                                                            | CUSIP: X6002Y112<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |      2655 | NS      | $157699.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Idemitsu Kosan Co.,Ltd.                                           | Idemitsu Kosan Co.,Ltd. NPV                                                    | CUSIP: J2388K103<br>LEI: 549300P0R46FF6DUA630 | Long             | EC               | CORP              | JP        |     22900 | NS      | $161978.45    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mapfre SA                                                         | Mapfre SA EUR0.10                                                              | CUSIP: E7347B107<br>LEI: 95980020140005693107 | Long             | EC               | CORP              | ES        |    230800 | NS      | $711089.91    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Yangzijiang Shipbuilding Holdings Ltd.                            | Yangzijiang Shipbuilding Holdings Ltd. NPV (SGD)                               | CUSIP: Y9728A102<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |     73800 | NS      | $129521.07    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                                  | Smiths Group PLC ORD GBP0.375                                                  | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |      9907 | NS      | $248468.66    | 0.02%             |  |  |  | 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        |      9267 | NS      | $196400.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                                      | 3i Group PLC ORD GBP0.738636                                                   | CUSIP: G88473148<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     73301 | NS      | $3445721.89   | 0.34%             |  |  |  | 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        |    129000 | NS      | $172333.85    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc.                                               | Sompo Holdings Inc. NPV                                                        | CUSIP: J7621A101<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |     25600 | NS      | $779550.61    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sofina SA                                                         | Sofina SA NPV                                                                  | CUSIP: B80925124<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |       406 | NS      | $103976.47    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Syensqo SA                                                        | Syensqo SA NPV                                                                 | CUSIP: B8T189100<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |      7097 | NS      | $484319.04    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                                                        | Temenos AG CHF5 (REGD)                                                         | CUSIP: H8547Q107<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |      1427 | NS      | $110795.31    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BKW AG                                                            | BKW AG CHF2.50                                                                 | CUSIP: H10053108<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |       658 | NS      | $115086.84    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schaeffler AG                                                     | Schaeffler AG NPV EUR                                                          | CUSIP: D6T0B6122<br>LEI: 549300Q7E782X7GC1P43 | Long             | EC               | CORP              | DE        |     99600 | NS      | $414134.72    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                                       | Rational AG NPV                                                                | CUSIP: D6349P107<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |       144 | NS      | $119974.84    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                                      | Sartorius AG NON VTG PFD NPV                                                   | CUSIP: D6705R119<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |       729 | NS      | $169945.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Contact Energy Ltd                                                | Contact Energy Ltd NPV                                                         | CUSIP: Q2818G104<br>LEI: 549300FT5JOXS1PZ1I32 | Long             | EC               | CORP              | NZ        |     22412 | NS      | $116698.11    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp.                                       | Nippon Sanso Holdings Corp. NPV                                                | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |      4200 | NS      | $127405.28    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Santen Pharmaceutical Co Ltd.                                     | Santen Pharmaceutical Co Ltd. NPV                                              | CUSIP: J68467109<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |     97200 | NS      | $925735.13    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                                           | WPP PLC ORD GBP0.10                                                            | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |     33139 | NS      | $251738.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                                                    | Commerzbank AG NPV                                                             | CUSIP: D172W1279<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |    154459 | NS      | $3534802.28   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                                   | Knorr-Bremse AG NPV                                                            | CUSIP: D4S43E114<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |      2117 | NS      | $192657.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LEG Immobilien SE                                                 | LEG Immobilien SE NPV                                                          | CUSIP: D4960A103<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |      2005 | NS      | $141725.17    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tryg AS                                                           | Tryg AS DKK5                                                                   | CUSIP: K9640A110<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |      9955 | NS      | $236814.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME S.A.                                                     | Aena SME S.A. EUR10                                                            | CUSIP: E526K0106<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |      2162 | NS      | $507215.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsos SA                                                          | Ipsos SA EUR0.25                                                               | CUSIP: F5310M109<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |     27600 | NS      | $1251061.79   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Tietoevry Oyj                                                     | Tietoevry Oyj NPV                                                              | CUSIP: Y8T39G104<br>LEI: 549300EW2KM4KROKQV31 | Long             | EC               | CORP              | FI        |      3800 | NS      | $65839.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaufman & Broad SA                                                | Kaufman & Broad SA EUR0.26                                                     | CUSIP: F5375H102<br>LEI: 969500CE0X343D8ALO86 | Long             | EC               | CORP              | FR        |      3400 | NS      | $118496.11    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barratt Redrow PLC                                                | Barratt Redrow PLC ORD GBP0.10                                                 | CUSIP: G08288105<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |     36681 | NS      | $201729.97    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel, S.A.                                                       | Rexel, S.A. EUR5                                                               | CUSIP: F7782J366<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |     62461 | NS      | $1683387.68   | 0.17%             |  |  |  | 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        |     46283 | NS      | $1626693.47   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                                         | Veolia Environnement S.A. EUR5                                                 | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     20826 | NS      | $716246.15    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                                   | Kerry Group PLC 'A'ORD EUR0.125                                                | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |      4252 | NS      | $445248.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                                         | Aviva PLC ORD GBP0.328947368                                                   | CUSIP: G0683Q158<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |    247515 | NS      | $1783230.57   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Infrastructure Holdings Ltd.                                   | CK Infrastructure Holdings Ltd. HKD1                                           | CUSIP: G2178K100<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |     21500 | NS      | $128730.04    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                        | Haleon PLC ORD GBP0.01                                                         | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |    258383 | NS      | $1304560.45   | 0.13%             |  |  |  | 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        |      4900 | NS      | $195412.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zigup PLC                                                         | Zigup PLC ORD GBP0.50                                                          | CUSIP: G7331W115<br>LEI: 213800B3ZUTDOZYVJB41 | Long             | EC               | CORP              | GB        |    107600 | NS      | $409989.30    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                                         | Tesco PLC ORD GBP0.0633333                                                     | CUSIP: G8T67X102<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |    882638 | NS      | $3796236.25   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Frasers Group PLC                                                 | Frasers Group PLC ORD GBP0.10                                                  | CUSIP: G3661L100<br>LEI: 213800JEGHHEAXIJDX34 | Long             | EC               | CORP              | GB        |     93100 | NS      | $750777.40    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Supermarket Income Reit Public Limited Company                    | Supermarket Income Reit Public Limited Company ORD GBP0.01                     | CUSIP: G8586X105<br>LEI: 2138007FOINJKAM7L537 | Long             | EC               | CORP              | GB        |   1105900 | NS      | $1092843.01   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wartsila Oyj Abp                                                  | Wartsila Oyj Abp NPV                                                           | CUSIP: X98155116<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |     13198 | NS      | $235498.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                                      | GEA Group AG NPV                                                               | CUSIP: D28304109<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |      4557 | NS      | $277015.97    | 0.03%             |  |  |  | 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        |     85299 | NS      | $1600016.40   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                            | OMV AG NPV                                                                     | CUSIP: A51460110<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |     29167 | NS      | $1502000.07   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                | Vodafone Group PLC ORD USD0.2095238                                            | CUSIP: G93882192<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    586637 | NS      | $551067.75    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Croda International PLC                                           | Croda International PLC ORD GBP0.10609756                                      | CUSIP: G25536155<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |      3836 | NS      | $145686.96    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                 | NatWest Group PLC ORD GBP1.0769                                                | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    547617 | NS      | $3232643.64   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                                         | Mondi PLC ORD EUR0.22                                                          | CUSIP: G6258S115<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |     11314 | NS      | $168700.85    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                                     | Schroders PLC ORD GBP0.20                                                      | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |     18580 | NS      | $84072.61     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Valiant Holding AG                                                | Valiant Holding AG CHF0.50 (REGD)                                              | CUSIP: H90203128<br>LEI: 529900R30EKFHO09CN42 | Long             | EC               | CORP              | CH        |      1400 | NS      | $189285.62    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Sumber Alfaria Trijaya Tbk                                     | PT Sumber Alfaria Trijaya Tbk IDR10                                            | CUSIP: Y71362118<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  20000000 | NS      | $2475509.12   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                                           | DCC PLC ORD EUR0.25 (CDI)                                                      | CUSIP: G2689P101<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |      3027 | NS      | $202104.36    | 0.02%             |  |  |  | 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        |     17034 | NS      | $337386.48    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Iren SpA                                                          | Iren SpA EUR1                                                                  | CUSIP: T5551Y106<br>LEI: 8156001EBD33FD474E60 | Long             | EC               | CORP              | IT        |    513500 | NS      | $1309508.58   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler S.p.A.                                                    | Moncler S.p.A. NPV                                                             | CUSIP: T6730E110<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |      6564 | NS      | $404324.45    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Pirelli & C S.p.A.                                                | Pirelli & C S.p.A. NPV                                                         | CUSIP: T76434264<br>LEI: 815600A0C9AFC1F2A709 | Long             | EC               | CORP              | IT        |    185500 | NS      | $1104183.47   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| DCM Holdings Co Ltd.                                              | DCM Holdings Co Ltd. NPV                                                       | CUSIP: J12549101<br>LEI: 353800S1QF5V2DN70A36 | Long             | EC               | CORP              | JP        |     17400 | NS      | $161797.55    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Okamura Corp                                                      | Okamura Corp NPV                                                               | CUSIP: J60514114<br>LEI: 35380084C4I8EO2QWD96 | Long             | EC               | CORP              | JP        |     75400 | NS      | $994200.45    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Idom Inc                                                          | Idom Inc NPV                                                                   | CUSIP: J17714106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    148200 | NS      | $1192347.09   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kohnan Shoji Co Ltd                                               | Kohnan Shoji Co Ltd NPV                                                        | CUSIP: J3479K101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3400 | NS      | $85157.