# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001145549-25-052379
**Filing Date:** 2025-8
**Character Count:** 851860
**Document Hash:** 3d4e0f5e9e481b821906ed866e99ca5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052379.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052379

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 251240278

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

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

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

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

## Series and Classes Contracts Data

### Empower Core Strategies: Flexible Bond Fund (Series ID: S000061889)

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

### Empower Core Strategies: Inflation-Protected Securities Fund (Series ID: S000061890)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200581 | Institutional Class | MXEGX           |
| C000204664 | Investor Class      | MXEYX           |

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

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

### Empower Core Strategies: U.S. Equity Fund (Series ID: S000061893)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000200584 | Institutional Class | MXEBX           |
| C000204670 | Investor Class      | MXETX           |

?xml version='1.0' encoding='ASCII'? 8dddea4137a884a

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-03364

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

------

8515 E. Orchard Road, Greenwood Village, Colorado 80111

(Address of principal executive offices) (Zip Code)

Jonathan D. Kreider

President & Chief Executive Officer

8515 E. Orchard Road

Greenwood Village, Colorado 80111

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025
ITEM 1. REPORT TO STOCKHOLDERS.

Item 1(a):

### Empower Core Strategies: Flexible Bond Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXEDX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: Flexible Bond Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: Flexible Bond Fund<br>(Institutional Class/MXEDX) | $46 | 0.45% |

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,318M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;A1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;13 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.42 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.75% | 3.40% |
| United States Treasury Note/Bond 4.00% | 2.72% |
| United States Treasury Note/Bond 4.25% | 2.49% |
| United States Treasury Note/Bond 4.00% | 2.36% |
| United States Treasury Note/Bond 4.75% | 2.34% |
| United States Treasury Note/Bond 4.25% | 1.78% |
| United States Treasury Note/Bond 4.63% | 1.71% |
| United States Treasury Note/Bond 4.38% | 1.50% |
| United States Treasury Note/Bond 4.50% | 1.42% |
| United States Treasury Note/Bond 4.75% | 1.40% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_915322.jpg)

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

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

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: Flexible Bond Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXEWX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: Flexible Bond Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: Flexible Bond Fund<br>(Investor Class/MXEWX) | $79 | 0.77% |

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,318M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1000 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.4M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;A1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;13 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;5.42 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| United States Treasury Note/Bond 3.75% | 3.40% |
| United States Treasury Note/Bond 4.00% | 2.72% |
| United States Treasury Note/Bond 4.25% | 2.49% |
| United States Treasury Note/Bond 4.00% | 2.36% |
| United States Treasury Note/Bond 4.75% | 2.34% |
| United States Treasury Note/Bond 4.25% | 1.78% |
| United States Treasury Note/Bond 4.63% | 1.71% |
| United States Treasury Note/Bond 4.38% | 1.50% |
| United States Treasury Note/Bond 4.50% | 1.42% |
| United States Treasury Note/Bond 4.75% | 1.40% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_915359.jpg)

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

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

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: Inflation-Protected Securities Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXEGX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: Inflation-Protected Securities Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

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

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$483M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;105% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;7 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.33 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 29.76% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 17.53% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 14.25% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.88% | 9.17% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 8.32% |
| U.S. Treasury Inflation Indexed Bonds TIPS 0.13% | 2.13% |
| Government National Mortgage Association 4.50% | 1.30% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.25% | 1.03% |
| United States Treasury Note/Bond 4.00% | 0.96% |
| United States Treasury Note/Bond 3.88% | 0.96% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_915396.jpg)

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

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

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: Inflation-Protected Securities Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXEYX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: Inflation-Protected Securities Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

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

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$483M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;105% |
| **Average Credit Quality** | &nbsp;&nbsp;&nbsp;&nbsp;Aa1 |
| **Weighted Average Maturity** | &nbsp;&nbsp;&nbsp;&nbsp;7 years |
| **Effective Duration** | &nbsp;&nbsp;&nbsp;&nbsp;4.33 years |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 29.76% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 17.53% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.63% | 14.25% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.88% | 9.17% |
| U.S. Treasury Inflation Indexed Bonds TIPS 2.13% | 8.32% |
| U.S. Treasury Inflation Indexed Bonds TIPS 0.13% | 2.13% |
| Government National Mortgage Association 4.50% | 1.30% |
| U.S. Treasury Inflation Indexed Bonds TIPS 1.25% | 1.03% |
| United States Treasury Note/Bond 4.00% | 0.96% |
| United States Treasury Note/Bond 3.88% | 0.96% |

---

**CREDIT RATING ALLOCATION (a)**

![Graphical Representation - Allocation 2 Chart](chartimages_915433.jpg)

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

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

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: International Equity Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXECX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: International Equity Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: International Equity Fund<br>(Institutional Class/MXECX) | $71 | 0.65% |

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,072M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;885 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 1.60% |
| SAP SE | 1.59% |
| Novartis AG | 1.33% |
| EssilorLuxottica SA | 1.03% |
| Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | 1.01% |
| London Stock Exchange Group PLC | 1.00% |
| Shell PLC | 0.93% |
| Roche Holding AG | 0.89% |
| Halma PLC | 0.85% |
| LVMH Moet Hennessy Louis Vuitton SE | 0.84% |

---

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915248.jpg)

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

Effective April 30, 2025, Lazard Asset Management LLC replaced Franklin Templeton Institutional, LLC as a sub-adviser.

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: International Equity Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXEVX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: International Equity Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: International Equity Fund<br>(Investor Class/MXEVX) | $104 | 0.95% |

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1,072M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;885 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.7M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 1.60% |
| SAP SE | 1.59% |
| Novartis AG | 1.33% |
| EssilorLuxottica SA | 1.03% |
| Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | 1.01% |
| London Stock Exchange Group PLC | 1.00% |
| Shell PLC | 0.93% |
| Roche Holding AG | 0.89% |
| Halma PLC | 0.85% |
| LVMH Moet Hennessy Louis Vuitton SE | 0.84% |

---

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915285.jpg)

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

Effective April 30, 2025, Lazard Asset Management LLC replaced Franklin Templeton Institutional, LLC as a sub-adviser.

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: U.S. Equity Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Institutional Class / MXEBX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: U.S. Equity Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: U.S. Equity Fund<br>(Institutional Class/MXEBX) | $56 | 0.55% |

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$671M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;654 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| Microsoft Corp | 4.98% |
| NVIDIA Corp | 4.60% |
| Apple Inc | 3.52% |
| Amazon.com Inc | 3.17% |
| Meta Platforms Inc Class A | 2.26% |
| Broadcom Inc | 1.71% |
| Alphabet Inc Class A | 1.50% |
| Alphabet Inc Class C | 1.23% |
| Tesla Inc | 1.18% |
| Walmart Inc | 1.09% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915174.jpg)

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

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

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

### Empower Core Strategies: U.S. Equity Fund
SEMI-ANNUAL SHAREHOLDER REPORT

Investor Class / MXETX \| June 30, 2025

![Empower Logo](images_202.jpg)

This semi-annual shareholder report contains important information about the Empower Core Strategies: U.S. Equity Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.empower.com/investments/empower-funds/fund-documents. You may also request this information by contacting us at 1-866-831-7129.

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

#### Fund Expenses for the period ended June 30, 2025
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Empower Core Strategies: U.S. Equity Fund<br>(Investor Class/MXETX) | $92 | 0.90% |

---

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

---

| | |
|:---|:---|
| **Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$671M |
| **Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;654 |
| **Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.5M |
| **Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

Top Ten Holdings

---

| | |
|:---|:---|
| Microsoft Corp | 4.98% |
| NVIDIA Corp | 4.60% |
| Apple Inc | 3.52% |
| Amazon.com Inc | 3.17% |
| Meta Platforms Inc Class A | 2.26% |
| Broadcom Inc | 1.71% |
| Alphabet Inc Class A | 1.50% |
| Alphabet Inc Class C | 1.23% |
| Tesla Inc | 1.18% |
| Walmart Inc | 1.09% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_915211.jpg)

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

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

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

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

Availability of Additional Information

![QR Code](images_203.jpg)

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

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

EMPOWER FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 2. CODE OF ETHICS.**

Not required in filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not required in filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not required in filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 6. INVESTMENTS.**

(a) The schedule is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

------

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

#### EMPOWER FUNDS, INC. ("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** |

---

(the "Fund(s)")

#### Semi-Annual Report
June 30, 2025

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

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 12.07% | Non-Agency — 12.07% | Non-Agency — 12.07% |
|  | AASET Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A |  |
| &nbsp;&nbsp;&nbsp;376737 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/16/2041 | &nbsp;&nbsp;&nbsp;$357977 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A |  |
| &nbsp;&nbsp;&nbsp;683689 | &nbsp;&nbsp;&nbsp;&nbsp;2.80%, 01/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 636384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| 1427317 | &nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/16/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| &nbsp;&nbsp;&nbsp;560917 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/16/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571125 |
|  | Affirm Asset Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class 1D |  |
| &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;105971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &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;663304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class A |  |
| &nbsp;&nbsp;&nbsp;124682 | &nbsp;&nbsp;&nbsp;&nbsp;5.22%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-X2 Class D |  |
| &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;181342 |
| &nbsp;&nbsp;&nbsp;650000 | AGL Ltd<sup>(b)(c)</sup><br> Series 2022-23A Class BR<br> 5.82%, 04/20/2038<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651971 |
| &nbsp;&nbsp;&nbsp;719838 | ALTDE Trust<sup>(b)</sup><br> Series 2025-1A Class A<br> 5.90%, 08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733970 |
|  | American Credit Acceptance Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class C |  |
| 1032294 | &nbsp;&nbsp;&nbsp;&nbsp;6.44%, 10/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &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;934280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4 Class D |  |
| &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;300747 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.54%, 08/12/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510734 |
| 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;1541170 |
| 3400000 | Apidos XXXVII<sup>(b)(c)</sup><br> Series 2021-37A Class B<br> 6.13%, 10/22/2034<br> 3-mo. SOFR + 1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404437 |
| 2365000 | Applebee's Funding LLC / IHOP Funding LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 6.72%, 06/07/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365000 |
|  | Aqua Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-A Class C |  |
| &nbsp;&nbsp;&nbsp;209875 | &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 07/16/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205012 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class B |  |
| &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;191237 |
| 3850000 | Ares LXII Ltd<sup>(b)(c)</sup><br> Series 2021-62A Class B<br> 6.19%, 01/25/2034<br> 3-mo. SOFR + 1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857700 |

---

---

| | | |
|:---|:---|:---|
| **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 |  |
| &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;2.35%, 02/20/2028 | &nbsp;&nbsp;&nbsp;$430617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;7.59%, 04/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 274755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;7.26%, 10/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 256540 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;7.32%, 02/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262224 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;7.31%, 06/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;7.35%, 04/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252415 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-8A Class C |  |
| &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;290505 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &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;154421 |
| 1400000 | Benefit Street Partners XXVIII Ltd<sup>(b)(c)</sup><br> Series 2022-28A Class BR<br> 5.97%, 10/20/2037<br> 3-mo. SOFR + 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402834 |
| &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;611294 |
|  | BHG Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class B |  |
| &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;809643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class B |  |
| &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;394146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1CON Class C |  |
| &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;107723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1CON Class B |  |
| &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;206538 |
| 1335000 | Birch Grove Ltd<sup>(b)(c)</sup><br> Series 2024-9A Class A1<br> 5.68%, 10/22/2037<br> 3-mo. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337161 |
| 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;2904828 |
|  | Bridgecrest Lending Auto Securitization Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class D |  |
| 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;7.84%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class D |  |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466210 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.17%, 03/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959272 |
| &nbsp;&nbsp;&nbsp;359597 | 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;339294 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| 2000000 | Carlyle Global Market Strategies Ltd<sup>(b)(c)</sup><br> Series 2021-3SA Class A2<br> 6.02%, 04/15/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;$2001472 |
|  | CarMax Auto Owner Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;2.47%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 294478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class D |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;7.16%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 313662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102564 |
|  | Carvana Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-N4 Class D |  |
| &nbsp;&nbsp;&nbsp;135525 | &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/11/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N1 Class D |  |
| 2430000 | &nbsp;&nbsp;&nbsp;&nbsp;6.69%, 07/10/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478358 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-N4 Class D |  |
| &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;209405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N1 Class D |  |
| &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;204972 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class D |  |
| &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;400569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-N3 Class E |  |
| 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;7.66%, 04/12/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303995 |
|  | Castlelake Aircraft Securitization Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1 Class B |  |
| &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;587284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A |  |
| &nbsp;&nbsp;&nbsp;371723 | &nbsp;&nbsp;&nbsp;&nbsp;3.97%, 04/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352213 |
| &nbsp;&nbsp;&nbsp;408281 | 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;410396 |
| &nbsp;&nbsp;&nbsp;700000 | CLI Funding VIII LLC<sup>(b)</sup><br> Series 2025-R Class A<br> 6.61%, 06/21/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690900 |
| &nbsp;&nbsp;&nbsp;&nbsp;22152 | 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;20100 |
| &nbsp;&nbsp;&nbsp;655000 | Compass Datacenters Issuer II LLC<sup>(b)</sup><br> Series 2025-1A Class A1<br> 5.32%, 05/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655000 |
|  | Compass Datacenters Issuer III LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &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;661607 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A3 |  |
| &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;352821 |
|  | CoreVest American Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2 Class C |  |
| &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 05/15/2052<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583701 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class C |  |
| &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;140174 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &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;196934 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Credit Acceptance Auto Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 07/17/2034 | &nbsp;&nbsp;&nbsp;$335110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/16/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 363437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;5.39%, 01/16/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 283082 |
|  | CyrusOne Data Centers Issuer I LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class A2 |  |
| &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;490212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 02/20/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203855 |
|  | Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class D |  |
| &nbsp;&nbsp;&nbsp;802716 | &nbsp;&nbsp;&nbsp;&nbsp;1.39%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class D |  |
| 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061764 |
|  | DT Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D |  |
| &nbsp;&nbsp;&nbsp;547887 | &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class B |  |
| 1990000 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &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;879578 |
| &nbsp;&nbsp;&nbsp;&nbsp;29928 | 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;28303 |
| &nbsp;&nbsp;&nbsp;&nbsp;55596 | 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;45740 |
| &nbsp;&nbsp;&nbsp;576143 | 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;559523 |
| &nbsp;&nbsp;&nbsp;174600 | 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;172020 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3A Class D |  |
| 1657343 | &nbsp;&nbsp;&nbsp;&nbsp;1.55%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628987 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A Class C |  |
| &nbsp;&nbsp;&nbsp;274586 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &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;692064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class D |  |
| &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;347162 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5A Class D |  |
| 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372449 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 12/16/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122844 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A Class D |  |
| &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;400250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A3 |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| 3845000 | &nbsp;&nbsp;&nbsp;&nbsp;5.49%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917499 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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 2025-2A Class C |  |
| &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 07/15/2031 | &nbsp;&nbsp;&nbsp;$758412 |
|  | First Investors Auto Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;3.79%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 393908 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class D |  |
| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;8.71%, 10/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 436936 |
|  | FirstKey Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class F1 |  |
| 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;3.02%, 10/19/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004074 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &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;516396 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;2.26%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR2 Class E2 |  |
| &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 09/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR2 Class D |  |
| &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622028 |
|  | Flagship Credit Auto Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;99580 | &nbsp;&nbsp;&nbsp;&nbsp;2.18%, 02/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1 Class D |  |
| &nbsp;&nbsp;&nbsp;209788 | &nbsp;&nbsp;&nbsp;&nbsp;1.27%, 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206821 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class D |  |
| &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;302493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &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;456096 |
| &nbsp;&nbsp;&nbsp;492500 | 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;519773 |
| &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;455492 |
| 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;2396811 |
| 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;1400943 |
|  | Foundation Finance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class B |  |
| &nbsp;&nbsp;&nbsp;244705 | &nbsp;&nbsp;&nbsp;&nbsp;6.97%, 06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;97321 | &nbsp;&nbsp;&nbsp;&nbsp;6.59%, 03/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class B |  |
| &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;699665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &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;492739 |
|  | Freedom Financial Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3FP Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;75103 | &nbsp;&nbsp;&nbsp;&nbsp;2.37%, 11/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1FP Class D |  |
| &nbsp;&nbsp;&nbsp;135099 | &nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134188 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Frontier Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A2 |  |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;6.60%, 08/20/2053 | &nbsp;&nbsp;&nbsp;$1909710 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class C |  |
| &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp;&nbsp;11.50%, 08/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 809879 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class C |  |
| 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;11.16%, 06/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1217925 |
| 1838182 | GITSIT Mortgage Loan Trust<sup>(b)(e)</sup><br> Series 2025-NPL1 Class A1<br> 6.28%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838334 |
|  | GLS Auto Receivables Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;47323 | &nbsp;&nbsp;&nbsp;&nbsp;1.68%, 01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &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;530743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &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;618636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &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;408176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &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;379279 |
|  | GLS Auto Select Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &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;51642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class C |  |
| &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;159395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.28%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100806 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class C |  |
| &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;66150 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &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;71576 |
| &nbsp;&nbsp;&nbsp;229625 | 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;232238 |
|  | Hardee's Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;2.87%, 06/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262570 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325990 |
| &nbsp;&nbsp;&nbsp;420000 | Hertz Vehicle Financing III LLC<sup>(b)</sup><br> Series 2023-1A Class D2<br> 9.13%, 06/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424769 |
| &nbsp;&nbsp;&nbsp;450000 | 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;449965 |
| &nbsp;&nbsp;&nbsp;&nbsp;59889 | 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;60826 |
| &nbsp;&nbsp;&nbsp;107169 | 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;108956 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;83133 | &nbsp;&nbsp;&nbsp;&nbsp;2.58%, 09/17/2041 | &nbsp;&nbsp;&nbsp;$71382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class E1 |  |
| 1267089 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1214347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2 Class E2 |  |
| &nbsp;&nbsp;&nbsp;609547 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 12/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 581788 |
|  | HPEFS Equipment Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &nbsp;&nbsp;&nbsp;100316 | &nbsp;&nbsp;&nbsp;&nbsp;2.40%, 11/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &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;259090 |
| 2550000 | HPS Loan Management Ltd<sup>(b)(c)</sup><br> Series 15A-19 Class A1R<br> 5.59%, 01/22/2035<br> 3-mo. SOFR + 1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550943 |
| &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;107083 |
| &nbsp;&nbsp;&nbsp;478750 | 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;471776 |
| 1183084 | 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;1171278 |
|  | Kapitus Asset Securitization IV LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class 1A |  |
| &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;194779 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &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;509422 |
| &nbsp;&nbsp;&nbsp;&nbsp;82463 | 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;80821 |
| 2250000 | KKR Ltd<sup>(b)(c)</sup><br> Series 31A Class B<br> 6.03%, 04/20/2034<br> 3-mo. SOFR + 1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252754 |
| &nbsp;&nbsp;&nbsp;199439 | 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;193950 |
|  | LAD Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class C |  |
| &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;269002 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| &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;152151 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &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;101372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.64%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.93%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A Class D |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.18%, 02/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100108 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;177308 | Laurel Road Prime Student Loan Trust<sup>(b)</sup><br> Series 2020-A Class A2FX<br> 1.40%, 11/25/2050 | &nbsp;&nbsp;&nbsp;$164594 |
| &nbsp;&nbsp;&nbsp;770565 | Lunar Structured Aircraft Portfolio Notes<sup>(b)</sup><br> Series 2021-1 Class A<br> 2.64%, 10/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 717958 |
| &nbsp;&nbsp;&nbsp;488470 | MAPS Ltd<sup>(b)</sup><br> Series 2021-1A Class A<br> 2.52%, 06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 460182 |
|  | Marathon Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-16A Class A2 |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.22%, 04/15/2034<br> 3-mo. SOFR + 1.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-16A Class A2R |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 04/15/2034<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250000 |
| &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134123 |
|  | Marlette Funding Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class B |  |
| &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;605534 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &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;176464 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &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;569900 |
| &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;533878 |
| 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;1084467 |
| &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;163498 |
|  | Mission Lane Credit Card Master Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B Class A |  |
| &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;840792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &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;624875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &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;700525 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A Class A |  |
| &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;596267 |
|  | MVW Owner Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1WA Class C |  |
| &nbsp;&nbsp;&nbsp;231212 | &nbsp;&nbsp;&nbsp;&nbsp;1.94%, 01/22/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220010 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class C |  |
| &nbsp;&nbsp;&nbsp;454314 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 05/20/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427492 |
|  | Navient Private Education Refi Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-HA Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;25274 | &nbsp;&nbsp;&nbsp;&nbsp;1.31%, 01/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23749 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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-A Class A |  |
| &nbsp;&nbsp;&nbsp;201714 | &nbsp;&nbsp;&nbsp;&nbsp;0.84%, 05/15/2069 | &nbsp;&nbsp;&nbsp;$183841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class B |  |
| &nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/15/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 571670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-EA Class B |  |
| &nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;2.03%, 12/16/2069 | &nbsp;&nbsp;&nbsp;&nbsp; 166846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FA Class B |  |
| &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;344251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BA Class B |  |
| &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;7.23%, 03/15/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603608 |
| 1170642 | 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;1094189 |
|  | Nelnet Student Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BA Class B |  |
| &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;325636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class C |  |
| &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;167400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DA Class D |  |
| &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;85611 |
| &nbsp;&nbsp;&nbsp;315000 | New Economy Assets Phase 1 Sponsor LLC<sup>(b)</sup><br> Series 2021-1 Class A1<br> 1.91%, 10/20/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296569 |
|  | OneMain Financial Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class D |  |
| &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;317662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-S1 Class D |  |
| &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;760956 |
| &nbsp;&nbsp;&nbsp;932273 | 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;945560 |
| &nbsp;&nbsp;&nbsp;505000 | OWN Equipment Fund II LLC<sup>(b)</sup><br> Series 2025-1M Class A<br> 5.48%, 09/26/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504848 |
|  | Palmer Square BDC Ltd<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class A |  |
| 1795000 | &nbsp;&nbsp;&nbsp;&nbsp;5.86%, 07/15/2037<br> 3-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803776 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 1A Class B1 |  |
| 1270000 | &nbsp;&nbsp;&nbsp;&nbsp;6.41%, 07/15/2037<br> 3-mo. SOFR + 2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278435 |
| &nbsp;&nbsp;&nbsp;266697 | 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;269988 |
|  | Planet Fitness Master Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;557550 | &nbsp;&nbsp;&nbsp;&nbsp;3.86%, 12/05/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A2I |  |
| &nbsp;&nbsp;&nbsp;&nbsp;48375 | &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;47107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class A2II |  |
| &nbsp;&nbsp;&nbsp;&nbsp;96750 | &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;89288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2I |  |
| 1096713 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 06/05/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112122 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Prestige Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| 1235000 | &nbsp;&nbsp;&nbsp;&nbsp;8.08%, 08/15/2028 | &nbsp;&nbsp;&nbsp;$1262119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;7.71%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 208422 |
|  | Progress Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E1 |  |
| &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp;2.54%, 05/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162242 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR3 Class E2 |  |
| &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;137714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR4 Class E1 |  |
| &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;98121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR4 Class E2 |  |
| &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;98091 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E1 |  |
| &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;222715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR5 Class E2 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.36%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E1 |  |
| &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;291953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR6 Class E2 |  |
| &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;150917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E1 |  |
| &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;336249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR7 Class E2 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.64%, 08/17/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E1 |  |
| &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;154400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR9 Class E2 |  |
| &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;107772 |
| &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;176595 |
|  | Republic Finance Issuance Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-A Class C |  |
| &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;97217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class A |  |
| &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;527597 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class A |  |
| &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;147154 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B Class C |  |
| &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;497523 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20610 | &nbsp;&nbsp;&nbsp;&nbsp;1.33%, 09/15/2027 | &nbsp;&nbsp;&nbsp;$20527 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4 Class D |  |
| &nbsp;&nbsp;&nbsp;856313 | &nbsp;&nbsp;&nbsp;&nbsp;1.67%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 848032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3 Class B |  |
| 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.61%, 07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1558181 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class B |  |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;5.77%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418262 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4 Class C |  |
| &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;820490 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class C |  |
| &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;955443 |
|  | SBNA Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class C |  |
| &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;101767 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D |  |
| &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;102030 |
|  | SCF Equipment Leasing LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A Class D |  |
| &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;346484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2A Class C |  |
| &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;623297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class C |  |
| &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;118856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class D |  |
| &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;115559 |
|  | SEB Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;199500 | &nbsp;&nbsp;&nbsp;&nbsp;4.97%, 01/30/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| &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;956153 |
| &nbsp;&nbsp;&nbsp;203000 | 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;197061 |
|  | Sierra Timeshare Receivables Funding LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16128 | &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;15836 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;85208 | &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;88134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &nbsp;&nbsp;&nbsp;256375 | &nbsp;&nbsp;&nbsp;&nbsp;7.12%, 09/20/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264463 |
|  | SLAM LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;790594 | &nbsp;&nbsp;&nbsp;&nbsp;5.34%, 09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A |  |
| &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274552 |
|  | SMB Private Education Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-A Class A2A |  |
| &nbsp;&nbsp;&nbsp;321771 | &nbsp;&nbsp;&nbsp;&nbsp;2.23%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309895 |

---

---

| | | |
|:---|:---|:---|
| **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-A Class A2A2 |  |
| &nbsp;&nbsp;&nbsp;303603 | &nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/15/2053<sup>(c)</sup><br> 1-mo. SOFR + 0.84% | &nbsp;&nbsp;&nbsp;$301142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B Class B |  |
| &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 07/17/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 306335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-D Class B |  |
| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;2.31%, 03/17/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 280562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-E Class B |  |
| &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;2.49%, 02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593655 |
|  | Stream Innovations Issuer Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;70589 | &nbsp;&nbsp;&nbsp;&nbsp;6.27%, 07/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class A |  |
| &nbsp;&nbsp;&nbsp;355335 | &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359276 |
| 1492500 | 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;1517720 |
| &nbsp;&nbsp;&nbsp;113626 | 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;104024 |
| &nbsp;&nbsp;&nbsp;322005 | 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;146305 |
| 1147284 | 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;475037 |
| 1106899 | 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;1023900 |
| &nbsp;&nbsp;&nbsp;347115 | Sunrun Atlas Issuer LLC<sup>(b)</sup><br> Series 2019-2 Class A<br> 3.61%, 02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328638 |
| &nbsp;&nbsp;&nbsp;106279 | 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;94044 |
| &nbsp;&nbsp;&nbsp;267867 | 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;246300 |
| &nbsp;&nbsp;&nbsp;428228 | 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;417317 |
| 1150000 | TMCL VII Holdings Ltd<sup>(b)</sup><br> Series 2025-1H Class A<br> 6.43%, 07/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 |
|  | Trafigura Securitisation Finance PLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A1 |  |
| 1790000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2027<sup>(c)</sup><br> 1-day. SOFR + 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783573 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &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;283635 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | Tricon American Homes Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-SFR1 Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/17/2038 | &nbsp;&nbsp;&nbsp;$14752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-SFR2 Class E1 |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2.73%, 11/17/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 94577 |
|  | Tricon Residential Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E1 |  |
| &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;194079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-SFR1 Class E2 |  |
| &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 07/17/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519158 |
| &nbsp;&nbsp;&nbsp;100000 | Uniti Fiber ABS Issuer LLC<sup>(b)</sup><br> Series 2025-1A Class A2<br> 5.88%, 04/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100998 |
| 2250000 | Venture Ltd<sup>(b)(c)</sup><br> Series 2021-42A Class B<br> 6.07%, 04/15/2034<br> 3-mo. SOFR + 1.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250135 |
| &nbsp;&nbsp;&nbsp;399328 | Vivint Solar Financing V LLC<sup>(b)</sup><br> Series 2018-1A Class A<br> 4.73%, 04/30/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378049 |
| &nbsp;&nbsp;&nbsp;636507 | Volofin Finance Designated Activity Co<sup>(b)</sup><br> Series 2024-1A Class A<br> 5.94%, 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642785 |
|  | VStrong Auto Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class B |  |
| &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;101485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A Class D |  |
| &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;104294 |
| 1164729 | 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;1129811 |
|  | Westlake Automobile Receivables Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A Class D |  |
| &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;408816 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A Class C |  |
| &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;557807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A Class D |  |
| 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;7.19%, 07/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389974 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A Class D |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class D |  |
| &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;406210 |
| &nbsp;&nbsp;&nbsp;151736 | 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;148997 |
| &nbsp;&nbsp;&nbsp;749623 | 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;696819 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| &nbsp;&nbsp;&nbsp;223209 | Willis Engine Structured Trust VII<sup>(b)</sup><br> Series 2023-A Class A<br> 8.00%, 10/15/2048 | &nbsp;&nbsp;&nbsp;$229886 |
| &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; 453287 |
|  | Ziply Fiber Issuer LLC<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A2 |  |
| 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.64%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1232275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class B |  |
| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp;7.81%, 04/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 292728 |
| **TOTAL ASSET-BACKED SECURITIES — 12.07%<br> (Cost $159,198,430)** | **TOTAL ASSET-BACKED SECURITIES — 12.07%<br> (Cost $159,198,430)** | &nbsp;&nbsp;&nbsp;**$159034986** |
| **BANK LOANS** | **BANK LOANS** | **BANK LOANS** |
|  | Aramark Services Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;6.33%,04/06/2028<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160067 |
| 1439300 | &nbsp;&nbsp;&nbsp;&nbsp;6.33%,06/22/2030<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441099 |
| 1700422 | Asplundh Tree Expert LLC<sup>(c)</sup><br> 6.08%, 05/23/2031<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701485 |
|  | Carnival Corp<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;137154 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%,08/08/2027<br> 1-mo. SOFR + 1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136982 |
| 1562832 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%,10/18/2028<br> 1-mo. SOFR + 1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556972 |
| &nbsp;&nbsp;&nbsp;485100 | Cedar Fair LP<sup>(c)</sup><br> 6.33%, 05/01/2031<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485024 |
| &nbsp;&nbsp;&nbsp;308637 | 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;310051 |
| &nbsp;&nbsp;&nbsp;344135 | Citadel Securities LP<sup>(c)</sup><br> 6.32%, 10/24/2031<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344888 |
| &nbsp;&nbsp;&nbsp;344879 | CSC Holdings LLC<sup>(c)</sup><br> 8.81%, 01/18/2028<br> 1-mo. SOFR + 4.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339447 |
| &nbsp;&nbsp;&nbsp;319196 | DaVita Inc<sup>(c)</sup><br> 6.32%, 05/09/2031<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320849 |
| &nbsp;&nbsp;&nbsp;872812 | DK Crown Holdings Inc<sup>(c)</sup><br> 6.07%, 03/04/2032<br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869812 |
| 2202431 | Flutter Entertainment PLC<sup>(c)</sup><br> 6.05%, 11/29/2030<br> 3-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190042 |
| &nbsp;&nbsp;&nbsp;205000 | Flutter Financing B.V.<sup>(c)</sup><br> 6.30%, 06/04/2032<br> 3-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 |
| &nbsp;&nbsp;&nbsp;285000 | Herc Holdings Inc<sup>(c)</sup><br> 6.31%, 05/17/2032<br> 1-mo. SOFR + 1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285832 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
|  | Hilton Grand Vacations Borrower LLC<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;43821 | &nbsp;&nbsp;&nbsp;&nbsp;6.32%,08/02/2028<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;$43777 |
| 2780929 | &nbsp;&nbsp;&nbsp;&nbsp;6.33%,01/17/2031<br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2776293 |
| 1157005 | Hilton Worldwide Finance LLC<sup>(c)</sup><br> 6.07%, 11/08/2030<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp; 1159969 |
| &nbsp;&nbsp;&nbsp;336041 | HUB International Ltd<sup>(c)</sup><br> 6.77%, 06/20/2030<br> 3-mo. SOFR + 2.32% | &nbsp;&nbsp;&nbsp;&nbsp; 336881 |
| &nbsp;&nbsp;&nbsp;766350 | IQVIA Inc<sup>(c)</sup><br> 6.05%, 01/02/2031<br> 3-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 768744 |
| 1227848 | Novelis Holdings Inc<sup>(c)</sup><br> 6.30%, 02/20/2032<br> 3-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1228155 |
| &nbsp;&nbsp;&nbsp;358191 | NRG Energy Inc<sup>(c)</sup><br> 6.31%, 04/16/2031<br> 1-mo. SOFR + 1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358575 |
| 1498806 | OpenText Corp<sup>(c)</sup><br> 6.08%, 01/31/2030<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497444 |
|  | Resideo Funding Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;282775 | &nbsp;&nbsp;&nbsp;&nbsp;6.06%,02/11/2028<br> 1-mo. SOFR + 1.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282422 |
| 1273886 | &nbsp;&nbsp;&nbsp;&nbsp;6.07%,06/13/2031<br> 3-mo. SOFR + 1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271762 |
| &nbsp;&nbsp;&nbsp;218900 | Ryan Specialty Group LLC<sup>(c)</sup><br> 4.33%, 09/15/2031<br> 1-mo. SOFR + 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218444 |
| &nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733644 |
| &nbsp;&nbsp;&nbsp;&nbsp;99002 | Scientific Games International Inc<sup>(c)</sup><br> 6.56%, 04/14/2029<br> 1-mo. SOFR + 2.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99002 |
| &nbsp;&nbsp;&nbsp;249375 | TEREX Corp<sup>(c)</sup><br> 6.30%, 10/08/2031<br> 3-mo. SOFR + 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250622 |
|  | TransDigm Inc<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;193040 | &nbsp;&nbsp;&nbsp;&nbsp;7.05%,08/24/2028<br> 3-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193614 |
| &nbsp;&nbsp;&nbsp;192567 | &nbsp;&nbsp;&nbsp;&nbsp;6.80%,02/28/2031<br> 3-mo. SOFR + 2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192784 |
| 3177369 | TransUnion Intermediate Holdings Inc<sup>(c)</sup><br> 6.08%, 06/24/2031<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181341 |
| &nbsp;&nbsp;&nbsp;430167 | Truist Insurance Holdings LLC<sup>(c)</sup><br> 7.05%, 05/06/2031<br> 3-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430167 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Bank Loans — (continued)** | **Bank Loans — (continued)** | **Bank Loans — (continued)** |
| 1707750 | Wyndham Hotels & Resorts Inc<sup>(c)</sup><br> 6.08%, 05/24/2030<br> 1-mo. SOFR + 1.75% | &nbsp;&nbsp;&nbsp;$1713727 |
| **TOTAL BANK LOANS — 2.05%<br> (Cost $27,076,166)** | **TOTAL BANK LOANS — 2.05%<br> (Cost $27,076,166)** | &nbsp;&nbsp;&nbsp;**$27084917** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Basic Materials — 1.41% | Basic Materials — 1.41% | Basic Materials — 1.41% |
| &nbsp;&nbsp;&nbsp;650000 | Ashland Inc<sup>(b)</sup><br> 3.38%, 09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 579198 |
| 1810000 | First Quantum Minerals Ltd<sup>(b)</sup><br> 9.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1921038 |
|  | Glencore Funding LLC<sup>(b)</sup> |  |
| 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380743 |
| 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812197 |
| &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;263354 |
| 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/08/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179190 |
| 5550000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6018478 |
|  | Mineral Resources Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35163 |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102341 |
| &nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203986 |
|  | Steel Dynamics Inc |  |
| &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;324928 |
| &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;810860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18631476 |
| Communications — 3.10% | Communications — 3.10% | Communications — 3.10% |
| 1875000 | AT&T Inc<br> 5.38%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909225 |
|  | Charter Communications Operating LLC / Charter Communications Operating Capital |  |
| &nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;6.65%, 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315898 |
| &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp;6.55%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704192 |
| &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336099 |
| 2540000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032173 |
| &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293109 |
| 1935000 | &nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/30/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246752 |
|  | CSC Holdings LLC<sup>(b)</sup> |  |
| &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;&nbsp;&nbsp;98917 |
| &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;423308 |
| 7410000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446064 |
| 1640000 | &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136338 |
| &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;281474 |
| &nbsp;&nbsp;&nbsp;320000 | DirecTV Financing LLC<sup>(b)</sup><br> 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313789 |
| &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;931991 |
|  | Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48582 |
| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.35%, 06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243124 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
|  | DISH DBS Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2026 | &nbsp;&nbsp;&nbsp;$2618138 |
| &nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1406641 |
| &nbsp;&nbsp;&nbsp;&nbsp;9747212 | EchoStar Corp<br> 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 10039626 |
| &nbsp;&nbsp;&nbsp;&nbsp;2885000 | Expedia Group Inc<br> 5.40%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2904886 |
|  | Go Daddy Operating Co LLC / GD Finance Co Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 609169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685085 |
|  | iHeartCommunications Inc<sup>(b)</sup> |  |
| &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;823695 |
| &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;64460 |
|  | Motorola Solutions Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1730000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764346 |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350964 |
| &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;486876 |
| &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;1710457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | Time Warner Cable LLC<br> 6.55%, 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268533 |
|  | T-Mobile USA Inc |  |
| &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;713861 |
| &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;1157267 |
| &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;164705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | Uber Technologies Inc<br> 4.80%, 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40819504 |
| Consumer, Cyclical — 2.59% | Consumer, Cyclical — 2.59% | Consumer, Cyclical — 2.59% |
|  | 1011778 BC Unlimited Liability Co / New Red Finance Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223107 |
| &nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323253 |
| &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;646172 |
|  | American Airlines Pass Through Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 | &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;1452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10114 | &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;10044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1 Class B |  |
| &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;12389 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-3 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113599 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106 | &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;2866 |
| &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;576427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239 | 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;2131 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
|  | Carnival Corp<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027 | &nbsp;&nbsp;&nbsp;$922555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 215325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 692153 |
| &nbsp;&nbsp;&nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1693172 |
| &nbsp;&nbsp;&nbsp;&nbsp;1770000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1810979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Choice Hotels International Inc<br> 5.85%, 08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 317457 |
| &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;509127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | 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;665352 |
|  | Hilton Domestic Operating Co Inc<sup>(b)</sup> |  |
| &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;813294 |
| &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;99644 |
|  | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345280 |
|  | Light & Wonder International Inc<sup>(b)</sup> |  |
| &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;1313816 |
| &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;36059 |
| &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;256371 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037409 |
| &nbsp;&nbsp;&nbsp;&nbsp;1390000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | Marriott Ownership Resorts Inc<sup>(b)(f)</sup><br> 4.50%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427381 |
| &nbsp;&nbsp;&nbsp;&nbsp;2380000 | Meritage Homes Corp<br> 5.65%, 03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386759 |
|  | NCL Corp Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42167 |
| &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;582328 |
| &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;198172 |
|  | Royal Caribbean Cruises Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218893 |
| &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;1862895 |
| &nbsp;&nbsp;&nbsp;&nbsp;1515000 | &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524255 |
| &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;503661 |
| &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;1936626 |
|  | Travel + Leisure Co |  |
| &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;202956 |
| &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;723855 |
| &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;618392 |
| &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;2216822 |
|  | Warnermedia Holdings Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364781 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp;&nbsp;$265230 |
|  | Whirlpool Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 211846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 225721 |
|  | Yum! Brands Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1019911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 385109 |
|  | ZF North America Capital Inc<sup>(b)</sup> |  |
| &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;315953 |
| &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;648212 |
| &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;702423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34197160 |
| Consumer, Non-Cyclical — 3.05% | Consumer, Non-Cyclical — 3.05% | Consumer, Non-Cyclical — 3.05% |
|  | Ashtead Capital Inc<sup>(b)</sup> |  |
| &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;293692 |
| &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;474666 |
| &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;2289069 |
| &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;291685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | Avantor Funding Inc<sup>(b)</sup><br> 4.63%, 07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392784 |
| &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;26094 |
| &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;1619606 |
| &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;486152 |
|  | Centene Corp |  |
| &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;1099075 |
| &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;907218 |
| &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;902456 |
| &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;994440 |
|  | CVS Pass Through Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662732 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/10/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232360 | &nbsp;&nbsp;&nbsp;&nbsp;4.16%, 08/11/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695000 | Elevance Health Inc<sup>(f)</sup><br> 5.20%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702274 |
|  | Global Payments Inc |  |
| &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;294205 |
| &nbsp;&nbsp;&nbsp;&nbsp;1085000 | &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2032<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107503 |
|  | HCA Inc |  |
| &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;1725122 |
| &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;2071874 |
| &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;388332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691252 |
| &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;414534 |
|  | JBS USA Holding Lux SARL / JBS USA Food Co / JBS Lux Co SARL |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360249 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | JBS USA Holding Lux SARL / JBS USA Foods Group Holdings Inc / JBS USA Food Co<sup>(b)</sup><br> 5.50%, 01/15/2036 | &nbsp;&nbsp;&nbsp;$260382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | 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; 730366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | Mars Inc<sup>(b)</sup><br> 5.20%, 03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 445271 |
| &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; 909146 |
|  | Molina Healthcare Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 268791 |
| &nbsp;&nbsp;&nbsp;&nbsp;1330000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1210579 |
|  | Pilgrim's Pride Corp |  |
| &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;1714981 |
| &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;290229 |
| &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;426976 |
| &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;926548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | 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;277588 |
|  | Teva Pharmaceutical Finance Netherlands II BV |  |
| &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;1645711 |
| &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;1464948 |
|  | Teva Pharmaceutical Finance Netherlands III BV |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269000 | &nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263775 |
| &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;276584 |
| &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;1385408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2031<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204244 |
| &nbsp;&nbsp;&nbsp;&nbsp;5775000 | &nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220000 | Teva Pharmaceutical Finance Netherlands IV BV<br> 5.75%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223946 |
| &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;286625 |
| &nbsp;&nbsp;&nbsp;&nbsp;1405000 | United Rentals North America Inc<sup>(b)</sup><br> 6.13%, 03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40161270 |
| Energy — 3.27% | Energy — 3.27% | Energy — 3.27% |
|  | Aker BP ASA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753700 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400000 | Canadian Natural Resources Ltd<sup>(b)</sup><br> 5.40%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377949 |
|  | Cheniere Energy Partners LP |  |
| &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;2012595 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/30/2033 | &nbsp;&nbsp;&nbsp;$1565753 |
|  | Civitas Resources Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 302054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 395943 |
|  | Continental Resources Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6920000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6986320 |
| &nbsp;&nbsp;&nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1551059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | Diamondback Energy Inc<br> 5.55%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | Ecopetrol SA<br> 8.38%, 01/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622339 |
|  | Energean Israel Finance Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784781 |
| &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;575000 |
|  | Energy Transfer LP |  |
| &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;1009016 |
| &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;2569503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697737 |
|  | EQT Corp |  |
| &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;1398411 |
| &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;444907 |
| &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;2247293 |
| &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;254790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | Leviathan Bond Ltd<sup>(b)</sup><br> 6.50%, 06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19831 |
|  | Matador Resources Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2028<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Northern Oil & Gas Inc<sup>(b)</sup><br> 8.13%, 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10089 |
|  | ONEOK Inc |  |
| &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;197645 |
| &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;394901 |
| &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;176430 |
| &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;91360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | SM Energy Co<sup>(b)</sup><br> 6.75%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702408 |
|  | Targa Resources Corp |  |
| &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;242398 |
| &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;316104 |
| &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;2804115 |
|  | Var Energi ASA<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/22/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212001 |
|  | Venture Global Calcasieu Pass LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417707 |
| &nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | Venture Global LNG Inc<sup>(b)</sup><br> 8.38%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445000 | Viper Energy Inc<sup>(b)</sup><br> 7.38%, 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472183 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
|  | Western Midstream Operating LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/01/2033 | &nbsp;&nbsp;&nbsp;$1035505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 108965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 709330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 81344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 281744 |
|  | Whistler Pipeline LLC<sup>(b)</sup> |  |
| &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;372094 |
| &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;410211 |
| &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;678438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43078049 |
| Financial — 5.98% | Financial — 5.98% | Financial — 5.98% |
|  | AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust |  |
| &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;1370358 |
| &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;2568481 |
| &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;1296303 |
| &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;1604202 |
| &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;57232 |
| &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;636311 |