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zensho Holdings Co., Ltd.                                         | Zensho Holdings Co., Ltd. NPV                                                  | CUSIP: J9885X108<br>LEI: 353800DYF3UDM49ITT03 | Long             | EC               | CORP              | JP        |      2400 | NS      | $129418.56    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                                                   | Daifuku Co Ltd. NPV                                                            | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |     10100 | NS      | $248273.30    | 0.02%             |  |  |  | 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        |    180600 | NS      | $1810951.74   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bellsystem24 Holdings Inc                                         | Bellsystem24 Holdings Inc NPV                                                  | CUSIP: J0428R104<br>LEI: 353800JZJDPUWIH3M649 | Long             | EC               | CORP              | JP        |     29800 | NS      | $251395.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro CoLtd                                                    | Monotaro CoLtd NPV                                                             | CUSIP: J46583100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8300 | NS      | $155050.16    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| D/S Norden                                                        | D/S Norden DKK1                                                                | CUSIP: K19911146<br>LEI: 529900RGXD3CBR3BRU63 | Long             | EC               | CORP              | DK        |     31500 | NS      | $794662.40    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd.                                            | CK Asset Holdings Ltd. HKD1                                                    | CUSIP: G2177B101<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | HK        |     60500 | NS      | $244780.22    | 0.02%             |  |  |  | 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        |     30000 | NS      | $81540.07     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurofins Scientific SE                                            | Eurofins Scientific SE EUR0.01                                                 | CUSIP: L31839134<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |      3384 | NS      | $180512.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ltd                                                          | Nova Ltd COM                                                                   | CUSIP: M7516K103<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     16000 | NS      | $2949280.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Limited                                                   | Wix.com Limited COM ILS0.01                                                    | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      1409 | NS      | $230202.42    | 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        |      5645 | NS      | $576749.66    | 0.06%             |  |  |  | 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        |      4987 | NS      | $307128.81    | 0.03%             |  |  |  | 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        |     22801 | NS      | $629605.92    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Bam Groep NV                                          | Koninklijke Bam Groep NV EUR0.10                                               | CUSIP: N0157T177<br>LEI: 724500V38C5KTDY5BS93 | Long             | EC               | CORP              | NL        |    243300 | NS      | $1362352.16   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                                         | Argenx SE EUR0.10                                                              | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      1756 | NS      | $1036211.99   | 0.10%             |  |  |  | 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        |    111170 | NS      | $2342512.52   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Iveco Group NV                                                    | Iveco Group NV EUR0.01                                                         | CUSIP: N47017103<br>LEI: 549300ZWF2ZJDD9EOR96 | Long             | EC               | CORP              | NL        |    130800 | NS      | $2150075.09   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Verbund AG                                                        | Verbund AG CLASS'A'NPV                                                         | CUSIP: A91460104<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |      1700 | NS      | $120311.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA                                                  | Pernod Ricard SA EUR1.55                                                       | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |      5811 | NS      | $574085.67    | 0.06%             |  |  |  | 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        |     16010 | NS      | $94106.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Elders Limited                                                    | Elders Limited NPV                                                             | CUSIP: Q3414A186<br>LEI: 254900Y0SQG962QL6549 | Long             | EC               | CORP              | AU        |    101200 | NS      | $426455.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Renault S.A.                                                      | Renault S.A. EUR3.81                                                           | CUSIP: F77098105<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |      5209 | NS      | $263870.70    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                                        | Merck KGaA NPV                                                                 | CUSIP: D5357W103<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |      3748 | NS      | $515763.61    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour S.A.                                                    | Carrefour S.A. EUR2.50                                                         | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     84603 | NS      | $1209987.85   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                        | Siemens AG NPV(REGD)                                                           | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     21698 | NS      | $5011087.73   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| APA Group Ltd.                                                    | APA Group Ltd. NPV (STAPLED UNITS)                                             | CUSIP: Q0437B100<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |     35556 | NS      | $176136.98    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp.                                                      | Otsuka Corp. NPV                                                               | CUSIP: J6243L115<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |      6800 | NS      | $147229.67    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Austevoll Seafood ASA                                             | Austevoll Seafood ASA NOK0.50                                                  | CUSIP: R0814U100<br>LEI: 5967007LIEEXZXFFDC03 | Long             | EC               | CORP              | NO        |     18100 | NS      | $169461.78    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                                        | Hexagon AB SER'B'NPV                                                           | CUSIP: W4R431112<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |     58336 | NS      | $623598.17    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                                        | Boliden AB NPV                                                                 | CUSIP: W17218210<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |      8491 | NS      | $278612.