|  | Aircastle Ltd |  |
| &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;19910 |
| &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;1988854 |
|  | Aircastle Ltd / Aircastle Ireland Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer<sup>(b)</sup><br> 6.50%, 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677368 |
| &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;2400134 |
|  | Antares Holdings LP<sup>(b)</sup> |  |
| &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;255756 |
| &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;1329048 |
| &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;2076899 |
| &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;839760 |
|  | Arthur J Gallagher & Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2032<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141888 |
| &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;506050 |
| &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;365172 |
| &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;205007 |
|  | Aviation Capital Group LLC<sup>(b)</sup> |  |
| &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;921640 |
| &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;674928 |
| &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;1001972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485000 | Avolon Holdings Funding Ltd<sup>(b)</sup><br> 5.38%, 05/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494051 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
|  | Bank of America Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3055000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 09/15/2034 | &nbsp;&nbsp;&nbsp;$3223819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 225002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp;5.51%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 611788 |
| &nbsp;&nbsp;&nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2895993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805000 | BGC Group Inc<sup>(b)</sup><br> 6.15%, 04/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 816193 |
| &nbsp;&nbsp;&nbsp;&nbsp;2055000 | Blue Owl Finance LLC<br> 6.25%, 04/18/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2114506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | Brookfield Asset Management Ltd<br> 5.80%, 04/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280000 | Brown & Brown Inc<br> 5.55%, 06/23/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | CaixaBank SA<sup>(b)</sup><br> 5.58%, 07/03/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469770 |
|  | Central China Real Estate Ltd<sup>(g)</sup> |  |
| &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;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;8500 |
| &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;8075 |
| &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;8815 |
| &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;38800 |
|  | Citadel LP<sup>(b)</sup> |  |
| &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;356696 |
| &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;271498 |
| &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;156358 |
| &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;128251 |
| &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;44712 |
| &nbsp;&nbsp;&nbsp;&nbsp;1490000 | Credit Agricole SA<sup>(b)</sup><br> 6.25%, 01/10/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549311 |
| &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;358800 |
|  | Freedom Mortgage Holdings LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;9.13%, 05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101078 |
| &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;599510 |
| &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;545671 |
| &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;1954829 |
| &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;706945 |
| &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;387500 |
| &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;1326603 |
|  | Jefferies Financial Group Inc |  |
| &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;1498602 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1635000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034 | &nbsp;&nbsp;&nbsp;$1710239 |
| &nbsp;&nbsp;&nbsp;&nbsp;2450000 | JPMorgan Chase & Co<sup>(h)</sup><br> 6.50%, Perpetual | &nbsp;&nbsp;&nbsp;&nbsp; 2530296 |
|  | Kaisa Group Holdings Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;9.38%, 06/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 94138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;10.50%, 01/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp;2310000 | &nbsp;&nbsp;&nbsp;&nbsp;11.25%, 04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 98175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;9.95%, 07/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 |
| &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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;11.65%, 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 |
|  | Logan Group Co Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26860 |
|  | Macquarie Airfinance Holdings Ltd<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/27/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/26/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135714 |
| &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;249832 |
| &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;291036 |
| &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;1844415 |
|  | Morgan Stanley |  |
| &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;455859 |
| &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;1409102 |
| &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;2672417 |
| &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;2129507 |
| &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;662298 |
|  | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc |  |
| &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;2301636 |
| &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;209057 |
| &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;209057 |
| &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;3346538 |
| &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;2786891 |
|  | Shimao Group Holdings Ltd<sup>(g)</sup> |  |
| &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;10052 |
| &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;64753 |
| &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;10006 |
| &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;20188 |
| &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;48008 |
| &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;346951 |
| &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;1569265 |
|  | Sunac China Holdings Ltd<sup>(b)(g)(i)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185239 | &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;22460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185688 | &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;22515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372280 | &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;45139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559773 | &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;67872 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561128 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/30/2029<br> PIK rate, 7.00% | &nbsp;&nbsp;&nbsp;$68037 |
| &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; 32038 |
|  | Synchrony Financial |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1035000 | &nbsp;&nbsp;&nbsp;&nbsp;5.94%, 08/02/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1063441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 423662 |
|  | Times China Holdings Ltd<sup>(g)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;6.20%, 03/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 27540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 |
|  | UBS Group AG<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.87%, 01/12/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246142 |
| &nbsp;&nbsp;&nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp;6.54%, 08/12/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370485 |
| &nbsp;&nbsp;&nbsp;&nbsp;1315000 | &nbsp;&nbsp;&nbsp;&nbsp;9.02%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625840 |
| &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;1828103 |
|  | UniCredit SpA<sup>(b)</sup> |  |
| &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;905596 |
| &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;776031 |
| &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;596531 |
|  | Yuzhou Group Holdings Co Ltd<sup>(g)</sup> |  |
| &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;44144 |
| &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;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;14219 |
| &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;28424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78799608 |
| Industrial — 2.75% | Industrial — 2.75% | Industrial — 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540000 | Amrize Finance US LLC<sup>(b)</sup><br> 5.40%, 04/07/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547917 |
|  | Axon Enterprise Inc<sup>(b)</sup> |  |
| &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;262232 |
| &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;128708 |
| &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;1717417 |
|  | Boeing Co |  |
| &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;2056561 |
| &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;553468 |
| &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;537832 |
| &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;1788169 |
| &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;4272349 |
| &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;788195 |
| &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;109315 |
| &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;752368 |
|  | Cemex SAB de CV<sup>(b)</sup> |  |
| &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;1617989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp;7.20%, Perpetual<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638497 |
| &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;2747190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465000 | GFL Environmental Inc<sup>(b)</sup><br> 4.38%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451532 |
|  | JH North America Holdings Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861457 |
| &nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240257 |
|  | L3Harris Technologies Inc |  |
| &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;1191528 |
| &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;2059665 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | Nordson Corp<br> 5.80%, 09/15/2033 | &nbsp;&nbsp;&nbsp;$433046 |
| &nbsp;&nbsp;&nbsp;&nbsp;2765000 | Owens Corning<br> 5.70%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2871736 |
| &nbsp;&nbsp;&nbsp;&nbsp;2120000 | Quikrete Holdings Inc<sup>(b)</sup><br> 6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2180038 |
|  | Sensata Technologies Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 23868 |
| &nbsp;&nbsp;&nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 952540 |
|  | SMBC Aviation Capital Finance Designated Activity Co<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 05/03/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842013 |
| &nbsp;&nbsp;&nbsp;&nbsp;1325000 | TD SYNNEX Corp<br> 6.10%, 04/12/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | TopBuild Corp<sup>(b)</sup><br> 4.13%, 02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361644 |
| &nbsp;&nbsp;&nbsp;&nbsp;1655000 | Trimble Inc<br> 6.10%, 03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36209185 |
| Technology — 2.01% | Technology — 2.01% | Technology — 2.01% |
|  | AppLovin Corp |  |
| &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;709111 |
| &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;468084 |
| &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;2106738 |
|  | Broadcom Inc<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884255 |
| &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;1902715 |
| &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;1518191 |
| &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;887020 |
|  | CDW LLC / CDW Finance Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;3.57%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725794 |
| &nbsp;&nbsp;&nbsp;&nbsp;1735000 | &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/22/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730203 |
| &nbsp;&nbsp;&nbsp;&nbsp;2315000 | Entegris Inc<sup>(b)</sup><br> 4.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289328 |
| &nbsp;&nbsp;&nbsp;&nbsp;1055000 | Fair Isaac Corp<sup>(b)</sup><br> 6.00%, 05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | Foundry JV Holdco LLC<sup>(b)</sup><br> 5.88%, 01/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523306 |
|  | Leidos Inc |  |
| &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;209234 |
| &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;2453446 |
| &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;421327 |
|  | Micron Technology Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2525000 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790156 |
|  | NetApp Inc |  |
| &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;700422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/17/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Paychex Inc<br> 5.60%, 04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516831 |
|  | Seagate Data Storage Technology |  |
| &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;119539 |
| &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;103484 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
|  | Synopsys Inc |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;$871867 |
| &nbsp;&nbsp;&nbsp;&nbsp;1015000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1009172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | Western Digital Corp<br> 4.75%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 216429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26495924 |
| Utilities — 0.39% | Utilities — 0.39% | Utilities — 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;1120000 | Duke Energy Corp<br> 5.45%, 06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1150330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395000 | NRG Energy Inc<sup>(b)</sup><br> 4.45%, 06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388611 |
|  | Pacific Gas & Electric Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | Southern Co Gas Capital Corp<br> 5.75%, 09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576731 |
|  | Venture Global Plaquemines LNG LLC<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060773 |
| &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;285124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191641 |
| **TOTAL CORPORATE BONDS AND NOTES — 24.55%<br> (Cost $335,841,392)** | **TOTAL CORPORATE BONDS AND NOTES — 24.55%<br> (Cost $335,841,392)** | &nbsp;&nbsp;&nbsp;**$323583817** |
| **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** | **CONVERTIBLE BONDS** |
| Communications — 0.19% | Communications — 0.19% | Communications — 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | DoorDash Inc<sup>(b)(j)</sup><br> (1.61%), 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193921 |
| &nbsp;&nbsp;&nbsp;&nbsp;1230951 | 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;1449445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81000 | InterDigital Inc<br> 3.50%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178000 | Sea Ltd<br> 2.38%, 12/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77000 | Spotify USA Inc<sup>(j)</sup><br> (47.99%), 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | Uber Technologies Inc<br> 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568874 |
| Consumer, Cyclical — 0.07% | Consumer, Cyclical — 0.07% | Consumer, Cyclical — 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164000 | Carnival Corp<br> 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109000 | Freshpet Inc<br> 3.00%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387000 | NCL Corp Ltd<sup>(b)</sup><br> 0.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909944 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — 0.06% | Consumer, Non-Cyclical — 0.06% | Consumer, Non-Cyclical — 0.06% |
| 308000 | Global Payments Inc<br> 1.50%, 03/01/2031 | &nbsp;&nbsp;&nbsp;$275044 |
| 140000 | Jazz Investments I Ltd<sup>(b)</sup><br> 3.13%, 09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 148400 |
| 308000 | Post Holdings Inc<br> 2.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 351582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775026 |
| Energy — 0.03% | Energy — 0.03% | Energy — 0.03% |
| 239000 | Northern Oil & Gas Inc<br> 3.63%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 249157 |
| &nbsp;&nbsp;66000 | Permian Resources Operating LLC<br> 3.25%, 04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 159093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408250 |
| Financial — 0.01% | Financial — 0.01% | Financial — 0.01% |
| 122000 | Coinbase Global Inc<br> 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159271 |
| Industrial — 0.07% | Industrial — 0.07% | Industrial — 0.07% |
| 133000 | Advanced Energy Industries Inc<br> 2.50%, 09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159321 |
| &nbsp;&nbsp;81000 | Bloom Energy Corp<br> 3.00%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119799 |
| 195000 | Fluor Corp<br> 1.13%, 08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255840 |
| &nbsp;&nbsp;90000 | Granite Construction Inc<br> 3.75%, 05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186885 |
| 133000 | Itron Inc<br> 1.38%, 07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879982 |
| Technology — 0.21% | Technology — 0.21% | Technology — 0.21% |
| 300000 | CyberArk Software Ltd<sup>(b)(j)</sup><br> (0.90%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308250 |
| 533000 | Datadog Inc<sup>(b)(j)</sup><br> 1.05%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509282 |
| 209000 | 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;246411 |
| 174000 | Nutanix Inc<br> 0.25%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244818 |
| 355000 | Parsons Corp<br> 2.63%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377365 |
| 266000 | Rubrik Inc<sup>(b)(j)</sup><br> (0.90%), 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278469 |
| &nbsp;&nbsp;92000 | Seagate HDD Cayman<br> 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165462 |
| 198000 | Snowflake Inc<sup>(b)(j)</sup><br> (8.40%), 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308088 |
| 123000 | Tyler Technologies Inc<br> 0.25%, 03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151167 |
| 132000 | Vertex Inc<br> 0.75%, 05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2747120 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — 0.03% | Utilities — 0.03% | Utilities — 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263000 | Evergy Inc<br> 4.50%, 12/15/2027 | &nbsp;&nbsp;&nbsp;$307578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89000 | Pinnacle West Capital Corp<br> 4.75%, 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 96387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403965 |
| **TOTAL CONVERTIBLE BONDS — 0.67%<br> (Cost $8,098,053)** | **TOTAL CONVERTIBLE BONDS — 0.67%<br> (Cost $8,098,053)** | &nbsp;&nbsp;&nbsp;**$8852432** |
| **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** | **FOREIGN GOVERNMENT BONDS AND NOTES** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19676 | Brazil Notas do Tesouro Nacional Series F<sup>(g)</sup><br> BRL, 10.00%, 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3177248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | Bundesschatzanweisungen<br> EUR, 2.20%, 03/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1042559 |
|  | Chile Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/13/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 03/07/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376105 |
| &nbsp;&nbsp;&nbsp;&nbsp;1575000 | &nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/22/2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952529 |
| &nbsp;&nbsp;&nbsp;&nbsp;2170000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/21/2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314695 |
| &nbsp;&nbsp;&nbsp;&nbsp;2065000 | Colombia Government International Bond<br> 8.00%, 04/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135066 |
| &nbsp;&nbsp;&nbsp;&nbsp;1105000 | Kyrgyz Republic International Bond<sup>(b)</sup><br> 7.75%, 06/03/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088064 |
| &nbsp;&nbsp;72980100 | Mexican Bonos<br> MXN, 7.75%, 11/23/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545337 |
| &nbsp;&nbsp;&nbsp;&nbsp;2540000 | Oman Government International Bond<br> 6.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659187 |
|  | Philippine Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 05/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;2.65%, 12/10/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/04/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816031 |
|  | Republic of South Africa Government Bond |  |
| &nbsp;&nbsp;39995000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR, 8.88%, 02/28/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111645 |
| &nbsp;&nbsp;84965000 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR, 9.00%, 01/31/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149697 |
|  | Republic of Uzbekistan International Bond |  |
| &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;1357506 |
| &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;756568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.10%, 02/25/2029<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253079 |
| &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;356597 |
| &nbsp;&nbsp;&nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/19/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065627 |
| &nbsp;&nbsp;&nbsp;&nbsp;1885000 | &nbsp;&nbsp;&nbsp;&nbsp;6.90%, 02/28/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937004 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;6.95%, 05/25/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069477 |
|  | Romanian Government International Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3835000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.88%, 07/11/2032<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537523 |
| &nbsp;&nbsp;&nbsp;&nbsp;1425000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 6.25%, 09/10/2034<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693665 |
| &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR, 5.63%, 02/22/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165792 |
|  | Turkiye Government Bond |  |
| 117185000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 37.00%, 02/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912152 |
| &nbsp;&nbsp;42925000 | &nbsp;&nbsp;&nbsp;&nbsp;TRY, 36.00%, 08/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053209 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** | **Foreign Government Bonds and Notes — (continued)** |
| &nbsp;&nbsp;3735000 | United Kingdom Gilt<br> GBP, 4.50%, 03/07/2035 | &nbsp;&nbsp;&nbsp;$5129095 |
|  | Uruguay Government International Bond |  |
| 44045000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 8.50%, 03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1099042 |
| 42375000 | &nbsp;&nbsp;&nbsp;&nbsp;UYU, 9.75%, 07/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1118793 |
| **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.88%<br> (Cost $49,709,004)** | **TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 3.88%<br> (Cost $49,709,004)** | &nbsp;&nbsp;&nbsp;**$51106727** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 3.77% | Non-Agency — 3.77% | Non-Agency — 3.77% |
| &nbsp;&nbsp;1058196 | Angel Oak Mortgage Trust<sup>(b)(e)</sup><br> Series 2024-10 Class A1<br> 5.35%, 10/25/2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055856 |
| &nbsp;&nbsp;&nbsp;&nbsp;392062 | ATLX Trust<sup>(b)(e)</sup><br> Series 2024-RPL2 Class A1<br> 3.85%, 04/25/2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376121 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245853 |
| &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;902147 |
| &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;884665 |
|  | BPR Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class E |  |
| &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;9.93%, 12/15/2038<br> 1-mo. SOFR + 5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180587 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NRD Class F |  |
| &nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;11.18%, 12/15/2038<br> 1-mo. SOFR + 6.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120453 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-STAR Class A |  |
| &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;1145195 |
|  | BX Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-AHP Class B |  |
| &nbsp;&nbsp;1910000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/17/2039<sup>(c)</sup><br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT4 Class A |  |
| &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;579819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VLT5 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp;&nbsp;5.99%, 11/13/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-VLT6 Class A |  |
| &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;3058088 |
| &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;998395 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | COMM Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LTRT Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;68219 | &nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/05/2030 | &nbsp;&nbsp;&nbsp;$65476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CBM Class A2 |  |
| &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 12/10/2041<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 203395 |
|  | Credit Suisse Mortgage Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class B |  |
| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.18%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524370 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-USA Class D |  |
| &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;151290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;731192 | &nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/27/2060<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728245 |
| 1210000 | DC Commercial Mortgage Trust<sup>(b)(d)</sup><br> Series 2023-DC Class C<br> 7.38%, 09/12/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266957 |
|  | Extended Stay America Trust<sup>(b)(c)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ESH Class C |  |
| &nbsp;&nbsp;&nbsp;351668 | &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;351888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ESH Class D |  |
| 1012119 | &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;1013384 |
| &nbsp;&nbsp;&nbsp;207608 | 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;201205 |
| &nbsp;&nbsp;&nbsp;258397 | GITSIT Mortgage Loan Trust<sup>(b)(e)</sup><br> Series 2024-NPL1 Class A1<br> 7.47%, 06/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258407 |
|  | GS Mortgage Securities Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-G1 Class B |  |
| &nbsp;&nbsp;&nbsp;191952 | &nbsp;&nbsp;&nbsp;&nbsp;3.84%, 04/10/2031<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185848 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class A |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 03/05/2033<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-PEMB Class B |  |
| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 03/05/2033<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC22 Class B |  |
| &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;173628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC47 Class A4 |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.12%, 05/12/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346709 |
|  | JPMorgan Chase Commercial Mortgage Securities Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-LC9 Class C |  |
| &nbsp;&nbsp;&nbsp;266609 | &nbsp;&nbsp;&nbsp;&nbsp;3.69%, 12/15/2047<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258617 |

---

---

| | | |
|:---|:---|:---|
| **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-BMS Class A |  |
| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;5.91%, 01/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;$497500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BMS Class B |  |
| &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.31%, 01/15/2042<sup>(c)</sup><br> 1-mo. SOFR + 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 298901 |
|  | Legacy Mortgage Asset Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-RPL1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/25/2059<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 790507 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;319927 | &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/25/2061<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319853 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;140792 | &nbsp;&nbsp;&nbsp;&nbsp;4.65%, 11/25/2060<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140766 |
| &nbsp;&nbsp;&nbsp;200000 | LEX Mortgage Trust<sup>(b)(d)</sup><br> Series 2024-BBG Class A<br> 5.04%, 10/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201047 |
| &nbsp;&nbsp;&nbsp;631779 | MFRA 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;633475 |
| &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;657108 |
|  | Morgan Stanley BAML Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2012-CKSV Class A2 |  |
| &nbsp;&nbsp;&nbsp;163746 | &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;155346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C11 Class B |  |
| &nbsp;&nbsp;&nbsp;195000 | &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;129180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12 Class C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15591 | &nbsp;&nbsp;&nbsp;&nbsp;4.86%, 10/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C30 Class C |  |
| &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;4.17%, 09/15/2049<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691176 |
| 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;1214246 |
| &nbsp;&nbsp;&nbsp;222689 | New York Mortgage Trust<sup>(b)(e)</sup><br> Series 2025-R1 Class A<br> 6.38%, 02/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222685 |
|  | NYMT Loan Trust<sup>(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL2 Class A1 |  |
| &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;970287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BPL3 Class A1 |  |
| &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;443425 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CP1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;522308 | &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;482843 |
|  | Pretium Mortgage Credit Partners<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL4 Class A1 |  |
| &nbsp;&nbsp;&nbsp;321907 | &nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322410 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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 2024-NPL8 Class A1 |  |
| &nbsp;&nbsp;&nbsp;734595 | &nbsp;&nbsp;&nbsp;&nbsp;5.96%, 11/25/2054 | &nbsp;&nbsp;&nbsp;$734917 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| &nbsp;&nbsp;&nbsp;526212 | &nbsp;&nbsp;&nbsp;&nbsp;6.71%, 04/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 530669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL6 Class A1 |  |
| &nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;5.74%, 06/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 495034 |
|  | PRP Advisors LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;785924 | &nbsp;&nbsp;&nbsp;&nbsp;7.03%, 03/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5 Class A1 |  |
| &nbsp;&nbsp;&nbsp;149971 | &nbsp;&nbsp;&nbsp;&nbsp;5.69%, 09/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-7 Class A1 |  |
| &nbsp;&nbsp;&nbsp;368213 | &nbsp;&nbsp;&nbsp;&nbsp;5.87%, 11/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368104 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;160484 | &nbsp;&nbsp;&nbsp;&nbsp;6.47%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160303 |
| 1471408 | RCO IX Mortgage LLC<sup>(b)(e)</sup><br> Series 2025-2 Class A1<br> 6.51%, 04/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473632 |
| &nbsp;&nbsp;&nbsp;627826 | RCO VIII Mortgage LLC<sup>(b)(e)</sup><br> Series 2025-3 Class A1<br> 6.43%, 05/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622196 |
| 1401654 | 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;1411173 |
|  | Redwood Funding Trust<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1 Class A |  |
| &nbsp;&nbsp;&nbsp;451160 | &nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A |  |
| &nbsp;&nbsp;&nbsp;495780 | &nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A |  |
| &nbsp;&nbsp;&nbsp;951386 | &nbsp;&nbsp;&nbsp;&nbsp;7.58%, 05/27/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965314 |
| 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;1054437 |
| &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;244923 |
| &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;251524 |
|  | Towd Point Mortgage Trust<sup>(b)(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2017-3 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;86850 | &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;85277 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4 Class M1 |  |
| &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;122755 |
| 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;1238709 |
|  | UBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C10 Class A3 |  |
| 1384346 | &nbsp;&nbsp;&nbsp;&nbsp;4.05%, 05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366651 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C14 Class C |  |
| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2051<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$93190 |
|  | VCAT LLC<sup>(b)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL1 Class A1 |  |
| &nbsp;&nbsp;&nbsp;461616 | &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 464301 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3 Class A1 |  |
| 1183023 | &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 02/25/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1183784 |
| &nbsp;&nbsp;&nbsp;&nbsp;29744 | VOLT XCIV LLC<sup>(b)(e)</sup><br> Series 2021-NPL3 Class A1<br> 6.24%, 02/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29731 |
| &nbsp;&nbsp;&nbsp;&nbsp;14244 | VOLT XCVI LLC<sup>(b)(e)</sup><br> Series 2021-NPL5 Class A1<br> 6.12%, 03/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14239 |
| &nbsp;&nbsp;&nbsp;101036 | VOLT XCVII LLC<sup>(b)(e)</sup><br> Series 2021-NPL6 Class A1<br> 6.24%, 04/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100936 |
|  | Wells Fargo Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-LC12 Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;3.91%, 07/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C36 Class AS |  |
| 1345000 | &nbsp;&nbsp;&nbsp;&nbsp;3.42%, 11/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C36 Class B |  |
| &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;148557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C3 Class A3 |  |
| 3148000 | &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324017 |
|  | WFRBS Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C15 Class B |  |
| &nbsp;&nbsp;&nbsp;848531 | &nbsp;&nbsp;&nbsp;&nbsp;4.29%, 08/15/2046<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20 Class B |  |
| &nbsp;&nbsp;&nbsp;169309 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49623674 |
| U.S. Government Agency — 24.86% | U.S. Government Agency — 24.86% | U.S. Government Agency — 24.86% |
| &nbsp;&nbsp;&nbsp;476000 | Connecticut Avenue Securities Trust<sup>(b)(c)</sup><br> Series 2023-R01 Class 1M2<br> 8.06%, 12/25/2042<br> 1-mo. SOFR + 3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501996 |
|  | Federal Home Loan Mortgage Corp |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &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;2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;38467 | &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;37105 |
| &nbsp;&nbsp;&nbsp;&nbsp;12941 | &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;12129 |
| &nbsp;&nbsp;&nbsp;118669 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109089 |
| &nbsp;&nbsp;&nbsp;&nbsp;87500 | &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;80436 |
| &nbsp;&nbsp;&nbsp;220121 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202349 |
| &nbsp;&nbsp;&nbsp;&nbsp;30329 | &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;28762 |
| 5879129 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518081 |
| 1809303 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702386 |
| 3042920 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619357 |
| 2905551 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589383 |
| &nbsp;&nbsp;&nbsp;&nbsp;36284 | &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;32143 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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;20748 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/2047 | &nbsp;&nbsp;&nbsp;$19682 |
| &nbsp;&nbsp;&nbsp;&nbsp;16315 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 15902 |
| &nbsp;&nbsp;&nbsp;&nbsp;23737 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 22437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7247 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 6603 |
| &nbsp;&nbsp;&nbsp;441187 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 401759 |
| &nbsp;&nbsp;&nbsp;&nbsp;10239 | &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;8971 |
| 1878592 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647613 |
| 1915533 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560220 |
| 4184858 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329906 |
| 3460372 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032389 |
| 3186771 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668366 |
| 3367279 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941890 |
| 3574860 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244272 |
| 5519811 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307454 |
| 1896355 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714705 |
| 3105016 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991495 |
| 2360288 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270147 |
| 2943715 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966718 |
| 4035217 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992154 |
| 2157716 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184039 |
| 3639920 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739548 |
| 3441554 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468451 |
| 4150053 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191242 |
| 3130766 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168954 |
| 3425355 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3545206 |
| 1535633 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513291 |
|  | Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K064 Class A1 |  |
| &nbsp;&nbsp;&nbsp;496800 | &nbsp;&nbsp;&nbsp;&nbsp;2.89%, 10/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K136 Class A2 |  |
| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 11/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882846 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K517 Class A2 |  |
| 2950000 | &nbsp;&nbsp;&nbsp;&nbsp;5.36%, 01/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K522 Class A2 |  |
| 2780000 | &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K532 Class A2 |  |
| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K533 Class A2 |  |
| 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.23%, 12/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104667 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K535 Class A2 |  |
| 3040000 | &nbsp;&nbsp;&nbsp;&nbsp;4.69%, 11/25/2029<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K537 Class A2 |  |
| 1860000 | &nbsp;&nbsp;&nbsp;&nbsp;4.43%, 02/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877616 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K539 Class A2 |  |
| 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;4.41%, 01/25/2030<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K753 Class A2 |  |
| 3160000 | &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series K760 Class A2 |  |
| 2480000 | &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/25/2032<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508115 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount<sup>(a)</sup>** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| U.S. Government Agency — (continued) | U.S. Government Agency — (continued) | U.S. Government Agency — (continued) |
|  | Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 4769 Class QL |  |
| &nbsp;&nbsp;3051185 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2047 | &nbsp;&nbsp;&nbsp;$2834422 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5238 Class BC |  |
| &nbsp;&nbsp;3385842 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3313059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5544 Class ME |  |
| &nbsp;&nbsp;3344360 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3326176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 5559 Class BA |  |
| &nbsp;&nbsp;1610000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605975 |
| &nbsp;&nbsp;1120000 | Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust<sup>(b)(c)</sup><br> Series 2022-DNA4 Class M1B<br> 7.66%, 05/25/2042<br> 1-mo. SOFR + 3.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163820 |
|  | Federal National Mortgage Association |  |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533507 |
| &nbsp;&nbsp;1540000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577753 |
| &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640103 |
| &nbsp;&nbsp;&nbsp;&nbsp;153978 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13473 | &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;12996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12766 | &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;12364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284 | &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;6054 |
| &nbsp;&nbsp;&nbsp;&nbsp;222889 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204896 |
| &nbsp;&nbsp;&nbsp;&nbsp;216772 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199272 |
| &nbsp;&nbsp;2672460 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461461 |
| &nbsp;&nbsp;2499438 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297467 |
| &nbsp;&nbsp;2409338 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259245 |
| &nbsp;&nbsp;3261961 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046996 |
| &nbsp;&nbsp;3078390 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741508 |
| &nbsp;&nbsp;3256074 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256471 |
| &nbsp;&nbsp;3606234 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597404 |
| &nbsp;&nbsp;2121111 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20499 | &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;19458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340 | &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;5803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293 | &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;5010 |
| &nbsp;&nbsp;1773027 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359 | &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;4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001 | &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;4381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23221 | &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;19516 |
| &nbsp;&nbsp;&nbsp;&nbsp;129023 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 | &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;6328 |
| &nbsp;&nbsp;3814971 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068254 |
| &nbsp;&nbsp;2655429 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153046 |
| &nbsp;&nbsp;3191205 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587181 |
| &nbsp;&nbsp;3031639 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549284 |
| &nbsp;&nbsp;6338250 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299168 |
| &nbsp;&nbsp;6133648 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559435 |
| 10321252 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8660767 |
| &nbsp;&nbsp;8653117 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6971299 |
| &nbsp;&nbsp;3190191 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676182 |
| 12092967 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10580824 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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) |
| 2769845 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;$2514055 |
| 7143627 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6673445 |
| 3033690 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2838903 |
| 3591828 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3352852 |
| 2385100 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2348871 |
| 3434776 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3308027 |
| 4645647 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 4579645 |
| 3044565 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059721 |
| 3309946 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274929 |
| 1423246 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462063 |
| 3403546 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342893 |
| 2065419 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103290 |
| 1105795 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125417 |
| 1552076 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592970 |
| 3453352 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306255 |
| 3467894 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563360 |
| 2787858 | &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900844 |
| &nbsp;&nbsp;&nbsp;850969 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840324 |
| 3337842 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285308 |
| 3311523 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312145 |
| 3270585 | &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289488 |
| 3490216 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339587 |
|  | Federal National Mortgage Association Alternative Credit Enhancement Security<sup>(d)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M2 Class A2 |  |
| 1962709 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M3 Class A2 |  |
| 3789825 | &nbsp;&nbsp;&nbsp;&nbsp;3.17%, 02/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628903 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-M5 Class 2A2 |  |
| 4206108 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232016 |
|  | Government National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;16113 | &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;14912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9607 | &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;9059 |
| &nbsp;&nbsp;&nbsp;&nbsp;15946 | &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;14303 |
| &nbsp;&nbsp;&nbsp;&nbsp;20656 | &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;19073 |
| 2983979 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2521268 |
| 1936590 | &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715059 |
| 7123871 | &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055407 |
| 7451659 | &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069501 |
| 6733112 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 02/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149124 |
| 2960945 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701389 |
| 3503673 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262736 |
| 3491683 | &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188842 |
| 6149060 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935402 |
| 4254724 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092704 |
| 1649908 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626538 |
| 1624074 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607966 |
| 1500702 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478977 |
| 5953474 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-125 Class H |  |
| 1948558 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913585 |

---

---

| | | |
|:---|:---|:---|
| **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;5800000 | Uniform Mortgage-Backed Security<sup>(k)</sup><br> 5.00%, TBA | &nbsp;&nbsp;&nbsp;$5683421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327695372 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 28.63%<br> (Cost $392,034,434)** | **TOTAL MORTGAGE-BACKED SECURITIES — 28.63%<br> (Cost $392,034,434)** | &nbsp;&nbsp;&nbsp;**$377319046** |
| **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** | **U.S. GOVERNMENT AGENCY BONDS AND NOTES** |
| &nbsp;&nbsp;8000000 | Federal Farm Credit Bank Funding Corp<br> 4.50%, 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8020154 |
| &nbsp;&nbsp;4000000 | Federal Home Loan Bank<br> 1.75%, 01/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3717332 |
| **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.89%<br> (Cost $11,641,937)** | **TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.89%<br> (Cost $11,641,937)** | &nbsp;&nbsp;&nbsp;**$11737486** |
| **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** | **U.S. TREASURY BONDS AND NOTES** |
|  | United States Treasury Note/Bond |  |
| 13185000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/28/2026<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13221696 |
| 44260000 | &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44253084 |
| 32000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32413750 |
| 22900000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23209508 |
| 30500000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30796661 |
| 35130000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35456600 |
| 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18559688 |
| 19100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19552879 |
| &nbsp;&nbsp;8100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8126578 |
| 11100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11452079 |
| 22700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22221172 |
| 18400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045<sup>(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18302250 |
| 30700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30527313 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 23.37%<br> (Cost $304,606,566)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 23.37%<br> (Cost $304,606,566)** | &nbsp;&nbsp;&nbsp;**$308093258** |
| **Shares** |  |  |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Communications — 0.06% | Communications — 0.06% | Communications — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;285795 | Altice USA Inc Class A<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12067 | Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767266 |
| Consumer, Non-Cyclical — 0.17% | Consumer, Non-Cyclical — 0.17% | Consumer, Non-Cyclical — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29162 | BioMarin Pharmaceutical Inc<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 | Teva Pharmaceutical Industries Ltd Sponsored ADR<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285167 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — 0.00%<sup>(n)</sup> | Financial — 0.00%<sup>(n)</sup> | Financial — 0.00%<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;85019 | Sunac China Holdings Ltd<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;$15549 |
| Industrial — 0.12% | Industrial — 0.12% | Industrial — 0.12% |
| &nbsp;&nbsp;&nbsp;219089 | Cemex SAB de CV Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp; 1518287 |
| **TOTAL COMMON STOCK — 0.35%<br> (Cost $8,723,229)** | **TOTAL COMMON STOCK — 0.35%<br> (Cost $8,723,229)** | &nbsp;&nbsp;&nbsp;**$4586269** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Financial — 0.02% | Financial — 0.02% | Financial — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 214255 |
| Industrial — 0.10% | Industrial — 0.10% | Industrial — 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;19988 | Boeing Co<sup>(m)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363981 |
| Utilities — 0.02% | Utilities — 0.02% | Utilities — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256451 |
| **TOTAL PREFERRED STOCK — 0.14%<br> (Cost $1,511,249)** | **TOTAL PREFERRED STOCK — 0.14%<br> (Cost $1,511,249)** | &nbsp;&nbsp;&nbsp;**$1834687** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 6355038 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(o)</sup>, 4.25%<sup>(p)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355038 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.48%<br> (Cost $6,355,038)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.48%<br> (Cost $6,355,038)** | &nbsp;&nbsp;&nbsp;**$6355038** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Government Agency Bonds and Notes — 0.30% | U.S. Government Agency Bonds and Notes — 0.30% | U.S. Government Agency Bonds and Notes — 0.30% |
| 3900000 | Federal Home Loan Bank<sup>(j)</sup><br> 4.16%, 07/01/2025 | &nbsp;&nbsp;&nbsp;$3900000 |
| U.S. Treasury Bonds and Notes — 1.51% | U.S. Treasury Bonds and Notes — 1.51% | U.S. Treasury Bonds and Notes — 1.51% |
|  | U.S. Treasury Bills<sup>(j)</sup> |  |
| 6100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.29%, 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6053158 |
| 7020000 | &nbsp;&nbsp;&nbsp;&nbsp;4.23%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6882466 |
| 7120000 | &nbsp;&nbsp;&nbsp;&nbsp;4.19%, 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6975416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19911040 |
| **TOTAL SHORT TERM INVESTMENTS — 1.81%<br> (Cost $23,811,040)** | **TOTAL SHORT TERM INVESTMENTS — 1.81%<br> (Cost $23,811,040)** | &nbsp;&nbsp;&nbsp;**$23811040** |
| **TOTAL INVESTMENTS — 98.89%<br> (Cost $1,328,606,538)** | **TOTAL INVESTMENTS — 98.89%<br> (Cost $1,328,606,538)** | &nbsp;&nbsp;&nbsp;**$1303399703** |
| **OTHER ASSETS & LIABILITIES, NET — 1.11%** | **OTHER ASSETS & LIABILITIES, NET — 1.11%** | &nbsp;&nbsp;&nbsp;**$14586947** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1317986650** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 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 June 30, 2025, the aggregate fair value of 144A securities was $341,839,347, representing 25.94% 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 June 30, 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 June 30, 2025. Maturity date disclosed represents final maturity date.

<sup>(f)</sup> All or a portion of the security is on loan as of June 30, 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> Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.