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Saab AB                                                           | Saab AB NPV B                                                                  | CUSIP: W72838175<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |      8736 | NS      | $343494.49    | 0.03%             |  |  |  | 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        |     27216 | NS      | $213637.91    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin S.p.A.                                                   | DiaSorin S.p.A. EUR1                                                           | CUSIP: T3475Y104<br>LEI: 8156002878BDF0EE4348 | Long             | EC               | CORP              | IT        |       530 | NS      | $52635.37     | 0.01%             |  |  |  | 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        |      3660 | NS      | $207405.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                                    | Atlas Copco AB SER'A'NPV                                                       | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     76327 | NS      | $1219204.23   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloetta Ab                                                        | Cloetta Ab SER'B'NPV                                                           | CUSIP: W2397U105<br>LEI: 549300CSLHPO6Y1AZN37 | Long             | EC               | CORP              | SE        |     92300 | NS      | $260413.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Addtech AB                                                        | Addtech AB SER'B'NPV                                                           | CUSIP: W4260L147<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |      6944 | NS      | $203372.83    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                                     | Nomura Research Institute Ltd NPV                                              | CUSIP: J5900F106<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     10800 | NS      | $351565.47    | 0.04%             |  |  |  | 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        |    170600 | NS      | $4386912.43   | 0.44%             |  |  |  | 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        |      4030 | NS      | $109696.41    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                                       | Swedish Orphan Biovitrum AB NPV                                                | CUSIP: W95637117<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |      4883 | NS      | $139928.28    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.                                         | Renesas Electronics Corp. NPV                                                  | CUSIP: J4881V107<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |     48500 | NS      | $650513.43    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp.                                                 | Nitto Denko Corp. NPV                                                          | CUSIP: J58472119<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |     19100 | NS      | $353284.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Comercial Portugues, S.A.                                   | Banco Comercial Portugues, S.A. NPV                                            | CUSIP: X03188319<br>LEI: JU1U6S0DG9YLT7N8ZV32 | Long             | EC               | CORP              | PT        |   2058400 | NS      | $1244570.63   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp.                                                       | Omron Corp. NPV                                                                | CUSIP: J61374120<br>LEI: 549300ZHW0TR2QZ0NY83 | Long             | EC               | CORP              | JP        |      4500 | NS      | $127065.16    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ONO Pharmaceutical Co Ltd                                         | ONO Pharmaceutical Co Ltd NPV                                                  | CUSIP: J61546115<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |    107900 | NS      | $1160858.14   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp.                                                        | ORIX Corp. NPV                                                                 | CUSIP: J61933123<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |     85500 | NS      | $1785146.46   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                                  | Osaka Gas Co Ltd NPV                                                           | CUSIP: J62320130<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     10300 | NS      | $233061.47    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc.                                                 | T&D Holdings Inc. NPV                                                          | CUSIP: J86796109<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |     14500 | NS      | $310344.04    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp.                                                      | Terumo Corp. NPV                                                               | CUSIP: J83173104<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |     37700 | NS      | $709364.61    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Corp                                                        | Tokyu Corp NPV                                                                 | CUSIP: J88720149<br>LEI: 3538005PGNIBTZYXAE45 | Long             | EC               | CORP              | JP        |     13800 | NS      | $155361.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPPAN Holdings Inc                                               | TOPPAN Holdings Inc NPV                                                        | CUSIP: 890747108<br>LEI: 3538003H9W4KIDODQY20 | Long             | EC               | CORP              | JP        |      6400 | NS      | $174958.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc.                                             | Toray Industries Inc. NPV                                                      | CUSIP: J89494116<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |     40100 | NS      | $274040.13    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Industries Corp.                                           | Toyota Industries Corp. NPV                                                    | CUSIP: J92628106<br>LEI: 35380000WKGEAHEMW830 | Long             | EC               | CORP              | JP        |      4400 | NS      | $376319.88    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Boshoku Corp.                                              | Toyota Boshoku Corp. NPV                                                       | CUSIP: J91214106<br>LEI: 529900KS87U6EY7PWG26 | Long             | EC               | CORP              | JP        |     69100 | NS      | $921463.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                                | Toyota Motor Corp. NPV                                                         | CUSIP: J92676113<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    401900 | NS      | $7104507.60   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd.                                                   | Wesfarmers Ltd. ORD NPV                                                        | CUSIP: Q95870103<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |     31863 | NS      | $1444479.31   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| West Japan Railway Co.                                            | West Japan Railway Co. NPV                                                     | CUSIP: J95094108<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |     13800 | NS      | $269203.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd.                                             | Woolworths Group Ltd. NPV                                                      | CUSIP: Q98418108<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |     35373 | NS      | $656784.33    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Yakult Honsha Co Ltd                                              | Yakult Honsha Co Ltd NPV                                                       | CUSIP: J95468120<br>LEI: 353800YJPSPGG7KI0S71 | Long             | EC               | CORP              | JP        |      6600 | NS      | $125587.89    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc.                                              | Astellas Pharma Inc. NPV                                                       | CUSIP: J03393105<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |     51400 | NS      | $500353.54    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd.                                              | Yamato Kogyo Co Ltd. NPV                                                       | CUSIP: J96524111<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9300 | NS      | $493082.95    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                                            | Yaskawa Electric Corp. NPV                                                     | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |      5900 | NS      | $147842.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                  | Roche Holding AG GENUSSCHEINE NPV                                              | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     46309 | NS      | $15241571.68  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel S.p.A.                                                       | Enel S.p.A. EUR1                                                               | CUSIP: T3679P115<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |    235505 | NS      | $1909128.33   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alfa Laval AB                                                     | Alfa Laval AB NPV                                                              | CUSIP: W04008152<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |      8216 | NS      | $352262.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CAR Group Limited                                                 | CAR Group Limited NPV                                                          | CUSIP: Q21411121<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |     10587 | NS      | $211005.75    | 0.02%             |  |  |  | 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        |      6549 | NS      | $142691.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sydbank AS                                                        | Sydbank AS DKK10                                                               | CUSIP: K9419V113<br>LEI: GP5DT10VX1QRQUKVBK64 | Long             | EC               | CORP              | DK        |     13600 | NS      | $853173.69    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                                         | Neste Oyj NPV                                                                  | CUSIP: X5688A109<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |     13378 | NS      | $123736.59    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Balfour Beatty PLC                                                | Balfour Beatty PLC GBP0.50                                                     | CUSIP: G3224V108<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |    224900 | NS      | $1260258.09   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                                        | Diageo PLC ORD GBP0.28 101/108                                                 | CUSIP: G42089113<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     64156 | NS      | $1676157.76   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                   | BAE Systems PLC ORD GBP0.025                                                   | CUSIP: G06940103<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     85104 | NS      | $1717919.21   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd.                                          | Sembcorp Industries Ltd. NPV                                                   | CUSIP: Y79711159<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |     30600 | NS      | $143205.36    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                                          | Kone Oyj SER'B'NPV                                                             | CUSIP: X4551T105<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |     10070 | NS      | $555620.72    | 0.06%             |  |  |  | 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        |     98102 | NS      | $4023327.38   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearson PLC                                                       | Pearson PLC ORD GBP0.25                                                        | CUSIP: G69651100<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |     17083 | NS      | $270134.25    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                                        | Legrand SA EUR4                                                                | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |      7507 | NS      | $795020.54    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                                        | Eiffage SA EUR4                                                                | CUSIP: F2924U106<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |      2073 | NS      | $241357.66    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                                      | Barclays PLC ORD GBP0.25                                                       | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    409797 | NS      | $1540590.34   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd.                                                     | Fujikura Ltd. NPV                                                              | CUSIP: J14784128<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |      7700 | NS      | $285168.68    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fanuc Corp.                                                       | Fanuc Corp. NPV                                                                | CUSIP: J13440102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     27200 | NS      | $741084.65    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd.                                                      | Fujitsu Ltd. NPV                                                               | CUSIP: J15708159<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     50200 | NS      | $999024.98    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corporation                                                | Kubota Corporation NPV                                                         | CUSIP: J36662138<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |     28300 | NS      | $349714.43    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| KYOCERA Corp.                                                     | KYOCERA Corp. NPV                                                              | CUSIP: J37479110<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35100 | NS      | $396455.88    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Limited                                                      | Nice Limited SPONSORED ADR                                                     | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     23000 | NS      | $3545910.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                                     | Goodman Group NPV (STAPLED UNITS)                                              | CUSIP: Q4229W132<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     54380 | NS      | $975940.80    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Teamviewer SE                                                     | Teamviewer SE NPV                                                              | CUSIP: D8T895100<br>LEI: 3912000FZ0R0KEK9JS42 | Long             | EC               | CORP              | DE        |     41500 | NS      | $541751.