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

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

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

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

<sup>(p)</sup> Rate shown is the 7-day yield as of June 30, 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

<sup>TBA</sup> To Be Announced

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 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 | 764 | USD | &nbsp;&nbsp;85664 | Sep 2025 | $1252351 |
| U.S. 10 Year Treasury Ultra Futures | 30 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3428 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98672 |
| U.S. 2 Year Treasury Note Futures | 688 | USD | 143120 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597552 |
| U.S. 5 Year Treasury Note Futures | 3644 | USD | 397196 | Sep 2025 | &nbsp;&nbsp;&nbsp;4006067 |
| U.S. Long Bond Futures | 47 | USD | &nbsp;&nbsp;&nbsp;&nbsp;5427 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233664 |
| U.S. Ultra Bond Futures | 42 | USD | &nbsp;&nbsp;&nbsp;&nbsp;5003 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244812 |
| **Short** |  |  |  |  |  |
| U.S. 10 Year Treasury Ultra Futures | 1451 | USD | 165799 | Sep 2025 | &nbsp;&nbsp;(3272539) |
| U.S. Long Bond Futures | 113 | USD | &nbsp;&nbsp;13048 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;(391980) |
| U.S. Ultra Bond Futures | 116 | USD | &nbsp;&nbsp;13819 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;(410664) |
|  |  |  |  | **Net Appreciation** | **$2357935** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: |
| **Counterparty** | **Currency<br> Purchased** | **Quantity of<br> Currency<br> Purchased** | **Currency<br> Sold** | **Quantity of<br> Currency<br> Sold** | **Settlement Date** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| BA | USD | 2451311 | EUR | 2135000 | 09/17/2025 | $(76866) |
| BNP | ZAR | 9062297 | USD | &nbsp;&nbsp;&nbsp;511491 | 07/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
| UBS | ZAR | 1945099 | USD | &nbsp;&nbsp;&nbsp;109470 | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
|  |  |  |  |  | **Net Depreciation** | **$(76196)** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| BRL | &nbsp;&nbsp;Brazilian Real |
| EUR | &nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;British Pound |
| MXN | &nbsp;&nbsp;Mexican Peso |
| 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 Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| BA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp |
| BNP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas Securities Corp |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** | **ASSET-BACKED SECURITIES** |
| Non-Agency — 6.36% | Non-Agency — 6.36% | Non-Agency — 6.36% |
|  | 1988 Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class C |  |
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;6.86%, 04/15/2037<br> 3-mo. SOFR + 2.60% | &nbsp;&nbsp;&nbsp;$1207146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A Class D |  |
| &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp;8.51%, 04/15/2037<br> 3-mo. SOFR + 4.25% | &nbsp;&nbsp;&nbsp;&nbsp; 983981 |
| &nbsp;&nbsp; 3600000 | AGL Ltd<sup>(a)(b)</sup><br> Series 2025-40A Class A1<br> 5.55%, 07/22/2038<br> 3-mo. SOFR + 1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3599582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400000 | American Express Credit Account Master Trust<br> Series 2025-3 Class A<br> 4.51%, 04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Balboa Bay Loan Funding Ltd<sup>(a)(b)</sup><br> Series 2020-1A Class A1RR<br> 5.56%, 10/20/2035<br> 3-mo. SOFR + 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975019 |
| &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> 5.77%, 04/19/2037<br> 3-mo. SOFR + 1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | Carlyle US Ltd<sup>(a)(b)</sup><br> Series 2025-3A Class A<br> 5.64%, 07/25/2038<br> 3-mo. SOFR + 1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150000 | CBAMR Ltd<sup>(a)(b)</sup><br> Series 2017-4A Class A1R<br> 5.70%, 03/31/2038<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702335 | CIFC Falcon Ltd<sup>(a)(b)</sup><br> Series 2019-FAL Class A<br> 5.53%, 01/20/2033<br> 3-mo. SOFR + 1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190782 | 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;190932 |
| &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> 5.62%, 10/18/2037<br> 3-mo. SOFR + 1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877346 |
|  | Exeter Automobile Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171132 | &nbsp;&nbsp;&nbsp;&nbsp;5.31%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438532 | &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438547 |
|  | &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;250333 |
| &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;917220 |
| &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;1101251 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
| $219022 | GM Financial Consumer Automobile Receivables Trust<br> Series 2024-1 Class A2A<br> 5.12%, 02/16/2027 | &nbsp;&nbsp;&nbsp;$219211 |
| &nbsp;&nbsp; 181016 | JPMorgan Mortgage Trust<sup>(a)(b)</sup><br> Series 2023-HE3 Class A1<br> 5.90%, 05/20/2054<br> 1-mo. SOFR + 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 181896 |
| &nbsp;&nbsp; 850000 | Neuberger Berman Loan Advisers Ltd<sup>(a)(b)</sup><br> Series 2024-54A Class D<br> 7.78%, 04/23/2038<br> 1-mo. SOFR + 3.50% | &nbsp;&nbsp;&nbsp;&nbsp; 853629 |
| &nbsp;&nbsp; 1250000 | Oaktree Ltd<sup>(a)(b)</sup><br> Series 2024-25A Class A<br> 5.82%, 04/20/2037<br> 3-mo. SOFR + 1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253305 |
|  | OCP Ltd<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11A Class A1R2 |  |
| &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/26/2036<br> 3-mo. SOFR + 1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11A Class AR3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/26/2038<br> 3-mo. SOFR + 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | Regatta Funding Ltd<sup>(a)(b)</sup><br> Series 2025-4A Class A1<br> 5.63%, 07/25/2038<br> 3-mo. SOFR + 1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006660 |
|  | Santander Drive Auto Receivables Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294948 | &nbsp;&nbsp;&nbsp;&nbsp;4.76%, 08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295046 |
|  | &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;876027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182536 | 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;1184689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | Voya Ltd<sup>(a)(b)</sup><br> Series 2020-2A Class A1RR<br> 5.59%, 01/20/2038<br> 3-mo. SOFR + 1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303321 |
| **TOTAL ASSET-BACKED SECURITIES — 6.36%<br> (Cost $30,667,249)** | **TOTAL ASSET-BACKED SECURITIES — 6.36%<br> (Cost $30,667,249)** | &nbsp;&nbsp;&nbsp;**$30750617** |
| **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** | **CORPORATE BONDS AND NOTES** |
| Communications — 0.14% | Communications — 0.14% | Communications — 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217000 | Expedia Group Inc<sup>(d)</sup><br> 3.25%, 02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204703 |
| &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;496471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701174 |
| Consumer, Cyclical — 0.34% | Consumer, Cyclical — 0.34% | Consumer, Cyclical — 0.34% |
| &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;428074 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $517000 | Ford Motor Credit Co LLC<br> 5.85%, 05/17/2027 | &nbsp;&nbsp;&nbsp;$520934 |
|  | Marriott International Inc |  |
| &nbsp;&nbsp; 237000 | &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 240329 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 454011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643348 |
| Consumer, Non-Cyclical — 1.25% | Consumer, Non-Cyclical — 1.25% | Consumer, Non-Cyclical — 1.25% |
| &nbsp;&nbsp; 560000 | Bristol-Myers Squibb Co<br> 4.90%, 02/22/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 573356 |
| &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;437163 |
| &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;438234 |
|  | 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;1089190 |
| &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;987962 |
| &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;1340872 |
|  | 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;777473 |
| &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;385930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030180 |
| Financial — 0.31% | Financial — 0.31% | Financial — 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | Blackstone Private Credit Fund<br> 6.00%, 01/29/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | Blackstone Secured Lending Fund<br> 5.88%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464000 | Chubb Corp<br> 6.80%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | Citigroup Inc<br> 6.02%, 01/24/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477626 |
| Industrial — 0.78% | Industrial — 0.78% | Industrial — 0.78% |
|  | Boeing Co |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866265 |
| &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;687149 |
| &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;477478 |
| &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;391150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | Carrier Global Corp<sup>(d)</sup><br> 2.70%, 02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454856 |
| &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;249300 |
| &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;292813 |
| &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;361330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780341 |
| Technology — 0.40% | Technology — 0.40% | Technology — 0.40% |
| &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;355353 |
| &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;245147 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $614000 | Oracle Corp<br> 5.25%, 02/03/2032 | &nbsp;&nbsp;&nbsp;$629833 |
|  | Synopsys Inc |  |
| &nbsp;&nbsp; 401000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 406187 |
| &nbsp;&nbsp; 282000 | &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 284239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920759 |
| **TOTAL CORPORATE BONDS AND NOTES — 3.22%<br> (Cost $15,262,153)** | **TOTAL CORPORATE BONDS AND NOTES — 3.22%<br> (Cost $15,262,153)** | &nbsp;&nbsp;&nbsp;**$15553428** |
| **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** | **MORTGAGE-BACKED SECURITIES** |
| Non-Agency — 3.73% | Non-Agency — 3.73% | Non-Agency — 3.73% |
|  | 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;717293 |
|  | &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;307285 |
|  | &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;675547 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5YR15 Class A3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | BMO Mortgage Trust<sup>(e)</sup><br> Series 2022-C2 Class A5<br> 4.97%, 07/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527274 |
|  | BX Trust<sup>(a)(b)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BIO Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;5.96%, 02/15/2041<br> 1-mo. SOFR + 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BRVE Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/15/2026<br> 1-mo. SOFR + 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-XL5 Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485676 | &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;486131 |
|  | 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;202283 |
|  | &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;246142 |
|  | &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;101001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669327 | 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;675197 |
| &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> 5.64%, 02/05/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564308 |
| &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> 6.55%, 01/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465893 |
|  | IRV Trust<sup>(a)(e)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P Class A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;5.47%, 03/14/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556055 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Principal Amount** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Non-Agency — (continued) | Non-Agency — (continued) | Non-Agency — (continued) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P Class C |  |
| $575000 | &nbsp;&nbsp;&nbsp;&nbsp;5.92%, 03/14/2047 | &nbsp;&nbsp;&nbsp;$571234 |
|  | JPMorgan Mortgage Trust<sup>(a)</sup> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-DSC1 Class A1 |  |
| &nbsp;&nbsp; 479273 | &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/25/2063<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 466387 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1 Class A4 |  |
| &nbsp;&nbsp; 459932 | &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/25/2054<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 463942 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-VIS2 Class A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955119 | &nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/25/2064<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975000 | Ladder Capital Commercial Mortgage<sup>(a)</sup><br> Series 2017-LC26 Class A4<br> 3.55%, 07/12/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952710 |
|  | MSWF Commercial Mortgage Trust |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;6.89%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2 Class A5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;6.01%, 12/15/2056<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297375 |
|  | 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;1381030 |
|  | &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;626611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544142 | 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;495812 |
|  | 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;5.48%, 07/15/2035<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880245 |
|  | &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;5.93%, 07/15/2035<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553196 |
|  | &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;592245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18018671 |
| U.S. Government Agency — 1.60% | U.S. Government Agency — 1.60% | U.S. Government Agency — 1.60% |
|  | 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;7.01%, 01/25/2044<br> 1-mo. SOFR + 2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384005 |
|  | &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;6.11%, 01/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252628 |
|  | &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;6.11%, 02/25/2044<br> 1-mo. SOFR + 1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781524 |

---

---

| | | |
|:---|:---|:---|
| **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-R03 Class 2M2 |  |
| $300000 | &nbsp;&nbsp;&nbsp;&nbsp;6.26%, 03/25/2044<br> 1-mo. SOFR + 1.95% | &nbsp;&nbsp;&nbsp;$302429 |
| &nbsp;&nbsp; 6247046 | Government National Mortgage Association<br> 4.50%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6028731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749317 |
| **TOTAL MORTGAGE-BACKED SECURITIES — 5.33%<br> (Cost $25,484,003)** | **TOTAL MORTGAGE-BACKED SECURITIES — 5.33%<br> (Cost $25,484,003)** | &nbsp;&nbsp;&nbsp;**$25767988** |
| **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;&nbsp;&nbsp;&nbsp;4758786<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750319 |
| &nbsp;&nbsp;&nbsp;134305755<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;137930637 |
| &nbsp;&nbsp;&nbsp;&nbsp;65232046<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66039119 |
| &nbsp;&nbsp;&nbsp;&nbsp;80661582<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81249960 |
| &nbsp;&nbsp;&nbsp;&nbsp;10888687<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9869551 |
| &nbsp;&nbsp;&nbsp;&nbsp;42463850<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42500980 |
| &nbsp;&nbsp;&nbsp;&nbsp;37952376<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38575329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668896<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611772 |
|  | United States Treasury Note/Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420000 | &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 06/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4436920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440000 | &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945012 |
| **TOTAL U.S. TREASURY BONDS AND NOTES — 80.96%<br> (Cost $388,437,970)** | **TOTAL U.S. TREASURY BONDS AND NOTES — 80.96%<br> (Cost $388,437,970)** | &nbsp;&nbsp;&nbsp;**$391353068** |
| **Shares** |  |  |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(g)</sup>, 4.25%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.01%<br> (Cost $15,560)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.01%<br> (Cost $15,560)** | &nbsp;&nbsp;&nbsp;**$15560** |
| **TOTAL INVESTMENTS — 95.88%<br> (Cost $459,866,935)** | **TOTAL INVESTMENTS — 95.88%<br> (Cost $459,866,935)** | &nbsp;&nbsp;&nbsp;**$463440661** |
| **OTHER ASSETS & LIABILITIES, NET — 4.12%** | **OTHER ASSETS & LIABILITIES, NET — 4.12%** | &nbsp;&nbsp;&nbsp;**$19936848** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$483377509** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 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 June 30, 2025, the aggregate fair value of 144A securities was $45,065,241, representing 9.32% 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 June 30, 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 June 30, 2025. Maturity date disclosed represents final maturity date.

<sup>(d)</sup> All or a portion of the security is on loan as of June 30, 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 June 30, 2025.

<sup>LP</sup> Limited Partnership

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 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 | 276 | USD | 30947 | Sep 2025 | $409233 |
| U.S. 2 Year Treasury Note Futures | 251 | USD | 52214 | Sep 2025 | &nbsp;&nbsp;&nbsp;121769 |
| **Short** |  |  |  |  |  |
| U.S. 5 Year Treasury Note Futures | 89 | USD | &nbsp;&nbsp;9701 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| U.S. Long Bond Futures | 9 | USD | &nbsp;&nbsp;1039 | Sep 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3124) |
| U.S. Ultra Bond Futures | 46 | USD | &nbsp;&nbsp;5480 | Sep 2025 | &nbsp;&nbsp;(102126) |
|  |  |  |  | **Net Appreciation** | **$425764** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 2025, the Fund held the following centrally cleared interest rate swaps: | As of June 30, 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)** |
| 3.62% | Annual | 1-day SOFR | Annual | USD | 30140 | 06/30/2027 | &nbsp;&nbsp;$116472 | $66855 | $49617 |
| 3.37% | Annual | 1-day SOFR | Annual | USD | 40540 | 06/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53643 |
| 1-day SOFR | Annual | 3.62% | Annual | USD | 34890 | 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356303) | &nbsp;&nbsp;&nbsp;&nbsp;(70816) | &nbsp;&nbsp;&nbsp;&nbsp;(285487) |
| 1-day SOFR | Annual | 3.60% | Annual | USD | 28810 | 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271647) | &nbsp;&nbsp;&nbsp;&nbsp;(52706) | &nbsp;&nbsp;&nbsp;&nbsp;(218941) |
| 1-day SOFR | Annual | 3.60% | Annual | USD | 42730 | 06/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95106) |
| 3.85% | Annual | 1-day SOFR | Annual | USD | 11170 | 05/21/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148947 |
| 4.10% | Annual | 1-day SOFR | Annual | USD | 10410 | 06/24/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38805 |
| 1-day SOFR | Annual | 4.21% | Annual | USD | &nbsp;&nbsp;4470 | 05/21/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98559) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$(421925)** | **$(14884)** | **$(407081)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 2025, the Fund held the following centrally cleared inflation swaps: | As of June 30, 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 | 2.57% | At Maturity | USD | 15740 | 12/12/2029 | &nbsp;&nbsp;$76638 | $176135 | $(99497) |
| CPI-U | At Maturity | 2.59% | At Maturity | USD | 17730 | 11/28/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118542 | &nbsp;&nbsp;&nbsp;&nbsp;170460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51918) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;**$195180** | **$346595** | **$(151415)** |

---

---

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

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 3.58% | Basic Materials — 3.58% | Basic Materials — 3.58% |
| $16091 | Air Liquide SA | &nbsp;&nbsp;&nbsp;$3317992 |
| &nbsp;&nbsp; 4987 | Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp; 349907 |
| &nbsp;&nbsp; 30792 | Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp; 907470 |
| &nbsp;&nbsp; 10375 | Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp; 257880 |
| &nbsp;&nbsp; 12323 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp; 391310 |
| &nbsp;&nbsp; 1463 | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp; 108034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36200 | Asahi Kasei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24434 | BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208497 |
| &nbsp;&nbsp;&nbsp;&nbsp;168753 | BHP Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11632 | BlueScope Steel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491 | Boliden AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305 | Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211 | Covestro AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836 | Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 | DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;141373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57863 | Evolution Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758 | Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46167 | Fortescue Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241479 |
| &nbsp;&nbsp;&nbsp;&nbsp;279223 | Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;68608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17938 | ICL Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | JFE Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | Kaneka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44300 | Kemira OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027321 |
| &nbsp;&nbsp;&nbsp;&nbsp;480500 | Kingboard Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51300 | Kuraray Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652346 |
| &nbsp;&nbsp;&nbsp;&nbsp;162700 | Mitsubishi Chemical Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55400 | Mitsubishi Gas Chemical Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | Mitsui Chemicals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11314 | Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | Nippon Paint Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | Nippon Sanso Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500 | Nippon Soda Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25300 | Nippon Steel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19100 | Nitto Denko Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41763 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38798 | Northern Star Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9322 | Novonesis / Novozymes Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669291 |
| &nbsp;&nbsp;&nbsp;&nbsp;709600 | Perseus Mining Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36825 | Rio Tinto Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31440 | Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | Shin-Etsu Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | Solvay SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585365 |
| &nbsp;&nbsp;&nbsp;&nbsp;124932 | South32 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | Sumitomo Metal Mining Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515 | Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33900 | Tokuyama Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 | Tokyo Steel Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539071 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Basic Materials — (continued) | Basic Materials — (continued) | Basic Materials — (continued) |
| $40100 | Toray Industries Inc | &nbsp;&nbsp;&nbsp;$274495 |
| &nbsp;&nbsp; 15711 | UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;&nbsp; 429038 |
| &nbsp;&nbsp; 9300 | Yamato Kogyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 565097 |
| &nbsp;&nbsp; 17479 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp; 645022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38401603 |
| Communications — 5.40% | Communications — 5.40% | Communications — 5.40% |
| &nbsp;&nbsp; 288900 | Airtel Africa PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 715045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22594 | Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15167 | Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95331 |
| &nbsp;&nbsp;&nbsp;&nbsp;647089 | BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587 | CAR Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260729 |
| &nbsp;&nbsp;&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;131016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | Dentsu Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95680 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502243 |
| &nbsp;&nbsp;&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;228051 |
| &nbsp;&nbsp;&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;331059 |
| &nbsp;&nbsp;&nbsp;&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;147633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91000 | HKT Trust & HKT Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37980 | Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27600 | IPSOS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82700 | KDDI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420007 |
| &nbsp;&nbsp;&nbsp;&nbsp;101491 | Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77200 | LY Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284297 |
| &nbsp;&nbsp;&nbsp;&nbsp;345400 | M3 Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | Metropole Television SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | MonotaRO Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108272 |
| &nbsp;&nbsp;&nbsp;&nbsp;418336 | Nokia OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170596 |
| &nbsp;&nbsp;&nbsp;&nbsp;199000 | NOS SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908305 |
| &nbsp;&nbsp;1402000 | NTT Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94505 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17083 | Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67181 | Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12773 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442648 |
| &nbsp;&nbsp;&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;240795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | Reach PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47586 | Scout24 SE<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6569211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10508 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680650 |
| &nbsp;&nbsp;&nbsp;&nbsp;200600 | Singapore Telecommunications Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604767 |
| &nbsp;&nbsp;&nbsp;&nbsp;790400 | SoftBank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100 | SoftBank Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226665 |
| &nbsp;&nbsp;&nbsp;&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;516944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16232 | Tele2 AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236945 |
| &nbsp;&nbsp;&nbsp;&nbsp;209032 | Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103286 |
| &nbsp;&nbsp;&nbsp;&nbsp;159389 | Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362031 |
| &nbsp;&nbsp;&nbsp;&nbsp;105144 | Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17953 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | Television Francaise 1 SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65475 | Telia Co AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235502 |
| &nbsp;&nbsp;&nbsp;&nbsp;113533 | Telstra Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362014 |
| &nbsp;&nbsp;&nbsp;&nbsp;124200 | Tencent Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8002903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | Trend Micro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150599 |
| &nbsp;&nbsp;&nbsp;&nbsp;743940 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796145 |
| &nbsp;&nbsp;&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;223270 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| $33139 | WPP PLC | &nbsp;&nbsp;&nbsp;$233240 |
| &nbsp;&nbsp; 11100 | ZOZO Inc | &nbsp;&nbsp;&nbsp;&nbsp; 119932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57874439 |
| Consumer, Cyclical — 15.29% | Consumer, Cyclical — 15.29% | Consumer, Cyclical — 15.29% |
| &nbsp;&nbsp; 5009 | Accor SA | &nbsp;&nbsp;&nbsp;&nbsp; 262515 |
| &nbsp;&nbsp; 6944 | AddTech AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 236732 |
| &nbsp;&nbsp; 4655 | adidas AG | &nbsp;&nbsp;&nbsp;&nbsp; 1086619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14100 | Aisin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11947 | Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | ANA Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15889 | Aristocrat Leisure Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | Asics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38828 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25306 | Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | Bandai Namco Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36681 | Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15782 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | Betsson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | Bridgestone Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312 | Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14688 | Cie Financiere Richemont SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35639 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325569 |
| &nbsp;&nbsp;&nbsp;&nbsp;106500 | Citizen Watch Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631212 |
| &nbsp;&nbsp;&nbsp;&nbsp;181450 | CK Hutchison Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117311 |
| &nbsp;&nbsp;&nbsp;&nbsp;273671 | Clicks Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46394 | Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | CTS Eventim AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51883 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15700 | Daiwa House Industry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | Daiwabo Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53200 | Denso Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19234 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52720 | Dollarama Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7428226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 | Dr Ing hc F Porsche AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14830 | Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | Europris ASA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066 | Evolution AB<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | Fast Retailing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | FDJ United<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480 | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93100 | Frasers Group PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | Galaxy Entertainment Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285286 |
| &nbsp;&nbsp;&nbsp;&nbsp;191627 | Genting Singapore Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15734 | H & M Hennes & Mauritz AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221600 |
| &nbsp;&nbsp;&nbsp;&nbsp;177800 | Harvey Norman Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334062 |
| &nbsp;&nbsp;&nbsp;&nbsp;346600 | Honda Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | Hornbach Holding AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325136 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $3000 | Hoshizaki Corp | &nbsp;&nbsp;&nbsp;$103374 |
| &nbsp;&nbsp; 15700 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp; 727492 |
| &nbsp;&nbsp; 75200 | IDOM Inc | &nbsp;&nbsp;&nbsp;&nbsp; 552281 |
| &nbsp;&nbsp; 28678 | IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp; 3857069 |
| &nbsp;&nbsp; 137871 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp; 7192303 |
| &nbsp;&nbsp; 41631 | InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 4758727 |
| &nbsp;&nbsp; 221609 | International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp; 917239 |
| &nbsp;&nbsp;&nbsp;&nbsp;100300 | Isuzu Motors Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32300 | ITOCHU Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691390 |
| &nbsp;&nbsp;&nbsp;&nbsp;100900 | Iveco Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;93821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500 | Jardine Cycle & Carriage Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79091 | JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83600 | JVCKenwood Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | Kaufman & Broad SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450745 |
| &nbsp;&nbsp;&nbsp;&nbsp;433799 | Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | Kohnan Shoji Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | Komeri Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65018 | Lottery Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16769 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8776585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78000 | Marubeni Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | MatsukiyoCocokara & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52833 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92400 | Mitsubishi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846326 |
| &nbsp;&nbsp;&nbsp;&nbsp;138200 | Mitsui & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564 | Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50300 | NGK Insulators Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80900 | NHK Spring Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30200 | Nintendo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59600 | Nissan Motor Co Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19900 | Niterra Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | Nitori Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57200 | Okamura Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28700 | Oriental Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 | Pan Pacific International Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66200 | Panasonic Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 | Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382520 |
| &nbsp;&nbsp;&nbsp;&nbsp;173500 | Pets at Home Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624136 |
| &nbsp;&nbsp;&nbsp;&nbsp;305100 | Piaggio & C SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675908 |
| &nbsp;&nbsp;&nbsp;&nbsp;185500 | Pirelli & C SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | Porsche Automobil Holding SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146131 |
| &nbsp;&nbsp;&nbsp;&nbsp;294554 | Qantas Airways Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5861 | Reece Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209 | Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40124 | Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52477 | Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71600 | Sands China Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | Sanrio Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | Sekisui Chemical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | Sekisui House Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358752 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $6098 | SGH Ltd | &nbsp;&nbsp;&nbsp;$217175 |
| &nbsp;&nbsp; 1900 | Shimano Inc | &nbsp;&nbsp;&nbsp;&nbsp; 275463 |
| &nbsp;&nbsp; 37800 | Singapore Airlines Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 207324 |
| &nbsp;&nbsp; 2309 | Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp; 142111 |
| &nbsp;&nbsp; 48000 | Sojitz Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1179530 |
| &nbsp;&nbsp; 168800 | Sony Group Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4388855 |
| &nbsp;&nbsp; 26700 | Stanley Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 528095 |
| &nbsp;&nbsp;&nbsp;&nbsp;115932 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50500 | Subaru Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56900 | Sumitomo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400 | Sumitomo Electric Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94200 | Sumitomo Forestry Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951263 |
| &nbsp;&nbsp;&nbsp;&nbsp;122600 | Super Retail Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45300 | Suzuki Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138935 |
| &nbsp;&nbsp;&nbsp;&nbsp;152100 | Toei Animation Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | Toho Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42100 | Tokmanni Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | Tokyo Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52452 | Toromont Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69100 | Toyota Boshoku Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | Toyota Industries Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496596 |
| &nbsp;&nbsp;&nbsp;&nbsp;417000 | Toyota Motor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | Toyota Tsusho Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 | Traton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291332 |
| &nbsp;&nbsp;&nbsp;&nbsp;195349 | Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6337250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900 | Valor Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243153 |
| &nbsp;&nbsp;&nbsp;&nbsp;128618 | Volvo AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619004 |
| &nbsp;&nbsp;&nbsp;&nbsp;138700 | VTech Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30894 | Wesfarmers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168513 |
| &nbsp;&nbsp;&nbsp;&nbsp;108200 | Yamaha Motor Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | Yokohama Rubber Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929378 |
| &nbsp;&nbsp;&nbsp;&nbsp;621000 | Yue Yuen Industrial Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;209468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | Zensho Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163935763 |
| Consumer, Non-Cyclical — 19.42% | Consumer, Non-Cyclical — 19.42% | Consumer, Non-Cyclical — 19.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17900 | Aeon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | Ajinomoto Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13716 | Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27493 | Anheuser-Busch InBev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700 | Arcs Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | Argenx SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38100 | Asahi Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12197 | Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51400 | Astellas Pharma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42570 | AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18100 | Austevoll Seafood ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;100562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40790 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38290 | Brambles Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591343 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $67967 | British American Tobacco PLC | &nbsp;&nbsp;&nbsp;$3230641 |
| &nbsp;&nbsp; 8775 | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp; 299512 |
| &nbsp;&nbsp; 2488 | Carlsberg AS Class B | &nbsp;&nbsp;&nbsp;&nbsp; 352508 |
| &nbsp;&nbsp; 84603 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp; 1193433 |
| &nbsp;&nbsp; 29 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp; 938371 |
| &nbsp;&nbsp; 19000 | Chugai Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 992139 |
| &nbsp;&nbsp; 92300 | Cloetta AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 332361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108 | Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19256 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 | Cochlear Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34684 | Coles Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38431 | Coloplast A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13333 | CSL Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | Dai Nippon Printing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46400 | Daiichi Sankyo Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17927 | Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16010 | Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | Demant A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68898 |
| &nbsp;&nbsp;&nbsp;&nbsp;224191 | Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;56726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6553 | Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | Eisai Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39298 | EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17104 | Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384 | Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241163 |
| &nbsp;&nbsp;&nbsp;&nbsp;144522 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7450450 |
| &nbsp;&nbsp;&nbsp;&nbsp;548400 | First Resources Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16312 | Fisher & Paykel Healthcare Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297 | Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25285 | Fresenius SE & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400 | FUJIFILM Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;365912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27700 | Greencore Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8949 | Grifols SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109196 |
| &nbsp;&nbsp;&nbsp;&nbsp;279019 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317978 |
| &nbsp;&nbsp;&nbsp;&nbsp;248341 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7903 | Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29849 | Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99445 | Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927711 |
| &nbsp;&nbsp;&nbsp;&nbsp;511000 | Inghams Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217 | Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502321 |
| &nbsp;&nbsp;&nbsp;&nbsp;226666 | J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | Japan Tobacco Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137 | JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43700 | Kanamoto Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | Kao Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252 | Kerry Group PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836 | Kesko OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | Kikkoman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187372 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $20100 | Kirin Holdings Co Ltd | &nbsp;&nbsp;&nbsp;$281674 |
| &nbsp;&nbsp; 4200 | Kobe Bussan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 130433 |
| &nbsp;&nbsp; 98206 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp; 4101728 |
| &nbsp;&nbsp; 23327 | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp; 560138 |
| &nbsp;&nbsp; 5900 | Kyowa Kirin Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 100992 |
| &nbsp;&nbsp; 6460 | Lifco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 261803 |
| &nbsp;&nbsp; 1984 | Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 1418884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | Loomis AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570 | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;125267 |
| &nbsp;&nbsp;&nbsp;&nbsp;174160 | Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | Megmilk Snow Brand Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | MEIJI Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485961 |
| &nbsp;&nbsp;&nbsp;&nbsp;711500 | Mitie Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39617 | Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71927 | Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14948 | Nexi SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47500 | Nippon Shinyaku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | Nissin Foods Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;114193 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13860416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88420 | Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 | Olympus Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | Ono Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | Orion OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62646 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11800 | Otsuka Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32845 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6071 | QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465 | Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18444 | Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 | Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176372 |
| &nbsp;&nbsp;&nbsp;&nbsp;122000 | Recruit Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174410 |
| &nbsp;&nbsp;&nbsp;&nbsp;205838 | RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11130562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63739 | Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29350 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11189 | Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55774 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 | Santen Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;662270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | Secom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56653 | Securitas AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59900 | Seven & i Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488 | SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455692 |
| &nbsp;&nbsp;&nbsp;&nbsp;108800 | Shionogi & Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | Shiseido Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9583 | Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531996 |
| &nbsp;&nbsp;&nbsp;&nbsp;128157 | Sigma Healthcare LTD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22356 | Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174378 |
| &nbsp;&nbsp;&nbsp;&nbsp;174000 | Sonae SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247597 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $14088 | Sonic Healthcare Ltd | &nbsp;&nbsp;&nbsp;$248670 |
| &nbsp;&nbsp; 1339 | Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 399324 |
| &nbsp;&nbsp; 2920 | Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp; 382198 |
| &nbsp;&nbsp; 4600 | Suntory Beverage & Food Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 147105 |
| &nbsp;&nbsp; 4883 | Swedish Orphan Biovitrum AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148615 |
| &nbsp;&nbsp; 14300 | Sysmex Corp | &nbsp;&nbsp;&nbsp;&nbsp; 248923 |
| &nbsp;&nbsp; 43800 | Takeda Pharmaceutical Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1352237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | Terumo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691866 |
| &nbsp;&nbsp;&nbsp;&nbsp;317721 | Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45168 | Teva Pharmaceutical Industries Ltd<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30166 | Teva Pharmaceutical Industries Ltd Sponsored ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505582 |
| &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;173869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83116 | Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31800 | Unicharm Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229621 |
| &nbsp;&nbsp;&nbsp;&nbsp;175346 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700953 |
| &nbsp;&nbsp;&nbsp;&nbsp;630000 | United Laboratories International Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207839 |
| &nbsp;&nbsp;2329443 | WH Group Ltd<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60500 | Wilmar International Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16430 | Wise PLC Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35887 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32772 | Woolworths Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671296 |
| &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;124298 |
| &nbsp;&nbsp;&nbsp;&nbsp;107600 | Zigup PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208238731 |
| 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;223293 |
| Energy — 3.04% | Energy — 3.04% | Energy — 3.04% |
| &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;217954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35556 | APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191176 |
| &nbsp;&nbsp;&nbsp;&nbsp;643953 | BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | DCC PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196371 |
| &nbsp;&nbsp;&nbsp;&nbsp;208500 | ENEOS Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033500 |
| &nbsp;&nbsp;&nbsp;&nbsp;106276 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57840 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460695 |
| &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;210262 |
| &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;138874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70600 | Inpex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13378 | Neste OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181301 |
| &nbsp;&nbsp;&nbsp;&nbsp;264300 | New Hope Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21267 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156527 |
| &nbsp;&nbsp;&nbsp;&nbsp;163475 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 | Rubis SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86721 | Santos Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437236 |
| &nbsp;&nbsp;&nbsp;&nbsp;277939 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695240 |
| &nbsp;&nbsp;&nbsp;&nbsp;103844 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28517 | Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428353 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| $51487 | Woodside Energy Group Ltd | &nbsp;&nbsp;&nbsp;$795315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32633577 |
| Financial — 24.31% | Financial — 24.31% | Financial — 24.31% |
| &nbsp;&nbsp; 38417 | 3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 2173569 |
| &nbsp;&nbsp; 80570 | ABN AMRO Bank NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2200046 |
| &nbsp;&nbsp; 6879 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 308723 |
| &nbsp;&nbsp; 165318 | Aegon Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1198016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123 | AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14255 | Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964319 |
| &nbsp;&nbsp;&nbsp;&nbsp;783800 | AIA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56652 | AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718617 |
| &nbsp;&nbsp;&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;138201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79972 | ANZ Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20203 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7207622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16669 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 | ASX Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227741 |
| &nbsp;&nbsp;&nbsp;&nbsp;158715 | Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82969 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | Azrieli Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6339 | Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109242 |
| &nbsp;&nbsp;&nbsp;&nbsp;252761 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32656 | Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381179 |
| &nbsp;&nbsp;1025000 | Banco Comercial Portugues SA Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798514 |
| &nbsp;&nbsp;&nbsp;&nbsp;147479 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469508 |
| &nbsp;&nbsp;&nbsp;&nbsp;679023 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33629 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83446 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82116 | Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19582 | Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255633 |
| &nbsp;&nbsp;&nbsp;&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;107836 |
| &nbsp;&nbsp;&nbsp;&nbsp;397397 | Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | BAWAG Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59255 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | BOC Hong Kong Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27216 | BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247021 |
| &nbsp;&nbsp;&nbsp;&nbsp;110642 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958695 |
| &nbsp;&nbsp;&nbsp;&nbsp;112600 | CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237603 |
| &nbsp;&nbsp;&nbsp;&nbsp;151988 | CapitaLand Integrated Commercial Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | Capitaland Investment Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800 | Chiba Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000 | CK Asset Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81491 | Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45944 | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591767 |
| &nbsp;&nbsp;&nbsp;&nbsp;223574 | Computershare Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30900 | Concordia Financial Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | Covivio SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81355 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55300 | Credit Saison Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869 | CVC Capital Partners PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120675 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $191320 | Dai-ichi Life Holdings Inc | &nbsp;&nbsp;&nbsp;$1454531 |
| &nbsp;&nbsp; 1600 | Daito Trust Construction Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 174270 |
| &nbsp;&nbsp; 36600 | Daiwa Securities Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 259934 |
| &nbsp;&nbsp; 63835 | Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp; 2607265 |
| &nbsp;&nbsp; 81830 | DBS Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 2888769 |
| &nbsp;&nbsp; 169961 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5038582 |
| &nbsp;&nbsp; 5155 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp; 1684089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67037 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42800 | EFG International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10819 | EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24692 | Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | Euronext NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602 | EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;147006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034 | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | Futu Holdings Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | Gecina SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23090 | Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821349 |
| &nbsp;&nbsp;&nbsp;&nbsp;169619 | Gjensidige Forsikring ASA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55511 | Goodman Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76800 | Gunma Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | Hang Seng Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 | Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495990 |
| &nbsp;&nbsp;&nbsp;&nbsp;102708 | HDFC Bank Ltd ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7874622 |
| &nbsp;&nbsp;&nbsp;&nbsp;223400 | Helia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36000 | Henderson Land Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126432 |
| &nbsp;&nbsp;&nbsp;&nbsp;129700 | Hong Kong Exchanges & Clearing Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28600 | Hongkong Land Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154440 |
| &nbsp;&nbsp;&nbsp;&nbsp;704098 | HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | Hulic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | Industrivarden AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672 | Industrivarden AB Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24801 | Infratil Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160035 |
| &nbsp;&nbsp;&nbsp;&nbsp;145195 | ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68202 | Insurance Australia Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405463 |
| &nbsp;&nbsp;&nbsp;&nbsp;412158 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374206 |
| &nbsp;&nbsp;&nbsp;&nbsp;103100 | Investec PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | Investment AB Latour Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47094 | Investor AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31851 | Israel Discount Bank Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | Jaccs Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28400 | Japan Exchange Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51600 | Japan Post Bank Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556275 |
| &nbsp;&nbsp;&nbsp;&nbsp;112200 | Japan Post Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | Japan Post Insurance Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14481 | Julius Baer Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | Jyske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819648 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $6500 | KBC Group NV | &nbsp;&nbsp;&nbsp;$670865 |
| &nbsp;&nbsp; 6504 | Klepierre SA REIT | &nbsp;&nbsp;&nbsp;&nbsp; 257164 |
| &nbsp;&nbsp; 1921 | L E Lundbergforetagen AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 95892 |
| &nbsp;&nbsp; 18729 | Land Securities Group PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp; 162547 |
| &nbsp;&nbsp; 2005 | LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp; 178469 |
| &nbsp;&nbsp; 168715 | Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 590090 |
| &nbsp;&nbsp; 70567 | Link REIT | &nbsp;&nbsp;&nbsp;&nbsp; 377992 |
| &nbsp;&nbsp;3267254 | Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71328 | London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10426586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56506 | M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9860 | Macquarie Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483000 |
| &nbsp;&nbsp;&nbsp;&nbsp;230800 | Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945406 |
| &nbsp;&nbsp;&nbsp;&nbsp;170300 | Mebuki Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67266 | Medibank Pvt Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54499 | Mediobanca Banca di Credito Finanziario SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55600 | Mercialys SA REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28900 | Mitsubishi Estate Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541792 |
| &nbsp;&nbsp;&nbsp;&nbsp;110200 | Mitsubishi HC Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811373 |
| &nbsp;&nbsp;&nbsp;&nbsp;314700 | Mitsubishi UFJ Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71300 | Mitsui Fudosan Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690261 |
| &nbsp;&nbsp;&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;269081 |
| &nbsp;&nbsp;&nbsp;&nbsp;116800 | Mizuho Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | MS&AD Insurance Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84603 | National Australia Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192724 |
| &nbsp;&nbsp;&nbsp;&nbsp;552044 | NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3875452 |
| &nbsp;&nbsp;&nbsp;&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;207760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25058 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | Nomura Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553535 |
| &nbsp;&nbsp;&nbsp;&nbsp;154965 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 | ORIX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91200 | Oversea-Chinese Banking Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 | Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8086765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21772 | Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16900 | Plus500 Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71681 | Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896984 |
| &nbsp;&nbsp;&nbsp;&nbsp;137836 | QBE Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | REA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59100 | Resona Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900 | Ricoh Leasing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815246 |
| &nbsp;&nbsp;&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;148530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67450 | Sampo OYJ Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | SBI Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271792 |
| &nbsp;&nbsp;&nbsp;&nbsp;141905 | Scentre Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18580 | Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22100 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35998 | Segro PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | Singapore Exchange Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79735 | Sino Land Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84928 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $42165 | Skandinaviska Enskilda Banken AB Class A | &nbsp;&nbsp;&nbsp;$734958 |
| &nbsp;&nbsp; 40861 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp; 2337428 |
| &nbsp;&nbsp; 406 | Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp; 134284 |
| &nbsp;&nbsp; 23700 | Sompo Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 714195 |
| &nbsp;&nbsp; 195089 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3227093 |
| &nbsp;&nbsp; 71065 | Stockland REIT | &nbsp;&nbsp;&nbsp;&nbsp; 251152 |
| &nbsp;&nbsp; 127000 | Sumitomo Mitsui Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3197982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17800 | Sumitomo Mitsui Trust Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | Sumitomo Realty & Development Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38500 | Sun Hung Kai Properties Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28689 | Suncorp Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408866 |
| &nbsp;&nbsp;&nbsp;&nbsp;706200 | Supermarket Income PLC REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822019 |
| &nbsp;&nbsp;&nbsp;&nbsp;154970 | Svenska Handelsbanken AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96152 | Swedbank AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | Swire Pacific Ltd Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777496 |
| &nbsp;&nbsp;&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;305503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20546 | Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400 | Sydbank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | T&D Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | Tokio Marine Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257349 |
| &nbsp;&nbsp;&nbsp;&nbsp;172462 | UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 | Unibail-Rodamco-Westfield REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72745 | UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10616 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72100 | United Overseas Bank Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | Valiant Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213230 |
| &nbsp;&nbsp;&nbsp;&nbsp;114667 | Vicinity Ltd REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19973 | Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708112 |
| &nbsp;&nbsp;&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;181051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94306 | Westpac Banking Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | Wharf Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94383 |
| &nbsp;&nbsp;&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;124898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260557264 |
| Industrial — 14.91% | Industrial — 14.91% | Industrial — 14.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43779 | ABB Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623625 |
| &nbsp;&nbsp;&nbsp;&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;132207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19608 | Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523413 |
| &nbsp;&nbsp;&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;130889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | AGC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16243 | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216 | Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346047 |
| &nbsp;&nbsp;&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;224074 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $64500 | Amada Co Ltd | &nbsp;&nbsp;&nbsp;$703889 |
| &nbsp;&nbsp; 14735 | Amrize Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 735032 |
| &nbsp;&nbsp; 89 | AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp; 164202 |
| &nbsp;&nbsp; 114 | AP Moller - Maersk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp; 212006 |
| &nbsp;&nbsp; 224744 | Assa Abloy AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 7026317 |
| &nbsp;&nbsp; 72970 | Atlas Copco AB Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1179634 |
| &nbsp;&nbsp; 42526 | Atlas Copco AB Class B | &nbsp;&nbsp;&nbsp;&nbsp; 605255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49382 | Auckland International Airport Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82973 | BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152812 |
| &nbsp;&nbsp;&nbsp;&nbsp;108500 | Balfour Beatty PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11415 | Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | Bekaert SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19210 | Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94400 | Brother Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14132 | Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20200 | Central Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22377 | Cie de Saint-Gobain SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500 | CK Infrastructure Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16600 | D/S Norden A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | Daifuku Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | Daikin Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56407 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | Dfds A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67921 | Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680 | DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | East Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | Elbit Systems Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19251 | Epiroc AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 | Epiroc AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100 | FANUC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14102 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752241 |
| &nbsp;&nbsp;&nbsp;&nbsp;346000 | Firstgroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | Forbo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | Fuji Electric Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | Fujikura Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8984 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173428 |
| &nbsp;&nbsp;&nbsp;&nbsp;202245 | Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | Hankyu Hanshin Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18700 | Hanwa Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 | Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235107 |
| &nbsp;&nbsp;&nbsp;&nbsp;512580 | Hexagon AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166601 |
| &nbsp;&nbsp;&nbsp;&nbsp;125700 | Hitachi Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14006 | Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47900 | Hosiden Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | Hoya Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | IHI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7119 | Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;104048 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $5357 | InPost SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$89150 |
| &nbsp;&nbsp; 15939 | James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 331612 |
| &nbsp;&nbsp; 21500 | Jungheinrich AG | &nbsp;&nbsp;&nbsp;&nbsp; 1014649 |
| &nbsp;&nbsp; 26600 | Kaga Electronics Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 504609 |
| &nbsp;&nbsp; 11700 | Kajima Corp | &nbsp;&nbsp;&nbsp;&nbsp; 305156 |
| &nbsp;&nbsp; 15100 | Kalmar OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp; 642339 |
| &nbsp;&nbsp; 23500 | Kamigumi Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 653023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | Kawasaki Kisen Kaisha Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | Keppel Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | Keyence Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328 | Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67100 | Komatsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9233 | Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | Konecranes OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12585 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488010 |
| &nbsp;&nbsp;&nbsp;&nbsp;148200 | Koninklijke BAM Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | Koninklijke Heijmans N.V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28300 | Kubota Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398 | Kuehne + Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | Kyocera Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7088 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27260 | Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | Logista Integral SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | Lotes Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 | Macnica Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | Makita Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31486 | Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093 | Metso OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | MINEBEA MITSUMI Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52900 | Mitsubishi Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87000 | Mitsubishi Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | Mitsui OSK Lines Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | MTR Corp Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44700 | Murata Manufacturing Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46091 | Nibe Industrier AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200 | Nidec Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | Nippon Express Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | Obayashi Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | Omron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | Per Aarsleff Holding A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12968 | Poste Italiane SpA<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013 | Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90500 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2598424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23380 | ROCKWOOL A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095874 |
| &nbsp;&nbsp;&nbsp;&nbsp;230667 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736 | Saab AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28110 | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13440 | Sartorius AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779 | Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15013 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030775 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $18000 | SCREEN Holdings Co Ltd | &nbsp;&nbsp;&nbsp;$1463606 |
| &nbsp;&nbsp; 8100 | SG Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 90218 |
| &nbsp;&nbsp; 7200 | Shimadzu Corp | &nbsp;&nbsp;&nbsp;&nbsp; 178006 |
| &nbsp;&nbsp; 20865 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 5359362 |
| &nbsp;&nbsp; 18768 | Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2193628 |
| &nbsp;&nbsp; 8472 | SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 156707 |
| &nbsp;&nbsp; 28700 | Signify NV<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 779279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | Singapore Technologies Engineering Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | SITC International Holdings Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10018 | Skanska AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63049 | SKF AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | SMC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907 | Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15240 | Stora Enso OYJ Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | Sumitomo Heavy Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17954 | Svenska Cellulosa AB SCA Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | Taisei Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | TDK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | Techtronic Industries Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11704 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;94257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 | Tokyu Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | Toyo Seikan Group Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5590 | Trelleborg AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66700 | Tsubakimoto Chain Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9775 | VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13421 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13198 | Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | West Japan Railway Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200 | Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | Yangzijiang Shipbuilding Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | Yokogawa Electric Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159884383 |
| Technology — 8.53% | Technology — 8.53% | Technology — 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20401 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | Advantest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20813 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16678268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | Bell System24 Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 | Canon Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Capcom Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31625 | Check Point Software Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | CyberArk Software Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18009 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652677 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $2600 | Disco Corp | &nbsp;&nbsp;&nbsp;$770233 |
| &nbsp;&nbsp; 63900 | Ferrotec Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1348073 |
| &nbsp;&nbsp; 47900 | Fujitsu Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 1162024 |
| &nbsp;&nbsp; 35700 | Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp; 1548897 |
| &nbsp;&nbsp; 35616 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp; 1519812 |
| &nbsp;&nbsp; 2600 | Konami Group Corp | &nbsp;&nbsp;&nbsp;&nbsp; 411064 |
| &nbsp;&nbsp; 2300 | Lasertec Corp | &nbsp;&nbsp;&nbsp;&nbsp; 308340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | Monday.com Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | NEC Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762 | Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | Nexon Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | Nice Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10800 | Nomura Research Institute Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | NTT Data Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | Obic Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | Oracle Corp Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | Otsuka Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138525 |
| &nbsp;&nbsp;&nbsp;&nbsp;341000 | PAX Global Technology Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | Pro Medicus Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500 | Renesas Electronics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | Ricoh Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25794 | Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54176 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16565956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | SCSK Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77700 | Seiko Epson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021183 |
| &nbsp;&nbsp;&nbsp;&nbsp;616800 | Serco Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46120 | STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46364 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500983 |
| &nbsp;&nbsp;&nbsp;&nbsp;100700 | TeamViewer SE<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | TietoEVRY OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | TIS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | Tokyo Electron Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317264 |
| &nbsp;&nbsp;&nbsp;&nbsp;641300 | TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436 | WiseTech Global Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | Xero Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91434417 |
| Utilities — 2.49% | Utilities — 2.49% | Utilities — 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;474900 | A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279155 |
| &nbsp;&nbsp;&nbsp;&nbsp;176400 | AGL Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144266 |
| &nbsp;&nbsp;&nbsp;&nbsp;137289 | Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | Chubu Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500 | CLP Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22412 | Contact Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122994 |
| &nbsp;&nbsp;&nbsp;&nbsp;194000 | Drax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60397 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85542 | EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65437 | Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072728 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| $223296 | Enel SpA | &nbsp;&nbsp;&nbsp;$2119243 |
| &nbsp;&nbsp; 147294 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp; 3461832 |
| &nbsp;&nbsp; 11470 | Fortum OYJ | &nbsp;&nbsp;&nbsp;&nbsp; 215084 |
| &nbsp;&nbsp; 287000 | Hong Kong & China Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 241307 |
| &nbsp;&nbsp; 158693 | Iberdrola SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3052950 |
| &nbsp;&nbsp; 301700 | Iren SpA | &nbsp;&nbsp;&nbsp;&nbsp; 932054 |
| &nbsp;&nbsp; 25200 | Kansai Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp; 298868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42496 | Meridian Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152831 |
| &nbsp;&nbsp;&nbsp;&nbsp;132776 | National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43612 | Origin Energy Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586 | Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10300 | Osaka Gas Co Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38000 | Power Assets Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11832 | Redeia Corp SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17792 | RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20300 | Sembcorp Industries Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374 | Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57559 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30304 | SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40127 | Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18716 | United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17715 | Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26661935 |
| **TOTAL COMMON STOCK — 96.99%<br> (Cost $872,610,895)** | **TOTAL COMMON STOCK — 96.99%<br> (Cost $872,610,895)** | &nbsp;&nbsp;&nbsp;**$1039845405** |
| **PREFERRED STOCK** | **PREFERRED STOCK** | **PREFERRED STOCK** |
| Consumer, Cyclical — 0.16% | Consumer, Cyclical — 0.16% | Consumer, Cyclical — 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15058 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718151 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — 0.03% | Consumer, Non-Cyclical — 0.03% | Consumer, Non-Cyclical — 0.03% |
| $4559 | Henkel AG & Co KGaA | &nbsp;&nbsp;&nbsp;$358264 |
| **TOTAL PREFERRED STOCK — 0.19%<br> (Cost $2,509,628)** | **TOTAL PREFERRED STOCK — 0.19%<br> (Cost $2,509,628)** | &nbsp;&nbsp;&nbsp;**$2076415** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;600283 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(e)</sup>, 4.25%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 600283 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.06%<br> (Cost $600,283)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.06%<br> (Cost $600,283)** | &nbsp;&nbsp;&nbsp;**$600283** |
| **Principal Amount** |  |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.11% | U.S. Treasury Bonds and Notes — 0.11% | U.S. Treasury Bonds and Notes — 0.11% |
| &nbsp;&nbsp;1127400 | U.S. Treasury Bills<sup>(g)</sup><br> 4.25%, 08/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121568 |
| **TOTAL SHORT TERM INVESTMENTS — 0.11%<br> (Cost $1,121,568)** | **TOTAL SHORT TERM INVESTMENTS — 0.11%<br> (Cost $1,121,568)** | &nbsp;&nbsp;&nbsp;**$1121568** |
| **TOTAL INVESTMENTS — 97.35%<br> (Cost $876,842,374)** | **TOTAL INVESTMENTS — 97.35%<br> (Cost $876,842,374)** | &nbsp;&nbsp;&nbsp;**$1043643671** |
| **OTHER ASSETS & LIABILITIES, NET — 2.65%** | **OTHER ASSETS & LIABILITIES, NET — 2.65%** | &nbsp;&nbsp;&nbsp;**$28433473** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1072077144** |