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Compania De Distribucion Integral Logista Holdings S.A.U          | Compania De Distribucion Integral Logista Holdings S.A.U EUR0.2                | CUSIP: E0304S106<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |     15600 | NS      | $495794.57    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sopra Steria Group SA                                             | Sopra Steria Group SA EUR1.00                                                  | CUSIP: F20906115<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      5500 | NS      | $1022313.30   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                                                         | Metso Oyj NPV                                                                  | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |     19430 | NS      | $201455.30    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne & Nagel International AG                                   | Kuehne & Nagel International AG CHF1 (REGD)                                    | CUSIP: H4673L145<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |      1398 | NS      | $322841.24    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                                  | TotalEnergies SE EUR2.5                                                        | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    125405 | NS      | $8080242.09   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo PLC                                                         | Sampo PLC NPV A                                                                | CUSIP: X75653232<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |     72880 | NS      | $698424.05    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                                 | National Grid PLC ORD GBP0.12431289                                            | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    141213 | NS      | $1841111.22   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Reach PLC                                                         | Reach PLC ORD GBP0.10                                                          | CUSIP: G7464Q109<br>LEI: 213800GNI5XF3XOATR61 | Long             | EC               | CORP              | GB        |     19800 | NS      | $18185.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AIB Group PLC                                                     | AIB Group PLC ORD EUR0.625                                                     | CUSIP: G0R4HJ106<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |     63349 | NS      | $409185.89    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                         | Logitech International SA CHF0.25 (REGD)                                       | CUSIP: H50430232<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |      4375 | NS      | $370716.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                       | Aker BP ASA NOK1                                                               | CUSIP: R0139K100<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |      8529 | NS      | $202214.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                        | Sandvik AB NPV                                                                 | CUSIP: W74857165<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |     30476 | NS      | $640955.90    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel Ltd.                                                       | Keppel Ltd. NPV                                                                | CUSIP: Y4722Z120<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |     38000 | NS      | $193835.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                                         | Orkla ASA NOK1.25                                                              | CUSIP: R67787102<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |     96146 | NS      | $1054384.03   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP Renovaveis SA                                                 | EDP Renovaveis SA EUR5                                                         | CUSIP: E3847K101<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |      8308 | NS      | $69218.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd.                                                     | WH Group Ltd. USD0.0001                                                        | CUSIP: G96007102<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |   2805943 | NS      | $2576428.70   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Cyberark Software Ltd.                                            | Cyberark Software Ltd. COM ILS0.01                                             | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     20319 | NS      | $6867822.00   | 0.69%             |  |  |  | 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        |      1921 | NS      | $96255.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lifco AB                                                          | Lifco AB SER'B'NPV                                                             | CUSIP: W5321L166<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |      6460 | NS      | $229160.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Gjensidige Forsikring ASA                                         | Gjensidige Forsikring ASA NOK2                                                 | CUSIP: R2763X101<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |      5538 | NS      | $127281.31    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                                      | Glencore PLC ORD USD0.01                                                       | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    293187 | NS      | $1072916.91   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd.                                 | Singapore Telecommunications Ltd. NPV(BOARD LOT 100)                           | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    218100 | NS      | $553178.74    | 0.06%             |  |  |  | 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        |    103200 | NS      | $787986.63    | 0.08%             |  |  |  | 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        |       187 | NS      | $127408.36    | 0.01%             |  |  |  | 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        |     53056 | NS      | $2401535.17   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                                           | Sika AG CHF0.01 (REG)                                                          | CUSIP: H7631K273<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |     21406 | NS      | $5214164.90   | 0.52%             |  |  |  | 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        |     43615 | NS      | $4375570.84   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Bilfinger SE                                                      | Bilfinger SE NPV                                                               | CUSIP: D11648108<br>LEI: 529900H0HULEN2BZ4604 | Long             | EC               | CORP              | DE        |     27500 | NS      | $1982397.33   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Jungheinrich AG                                                   | Jungheinrich AG NON VTG PRF SHS NPV                                            | CUSIP: D37552102<br>LEI: 529900PHZORTU6FSXE73 | Long             | EP               | CORP              | DE        |     21500 | NS      | $750337.62    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                                         | Talanx AG NPV                                                                  | CUSIP: D82827110<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |      1983 | NS      | $208565.