---

<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 June 30, 2025, the aggregate fair value of 144A securities was $26,889,775, representing 2.51% of net assets.

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

<sup>(d)</sup> All or a portion of the security is on loan as of June 30, 2025.

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

<sup>(f)</sup> Rate shown is the 7-day yield as of June 30, 2025.

<sup>(g)</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 June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 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** |  |  |  |  |  |
| MSCI EAFE Index Futures | 173 | USD | 23197 | Sep 2025 | $196510 |
|  |  |  |  | **Net Appreciation** | **$196510** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 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;47294 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;41121 | 07/01/2025 | &nbsp;&nbsp;$(1145) |
| CGM | USD | &nbsp;&nbsp;30376 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;25907 | 07/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;6695 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | 07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) |
| CGM | USD | &nbsp;&nbsp;18767 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;13948 | 07/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;8698 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 | 08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) |
| CGM | USD | &nbsp;&nbsp;12408 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;96994 | 08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;3264 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;32463 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| CGM | USD | &nbsp;&nbsp;&nbsp;&nbsp;2338 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914 | 07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
| MEL | USD | &nbsp;&nbsp;42632 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;66666 | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1244) |
| MEL | USD | &nbsp;&nbsp;61944 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;96608 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1640) |
| MEL | USD | &nbsp;&nbsp;16314 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;24928 | 08/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;4828 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376 | 08/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;6800 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;10389 | 08/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5936 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9066 | 09/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) |
| MEL | USD | 411894 | CHF | &nbsp;&nbsp;&nbsp;349000 | 07/10/2025 | &nbsp;&nbsp;(28568) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;7691 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6570 | 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |
| MEL | USD | 742403 | EUR | &nbsp;&nbsp;&nbsp;676000 | 07/10/2025 | &nbsp;&nbsp;(54449) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;6718 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;9454 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023 | 07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) |
| MEL | USD | &nbsp;&nbsp;24969 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;18705 | 07/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;6978 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | 07/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;7275 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 | 07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |
| MEL | USD | &nbsp;&nbsp;64604 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;47850 | 07/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1080) |
| MEL | USD | &nbsp;&nbsp;44999 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;33076 | 08/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |
| MEL | USD | 213488 | HKD | 1675886 | 07/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| MEL | USD | &nbsp;&nbsp;17744 | HKD | &nbsp;&nbsp;&nbsp;139062 | 07/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| MEL | USD | &nbsp;&nbsp;12086 | JPY | 1734000 | 08/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) |
| MEL | USD | &nbsp;&nbsp;14075 | JPY | 2018750 | 08/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
| MEL | USD | &nbsp;&nbsp;42542 | JPY | 6098835 | 09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;5918 | JPY | &nbsp;&nbsp;&nbsp;848384 | 09/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| MEL | USD | &nbsp;&nbsp;18926 | JPY | 2712605 | 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;8532 | JPY | 1222725 | 09/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;8051 | JPY | 1153450 | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;3043 | JPY | &nbsp;&nbsp;&nbsp;435795 | 09/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;3207 | JPY | &nbsp;&nbsp;&nbsp;459000 | 09/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| MEL | USD | &nbsp;&nbsp;&nbsp;&nbsp;2366 | JPY | &nbsp;&nbsp;&nbsp;338215 | 09/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  |  |  |  |  | **Net Depreciation** | **$(91354)** |

---

---

| | |
|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** |
| AUD | &nbsp;&nbsp;Australian Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| EUR | &nbsp;&nbsp;Euro Dollar |
| GBP | &nbsp;&nbsp;British Pound |
| HKD | &nbsp;&nbsp;Hong Kong Dollar |
| JPY | &nbsp;&nbsp;Japanese Yen |
| NOK | &nbsp;&nbsp;Norwegian Krone |
| NZD | &nbsp;&nbsp;New Zealand Dollar |
| USD | &nbsp;&nbsp;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 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