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DFDS AS                                                           | DFDS AS DKK20                                                                  | CUSIP: K29758164<br>LEI: 549300JZVW1Y1UZ5UK38 | Long             | EC               | CORP              | DK        |     10000 | NS      | $130940.90    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                                          | Ipsen SA EUR1                                                                  | CUSIP: F5362H107<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |      4217 | NS      | $485718.09    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Rubis SCA                                                         | Rubis SCA EUR1.25                                                              | CUSIP: F7686C152<br>LEI: 969500MGFIKUGLTC9742 | Long             | EC               | CORP              | FR        |     54200 | NS      | $1531269.67   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokmanni Group Oyj                                                | Tokmanni Group Oyj NPV                                                         | CUSIP: X9078R102<br>LEI: 743700VMG6KWF0FW1560 | Long             | EC               | CORP              | FI        |     55500 | NS      | $761468.51    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                   | Nordea Bank ABP NPV                                                            | CUSIP: X5S8VL105<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |    180098 | NS      | $2303540.69   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech SA                                       | Sartorius Stedim Biotech SA EUR0.20                                            | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |       722 | NS      | $143040.97    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                                | Coca-Cola Europacific Partners PLC COM EUR0.01                                 | CUSIP: G25839104<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |      6108 | NS      | $531579.25    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RS Group plc                                                      | RS Group plc ORD GBP0.10                                                       | CUSIP: G29848101<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |    500000 | NS      | $3637083.74   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                                | Grab Holdings Ltd. CLASS A ORD                                                 | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     65817 | NS      | $298151.01    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PAX Global Technology Ltd.                                        | PAX Global Technology Ltd. HKD0.10                                             | CUSIP: G6955J103<br>LEI: 5299008CRGPD1WZXCD36 | Long             | EC               | CORP              | BM        |    341000 | NS      | $212099.29    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pets At Home Group PLC                                            | Pets At Home Group PLC ORD GBP0.01                                             | CUSIP: G7041J107<br>LEI: 2138003Y9ULD24PD3J93 | Long             | EC               | CORP              | GB        |    173500 | NS      | $484546.71    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                                                  | Spirax Group PLC ORD GBP0.269230769                                            | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |      1875 | NS      | $151029.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co. Ltd.                                    | Techtronic Industries Co. Ltd. NPV                                             | CUSIP: Y8563B159<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     37500 | NS      | $449410.33    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Azrieli Group                                                     | Azrieli Group ILS0.10                                                          | CUSIP: M1571Q105<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      1393 | NS      | $94019.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                                                     | Keyence Corp. NPV                                                              | CUSIP: J32491102<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      5500 | NS      | $2162655.92   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Co Ltd                                             | Kirin Holdings Co Ltd NPV                                                      | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |     23900 | NS      | $331162.41    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Poste Italiane S.p.A.                                             | Poste Italiane S.p.A. NPV                                                      | CUSIP: T7S697106<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | NUSS              | IT        |     12968 | NS      | $231353.90    | 0.02%             |  |  |  | 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        |      5200 | NS      | $105975.86    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd.                                                      | Komatsu Ltd. NPV                                                               | CUSIP: J35759125<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     76900 | NS      | $2251872.52   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Konami Group Corp.                                                | Konami Group Corp. NPV                                                         | CUSIP: J3600L101<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |      3000 | NS      | $354246.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Bussan Co Ltd.                                               | Kobe Bussan Co Ltd. NPV                                                        | CUSIP: J3478K102<br>LEI: 353800CJIFNHN2DXRD59 | Long             | EC               | CORP              | JP        |      4200 | NS      | $97786.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Megmilk Snow Brand                                                | Megmilk Snow Brand NPV                                                         | CUSIP: J41966102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     54900 | NS      | $939379.03    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO Inc.                                                         | ZOZO Inc. NPV                                                                  | CUSIP: J9893A108<br>LEI: 549300GC7XPQMZA0OW13 | Long             | EC               | CORP              | JP        |     11100 | NS      | $106313.65    | 0.01%             |  |  |  | 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        |     10900 | NS      | $299405.05    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd.                                                     | Nexon Co Ltd. NPV                                                              | CUSIP: J4914X104<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |      9900 | NS      | $135593.81    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                         | Prosus NV EUR0.05 (N SHARES)                                                   | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     84809 | NS      | $3940166.50   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Auckland International Airport Ltd.                               | Auckland International Airport Ltd. NPV                                        | CUSIP: Q06213146<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |     49382 | NS      | $229059.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Energy Ltd.                                              | Meridian Energy Ltd. NPV                                                       | CUSIP: Q5997E121<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |     42496 | NS      | $135111.69    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Xero Ltd.                                                         | Xero Ltd. NPV                                                                  | CUSIP: Q98665104<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |      4115 | NS      | $402215.67    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd.                                               | Perseus Mining Ltd. NPV                                                        | CUSIP: Q74174105<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |    816300 | NS      | $1717109.88   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Tele2 AB (publ)                                                   | Tele2 AB (publ) SER'B'NPV                                                      | CUSIP: W95878166<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |     16232 | NS      | $218890.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastighets AB Balder                                              | Fastighets AB Balder SER'B'NPV                                                 | CUSIP: W2951M127<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |     19721 | NS      | $123405.85    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bilia AB (publ)                                                   | Bilia AB (publ) SER'A'NPV                                                      | CUSIP: W2R73S177<br>LEI: 2138002GW5WN1UYZAO32 | Long             | EC               | CORP              | SE        |      9800 | NS      | $125622.62    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881615<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $43526.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881616<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3593.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881617<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3676.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881635<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2245.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881636<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5865.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881637<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $25342.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881638<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $9640.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881639<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $76824.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881640<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3489.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881641<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $35272.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881642<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $24795.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881643<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $43422.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881644<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $61978.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881645<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $8529.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881646<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $49567.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881647<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $13000.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881648<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $15130.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881649<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $3856.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881650<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5566.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881651<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $10225.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881652<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $19730.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881653<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $80600.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881654<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $41040.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881655<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $101065.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881656<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $66005.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881657<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $38333.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881658<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $63246.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881659<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $208909.77    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881603<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $89185.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881604<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $44305.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881605<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $9431.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881606<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2595.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881607<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2459.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881608<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $28523.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881609<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $14135.96     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881610<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2611.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881611<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2545.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881612<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $7295.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881613<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $43696.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881614<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2037.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881618<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11845.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881619<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $6834.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881620<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $9376.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                                          | CITIGROUP GLOBAL MARKETS                                                       | CUSIP: 888881621<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $7268.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881622<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $16350.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881623<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $29388.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881624<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11791.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881625<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $5492.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881626<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $100301.14    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881627<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $29688.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881628<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $11959.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881629<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $10809.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881630<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $6183.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881631<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $598333.46    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881632<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $24098.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881633<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $273568.72    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MELLON BANK                                                       | MELLON BANK                                                                    | CUSIP: 888881634<br>LEI: N/A                  | Long             | DFE              | CORP              | N/A       |         1 | NC      | $2179.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S.                                                  | MSCI EAFE Index Futures - ICUS - Jun25                                         | CUSIP: 0002MFSM5<br>LEI: 5493004R83R1LVX2IL36 | Long             | DE               | CORP              | US        |        87 | NC      | $-233240.00   | -0.02%            |  |  |  | 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.