Summary of Investments by Country as of June 30, 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;$193198735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158461229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.18 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99580220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96062164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82594920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61864373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53615048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41881015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32459145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28264366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26520193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26053529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21218984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14205269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13823213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12142454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12120379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11435420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10999619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7874623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5826490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2456883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972536 | &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;&nbsp;&nbsp;257880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149639 | &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;&nbsp;&nbsp;&nbsp;89150 | &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;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1043643671** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100.00%** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 1.77% | Basic Materials — 1.77% | Basic Materials — 1.77% |
| $1404 | Air Products & Chemicals Inc | &nbsp;&nbsp;&nbsp;$396012 |
| &nbsp;&nbsp; 617 | Albemarle Corp | &nbsp;&nbsp;&nbsp;&nbsp; 38667 |
| &nbsp;&nbsp; 12723 | Cabot Corp | &nbsp;&nbsp;&nbsp;&nbsp; 954225 |
| &nbsp;&nbsp; 1060 | CF Industries Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 97520 |
| &nbsp;&nbsp; 4855 | Dow Inc | &nbsp;&nbsp;&nbsp;&nbsp; 128561 |
| &nbsp;&nbsp; 16949 | DuPont de Nemours Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561 | Eastman Chemical Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | Ecolab Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83943 | Ecovyst Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50490 | Freeport-McMoRan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6946 | Hawkins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | International Flavors & Fragrances Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406 | International Paper Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 | Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | Mosaic Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577 | Newmont Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | Nucor Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988 | PPG Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | Sherwin-Williams Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | Steel Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11884558 |
| Communications — 13.78% | Communications — 13.78% | Communications — 13.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | Airbnb Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | Alibaba Group Holding Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56822 | Alphabet Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10013741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46035 | Alphabet Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96401 | Amazon.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21149415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9454 | Arista Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46671 | AT&T Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | Booking Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | CDW Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551 | Charter Communications Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72305 | Cisco Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43973 | Comcast Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194 | Corning Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | DoorDash Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884 | eBay Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | Expedia Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | F5 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | FactSet Research Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | Fox Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | Fox Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076 | Gen Digital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | GoDaddy Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | Interpublic Group of Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | Juniper Networks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | MercadoLibre Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20391 | Meta Platforms Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15050393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | Motorola Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702 | Netflix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6296589 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| $2912 | News Corp Class A | &nbsp;&nbsp;&nbsp;$86545 |
| &nbsp;&nbsp; 809 | News Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp; 27757 |
| &nbsp;&nbsp; 1198 | Omnicom Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 86184 |
| &nbsp;&nbsp; 6211 | Palo Alto Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1271019 |
| &nbsp;&nbsp; 3832 | Paramount Global Class B | &nbsp;&nbsp;&nbsp;&nbsp; 49433 |
| &nbsp;&nbsp; 5117 | Robinhood Markets Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 479105 |
| &nbsp;&nbsp; 1917 | Sea Ltd ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 306605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | Shopify Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | Spotify Technology SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12399 | T-Mobile US Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20691 | Uber Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35332 | United States Cellular Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | VeriSign Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27371 | Verizon Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11754 | Walt Disney Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 | Warner Bros Discovery Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92413018 |
| Consumer, Cyclical — 9.40% | Consumer, Cyclical — 9.40% | Consumer, Cyclical — 9.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11818 | Academy Sports & Outdoors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11733 | Allison Transmission Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 | Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26999 | Atlanta Braves Holdings Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | AutoZone Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33470 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | Best Buy Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8844 | BJ's Wholesale Club Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29206 | Blue Bird Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 | Caesars Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | CarMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6127 | Carnival Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | Carvana Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8727 | Chipotle Mexican Grill Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12564 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | Copart Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 | Costco Wholesale Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10002 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | Cummins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | Darden Restaurants Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | Deckers Outdoor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | Delta Air Lines Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | Dollar General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | Dollar Tree Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | Domino's Pizza Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504 | DR Horton Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774 | Fastenal Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | Ford Motor Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264740 |
| &nbsp;&nbsp;&nbsp;&nbsp;133469 | Garrett Motion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53762 | General Motors Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | Genuine Parts Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102992 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| $929 | Hasbro Inc | &nbsp;&nbsp;&nbsp;$68579 |
| &nbsp;&nbsp; 7843 | Hilton Worldwide Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088905 |
| &nbsp;&nbsp; 6459 | Home Depot Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2368128 |
| &nbsp;&nbsp; 15175 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp; 803820 |
| &nbsp;&nbsp; 2030 | Las Vegas Sands Corp | &nbsp;&nbsp;&nbsp;&nbsp; 88325 |
| &nbsp;&nbsp; 1546 | Lennar Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 171003 |
| &nbsp;&nbsp; 36710 | Levi Strauss & Co Class A | &nbsp;&nbsp;&nbsp;&nbsp; 678768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | Live Nation Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | LKQ Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673 | Lowe's Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | Lululemon Athletica Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | Marriott International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6604 | McDonald's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74168 | MRC Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7759 | NIKE Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;61550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;140328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595 | O'Reilly Automotive Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399 | PACCAR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | Pool Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24258 | PulteGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23277 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | Ralph Lauren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156 | Ross Stores Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | Royal Caribbean Cruises Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17834 | Six Flags Entertainment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64525 | Southwest Airlines Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8565 | Starbucks Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | Tapestry Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11366 | Target Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24791 | Tesla Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7309 | TJX Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | TKO Group Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | Tractor Supply Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | Ulta Beauty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383 | United Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10781 | VSE Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111 | Walgreens Boots Alliance Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74245 | Walmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7259676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | Williams-Sonoma Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | WW Grainger Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | Wynn Resorts Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30607 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 | Yum! Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63029807 |
| Consumer, Non-Cyclical — 16.00% | Consumer, Non-Cyclical — 16.00% | Consumer, Non-Cyclical — 16.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17727 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23303 | AbbVie Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 | Addus HomeCare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818 | Agilent Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214542 |
| &nbsp;&nbsp;&nbsp;&nbsp;181575 | Alight Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | Align Technology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74785 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $10845 | Altria Group Inc | &nbsp;&nbsp;&nbsp;$635842 |
| &nbsp;&nbsp; 3493 | Amgen Inc | &nbsp;&nbsp;&nbsp;&nbsp; 975281 |
| &nbsp;&nbsp; 15930 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039432 |
| &nbsp;&nbsp; 3299 | Archer-Daniels-Midland Co | &nbsp;&nbsp;&nbsp;&nbsp; 174121 |
| &nbsp;&nbsp; 23029 | AstraZeneca PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609266 |
| &nbsp;&nbsp; 2692 | Automatic Data Processing Inc | &nbsp;&nbsp;&nbsp;&nbsp; 830213 |
| &nbsp;&nbsp; 490 | Avery Dennison Corp | &nbsp;&nbsp;&nbsp;&nbsp; 85980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 | Baxter International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | Becton Dickinson & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13560 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | Biogen Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | Bio-Techne Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708 | Boston Scientific Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | Bristol-Myers Squibb Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | Brown-Forman Corp Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | Campbell's Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | Cardinal Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | Cencora Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332 | Centene Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;52043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | Church & Dwight Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 | Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292 | Cintas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | Clorox Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85796 | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5405 | Colgate-Palmolive Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26886 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9455 | Colliers International Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 | Conagra Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63780 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | Constellation Brands Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | Cooper Cos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | Corpay Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35940 | Corteva Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111 | CVS Health Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161 | Danaher Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | DaVita Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771 | Dexcom Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6219 | Edwards Lifesciences Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | Elevance Health Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 | Eli Lilly & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18776 | Embecta Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | Equifax Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | Estee Lauder Cos Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | GE HealthCare Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457 | General Mills Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12028 | Gilead Sciences Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | Global Payments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18364 | Haemonetics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 | HCA Healthcare Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | Henry Schein Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72685 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $6024 | Herc Holdings Inc | &nbsp;&nbsp;&nbsp;$793301 |
| &nbsp;&nbsp; 972 | Hershey Co | &nbsp;&nbsp;&nbsp;&nbsp; 161303 |
| &nbsp;&nbsp; 1678 | Hologic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 109338 |
| &nbsp;&nbsp; 2133 | Hormel Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp; 64523 |
| &nbsp;&nbsp; 757 | Humana Inc | &nbsp;&nbsp;&nbsp;&nbsp; 185071 |
| &nbsp;&nbsp; 511 | IDEXX Laboratories Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 274070 |
| &nbsp;&nbsp; 1237 | Incyte Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 84240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 | Insmed Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | Insulet Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402 | Intuitive Surgical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | IQVIA Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | J M Smucker Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20039 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17993 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12580 | Kenvue Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8878 | Keurig Dr Pepper Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | Kimberly-Clark Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14880 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962 | Kraft Heinz Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | Kroger Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | Labcorp Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12321 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | McCormick & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701 | McKesson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8416 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23937 | Merck & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196 | Moderna Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | Molson Coors Beverage Co Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8488 | Mondelez International Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148 | Monster Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | Moody's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | Natera Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73103 | Nomad Foods Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32883 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274 | PayPal Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8917 | PepsiCo Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36846 | Pfizer Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38859 | Philip Morris International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7077390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10114 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30898 | Procter & Gamble Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47341 | Quanex Building Products Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | Quanta Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | Quest Diagnostics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | ResMed Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | Revvity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | Rollins Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072 | S&P Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18752 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46770 | Select Medical Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | Solventum Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83955 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| $588 | STERIS PLC | &nbsp;&nbsp;&nbsp;$141249 |
| &nbsp;&nbsp; 2233 | Stryker Corp | &nbsp;&nbsp;&nbsp;&nbsp; 883442 |
| &nbsp;&nbsp; 28820 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 908406 |
| &nbsp;&nbsp; 3039 | Sysco Corp | &nbsp;&nbsp;&nbsp;&nbsp; 230174 |
| &nbsp;&nbsp; 7978 | Thermo Fisher Scientific Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3234760 |
| &nbsp;&nbsp; 1667 | Tyson Foods Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 93252 |
| &nbsp;&nbsp; 1770 | UFP Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 432163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | United Rentals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12034 | UnitedHealth Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;59055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | Verisk Analytics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | Vertex Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 | Viatris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | Waters Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | West Pharmaceutical Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5973 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | Zimmer Biomet Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005 | Zoetis Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;107276029 |
| Energy — 3.82% | Energy — 3.82% | Energy — 3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38989 | Antero Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576 | APA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6075 | Baker Hughes Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25493 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | Cheniere Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10639 | Chevron Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22567 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 | Coterra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4074 | Devon Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | Diamondback Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;31522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | EOG Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805 | EQT Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | Expand Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58970 | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | First Solar Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 | Halliburton Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | Hess Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12859 | Kinder Morgan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32420 | Kodiak Gas Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | Marathon Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330061 |
| &nbsp;&nbsp;&nbsp;&nbsp;132399 | NPK International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614 | Occidental Petroleum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18496 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106 | ONEOK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 | Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8985 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46059 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | Targa Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | Texas Pacific Land Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18528 | Tidewater Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11005 | Valero Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20215 | Viper Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770798 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| $12552 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;$631491 |
| &nbsp;&nbsp; 8175 | Williams Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 513472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25617009 |
| Financial — 17.71% | Financial — 17.71% | Financial — 17.71% |
| &nbsp;&nbsp; 3308 | Aflac Inc | &nbsp;&nbsp;&nbsp;&nbsp; 348862 |
| &nbsp;&nbsp; 13483 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp; 985068 |
| &nbsp;&nbsp; 26101 | Air Lease Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;68490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11782 | Allstate Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612 | American Express Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23582 | American International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 | American Tower Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | Ameriprise Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23463 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15092 | Apollo Global Management Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349 | Arch Capital Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 | Arthur J Gallagher & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29498 | Aspen Insurance Holdings Ltd Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | Assurant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | AvalonBay Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185795 |
| &nbsp;&nbsp;&nbsp;&nbsp;107920 | Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | Bank of New York Mellon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12909 | Berkshire Hathaway Inc Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 | Blackrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446 | Blackstone Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | Brown & Brown Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | BXP Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33223 | Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19289 | Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | Cboe Global Markets Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | CBRE Group Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42349 | Charles Schwab Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | Chubb Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | Cincinnati Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65018 | Citigroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | Citizens Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446 | CME Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | Coinbase Global Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789 | CoStar Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806 | Crown Castle Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27612 | Curbline Properties Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | Digital Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | Equinix Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | Erie Indemnity Co Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | Essex Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | Everest Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 | Extra Space Storage Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9255 | Federal Agricultural Mortgage Corp Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798061 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $391 | Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;$37141 |
| &nbsp;&nbsp; 48165 | Fidelis Insurance Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 798576 |
| &nbsp;&nbsp; 4381 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 180191 |
| &nbsp;&nbsp; 31852 | First Busey Corp | &nbsp;&nbsp;&nbsp;&nbsp; 728933 |
| &nbsp;&nbsp; 2164 | Franklin Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp; 51611 |
| &nbsp;&nbsp; 644 | Globe Life Inc | &nbsp;&nbsp;&nbsp;&nbsp; 80043 |
| &nbsp;&nbsp; 5668 | Goldman Sachs Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4011527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16440 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 | Hartford Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334 | Healthpeak Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56469 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768 | Host Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9324 | Huntington Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 | Intercontinental Exchange Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111 | Invesco Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | Invitation Homes Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | Iron Mountain Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23733 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15141 | Kemper Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 | Kimco Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5903 | KKR & Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | M&T Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35379 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 | Marsh & McLennan Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001 | Mastercard Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9782 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873 | MetLife Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | Mid-America Apartment Communities Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | Nasdaq Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | Northern Trust Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42367 | Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14417 | Pinnacle Financial Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12877 | PNC Financial Services Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17022 | Popular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26284 | PotlatchDeltic Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | Principal Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809 | Progressive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17774 | Prologis Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | Prudential Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | Raymond James Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 | Realty Income Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | Regency Centers Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5957 | Regions Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | SBA Communications Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | Simon Property Group Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24859 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436602 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| $18536 | SouthState Corp | &nbsp;&nbsp;&nbsp;$1705868 |
| &nbsp;&nbsp; 28960 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050669 |
| &nbsp;&nbsp; 8345 | State Street Corp | &nbsp;&nbsp;&nbsp;&nbsp; 887407 |
| &nbsp;&nbsp; 13614 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1412861 |
| &nbsp;&nbsp; 2354 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 157106 |
| &nbsp;&nbsp; 1392 | T Rowe Price Group Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 134328 |
| &nbsp;&nbsp; 1482 | Travelers Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 396494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8268 | Truist Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | UDR Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9890 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064 | Ventas Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7101 | VICI Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14325 | Visa Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26614 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 | W R Berkley Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21077 | Wells Fargo & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4058 | Welltower Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17013 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407 | Weyerhaeuser Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15422 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;118786956 |
| Industrial — 10.06% | Industrial — 10.06% | Industrial — 10.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10408 | 3M Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | A O Smith Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14992 | Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | AMETEK Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11803 | Amphenol Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15931 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30171 | Atmus Filtration Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | Axon Enterprise Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12728 | Ball Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16155 | Bel Fuse Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | Boeing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | Builders FirstSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520 | Carrier Global Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | Caterpillar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38534 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | CH Robinson Worldwide Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003 | Clean Harbors Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18816 | CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12417 | CSX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | Deere & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | Dover Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231 | Eaton Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | Emerson Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | Expeditors International of Washington Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446 | FedEx Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 | Fortive Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | Garmin Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | GE Vernova Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | Generac Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | General Dynamics Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 | General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802760 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $17266 | Griffon Corp | &nbsp;&nbsp;&nbsp;$1249540 |
| &nbsp;&nbsp; 12270 | Honeywell International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2857438 |
| &nbsp;&nbsp; 2671 | Howmet Aerospace Inc | &nbsp;&nbsp;&nbsp;&nbsp; 497153 |
| &nbsp;&nbsp; 333 | Hubbell Inc | &nbsp;&nbsp;&nbsp;&nbsp; 136001 |
| &nbsp;&nbsp; 201 | Huntington Ingalls Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp; 48533 |
| &nbsp;&nbsp; 430 | IDEX Corp | &nbsp;&nbsp;&nbsp;&nbsp; 75495 |
| &nbsp;&nbsp; 1725 | Illinois Tool Works Inc | &nbsp;&nbsp;&nbsp;&nbsp; 426506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20484 | Ingersoll Rand Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14456 | International Seaways Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | Jabil Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | Jacobs Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | JB Hunt Transport Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24433 | Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | Kadant Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | Keysight Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19097 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | L3Harris Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | Lennox International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420 | Limbach Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343 | Lockheed Martin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | Martin Marietta Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | Masco Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20362 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | Mettler-Toledo International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | Mohawk Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12099 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | Nordson Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | Norfolk Southern Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 | Northrop Grumman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | Old Dominion Freight Line Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14342 | Otis Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | Parker-Hannifin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | Powell Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | Ralliant Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | Republic Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | Rockwell Automation Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26795 | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387 | Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | Snap-on Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | Stanley Black & Decker Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11426 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | Teledyne Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | Textron Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 | Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | TransDigm Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32189 | TriMas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 | Trimble Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52407 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11419 | UFP Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | Union Pacific Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860 | United Parcel Service Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | Veralto Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160208 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| $51608 | Vontier Corp | &nbsp;&nbsp;&nbsp;$1904335 |
| &nbsp;&nbsp; 898 | Vulcan Materials Co | &nbsp;&nbsp;&nbsp;&nbsp; 234216 |
| &nbsp;&nbsp; 2372 | Waste Management Inc | &nbsp;&nbsp;&nbsp;&nbsp; 542761 |
| &nbsp;&nbsp; 1160 | Westinghouse Air Brake Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp; 242846 |
| &nbsp;&nbsp; 1599 | Xylem Inc | &nbsp;&nbsp;&nbsp;&nbsp; 206847 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67462819 |
| Technology — 22.61% | Technology — 22.61% | Technology — 22.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10771 | Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | Adobe Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10536 | Advanced Micro Devices Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;69311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51542 | Amentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 | Analog Devices Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | ANSYS Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195981 |
| &nbsp;&nbsp;&nbsp;&nbsp;114219 | Apple Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23434312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 | Applied Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | AppLovin Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | Autodesk Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41307 | Broadcom Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11386275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | Cadence Design Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | Cloudflare Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 | Cognizant Technology Solutions Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22720 | Concentrix Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | Crane NXT Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | Crowdstrike Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | Dayforce Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | Dell Technologies Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15543 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | Electronic Arts Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;53753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | Fair Isaac Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607 | Fidelity National Information Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 | Fiserv Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40921 | Five9 Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016 | Fortinet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | Gartner Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9804 | Hewlett Packard Enterprise Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6490 | HP Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | HubSpot Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19818 | I3 Verticals Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28398 | Intel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11432 | International Business Machines Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 | Intuit Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | Jack Henry & Associates Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | KLA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33657 | Kyndryl Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10509 | Lam Research Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | Leidos Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131099 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| $5317 | Marvell Technology Inc | &nbsp;&nbsp;&nbsp;$411536 |
| &nbsp;&nbsp; 3387 | Microchip Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp; 238343 |
| &nbsp;&nbsp; 7181 | Micron Technology Inc | &nbsp;&nbsp;&nbsp;&nbsp; 885058 |
| &nbsp;&nbsp; 66729 | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp; 33191666 |
| &nbsp;&nbsp; 304 | Monolithic Power Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp; 222340 |
| &nbsp;&nbsp; 501 | MSCI Inc | &nbsp;&nbsp;&nbsp;&nbsp; 288947 |
| &nbsp;&nbsp; 1363 | NetApp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 145228 |
| &nbsp;&nbsp;&nbsp;&nbsp;194107 | NVIDIA Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30666965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | ON Semiconductor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14253 | Oracle Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44254 | PagerDuty Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13881 | Palantir Technologies Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 | Paychex Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | Paycom Software Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15697 | QUALCOMM Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | Roper Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222 | Salesforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14587 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 | ServiceNow Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | Skyworks Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | Snowflake Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | Super Micro Computer Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | Synopsys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | Taiwan Semiconductor Manufacturing Co Ltd Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | Take-Two Interactive Software Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | Teradyne Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919 | Texas Instruments Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | Twilio Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | Tyler Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19897 | V2X Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | Western Digital Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | Workday Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;93433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;151656590 |
| Utilities — 2.92% | Utilities — 2.92% | Utilities — 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305 | AES Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | Alliant Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | Ameren Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3448 | American Electric Power Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | American Water Works Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | Atmos Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648 | CenterPoint Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848 | CMS Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | Consolidated Edison Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113 | Constellation Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 | Dominion Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | DTE Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | Duke Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595310 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| $2477 | Edison International | &nbsp;&nbsp;&nbsp;$127813 |
| &nbsp;&nbsp; 2776 | Entergy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 230741 |
| &nbsp;&nbsp; 1701 | Evergy Inc | &nbsp;&nbsp;&nbsp;&nbsp; 117250 |
| &nbsp;&nbsp; 2244 | Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; 142763 |
| &nbsp;&nbsp; 6807 | Exelon Corp | &nbsp;&nbsp;&nbsp;&nbsp; 295560 |
| &nbsp;&nbsp; 3293 | FirstEnergy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 132576 |
| &nbsp;&nbsp; 55663 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 927902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48171 | NextEra Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | NiSource Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14102 | NRG Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14843 | PG&E Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | Pinnacle West Capital Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44341 | PPL Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 | Public Service Enterprise Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 | Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7389 | Southern Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7235 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19989 | TXNM Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38023 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181 | Vistra Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | WEC Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889 | Xcel Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19565582 |
| **TOTAL COMMON STOCK — 98.07%<br> (Cost $497,652,966)** | **TOTAL COMMON STOCK — 98.07%<br> (Cost $497,652,966)** | &nbsp;&nbsp;&nbsp;**$657692368** |
| **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** | **EXCHANGE TRADED FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678 | iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259925 |
| **TOTAL EXCHANGE TRADED FUNDS — 0.49%<br> (Cost $3,125,883)** | **TOTAL EXCHANGE TRADED FUNDS — 0.49%<br> (Cost $3,125,883)** | &nbsp;&nbsp;&nbsp;**$3259925** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 3559858 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 4.25%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$3559858 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.53%<br> (Cost $3,559,858)** | &nbsp;&nbsp;&nbsp;**$3559858** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.34% | U.S. Treasury Bonds and Notes — 0.34% |
| 2272000 U.S. Treasury Bills<sup>(e)</sup><br> 4.27%, 08/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260197 |
| **TOTAL SHORT TERM INVESTMENTS — 0.34%<br> (Cost $2,260,197)** | &nbsp;&nbsp;&nbsp;**$2260197** |
| **TOTAL INVESTMENTS — 99.43%<br> (Cost $506,598,904)** | &nbsp;&nbsp;&nbsp;**$666772348** |
| **OTHER ASSETS & LIABILITIES, NET — 0.57%** | &nbsp;&nbsp;&nbsp;**$3841957** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$670614305** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of June 30, 2025.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of June 30, 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>ETF</sup> Exchange Traded Fund

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 2025, the Fund held the following outstanding exchange traded futures contracts: | As of June 30, 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 | 14 | USD | 4378 | Sep 2025 | $106134 |
|  |  |  |  | **Net Appreciation** | **$106134** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

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

### Schedule of Investments
*As of June 30, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 2025 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts: | As of June 30, 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 | USD | 104246 | EUR | &nbsp;&nbsp;90900 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$(3394) |
| BB | USD | 639442 | GBP | 473600 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(10934) |
| CGM | USD | 257136 | EUR | 224200 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8352) |
| CGM | USD | &nbsp;&nbsp;14312 | GBP | &nbsp;&nbsp;10600 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) |
| GS | EUR | 281300 | USD | 333076 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| GS | USD | 413782 | EUR | 360800 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(13462) |
| GS | USD | 396720 | GBP | 291800 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3997) |
| HSB | USD | 321640 | EUR | 280400 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(10398) |
| HSB | USD | 232382 | GBP | 172100 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3956) |
| SSB | EUR | &nbsp;&nbsp;79900 | USD | &nbsp;&nbsp;94536 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| SSB | USD | 284424 | EUR | 248000 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9247) |
| SSB | USD | &nbsp;&nbsp;51037 | GBP | &nbsp;&nbsp;37800 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(873) |
| TD | USD | 328538 | EUR | 286500 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(10723) |
| TD | USD | 972193 | GBP | 720100 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(16692) |
| UBS | USD | 111610 | EUR | &nbsp;&nbsp;97300 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3608) |
| WES | USD | 878902 | GBP | 650900 | 09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(14953) |
|  |  |  |  |  | **Net Depreciation** | **$(110727)** |

---

---

| | |
|:---|:---|
| **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 |
| SSB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank |
| TD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto Dominion Bank |
| UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS AG |
| WES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking |

---

---

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

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | *Empower<br> Core Strategies:<br> Flexible Bond Fund* | *Empower<br> Core Strategies:<br> Inflation-Protected<br> Securities Fund* | *Empower<br> Core Strategies:<br> International<br> Equity Fund* |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $1303399703 | $463440661 | $1043643671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21697226 | &nbsp;&nbsp;&nbsp;&nbsp;17577853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17587564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, fair value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2593946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11601508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184907 | &nbsp;&nbsp;&nbsp;&nbsp;28549180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340529527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517352120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077462199 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for TBA investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5592972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836988 | &nbsp;&nbsp;&nbsp;&nbsp;32517115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22542877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33974611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385055 |
| **NET ASSETS** | **$1317986650** | **$483377509** | **$1072077144** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$14858716 | &nbsp;&nbsp;&nbsp;$17482077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8940183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;1529278887 | &nbsp;&nbsp;&nbsp;451691954 | &nbsp;&nbsp;&nbsp;&nbsp;904448913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;(226150953) | &nbsp;&nbsp;&nbsp;&nbsp;14203478 | &nbsp;&nbsp;&nbsp;&nbsp;158688048 |
| **NET ASSETS** | **$1317986650** | **$483377509** | **$1072077144** |
| **NET ASSETS BY CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$1307060086** | **$476751537** | **$1057283364** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;**$10926564** | &nbsp;&nbsp;&nbsp;&nbsp;**$6625972** | &nbsp;&nbsp;&nbsp;&nbsp;**$14793780** |
| **CAPITAL STOCK:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147513375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173090872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88078116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323710 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**8.86** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**2.75** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**12.00** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**10.18** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**3.83** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**11.18** |
| <sup>(a)</sup> Cost of investments | $1328606538 | $459866935 | &nbsp;&nbsp;&nbsp;&nbsp;$876842374 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6161426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$569936 |
| <sup>(c)</sup> Cost of cash denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$137056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2304611 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Assets and Liabilities
*As of June 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
|  | *Empower<br> Core Strategies:<br> U.S. Equity Fund* |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in securities, fair value<sup>(a)</sup><sup>(b)</sup> | $666772348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, fair value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash pledged on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676952793 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for director fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for other accrued fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338488 |
| **NET ASSETS** | **$670614305** |
| **NET ASSETS REPRESENTED BY:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock, $0.10 par value | &nbsp;&nbsp;&nbsp;&nbsp;$5268048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;486422565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Undistributed/accumulated earnings | &nbsp;&nbsp;&nbsp;178923692 |
| **NET ASSETS** | **$670614305** |
| **NET ASSETS BY CLASS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | **$653124223** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;**$17490082** |
| **CAPITAL STOCK:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and Outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51605791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074689 |
| **NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**12.66** |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**16.27** |
| <sup>(a)</sup> Cost of investments | $506598904 |
| <sup>(b)</sup> Including fair value of securities on loan | &nbsp;&nbsp;&nbsp;&nbsp;$3515917 |
| <sup>(c)</sup> Cost of cash denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the period ended June 30, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> Flexible Bond Fund* | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> Inflation-Protected<br> Securities Fund* | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> International<br> Equity Fund* |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$29886728 | &nbsp;&nbsp;$10959315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22876115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3461417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29956778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10960806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19427536 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4877701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795876 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;**25079077** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9445037** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14631660** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;(10812103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19033306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(1046333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8289792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26836588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;34632861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021826 | &nbsp;&nbsp;&nbsp;&nbsp;133146282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36599955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133572746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28310163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10788975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160409334 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$53389240** | &nbsp;&nbsp;**$20234012** | &nbsp;&nbsp;**$175040994** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Operations
*For the period ended June 30, 2025 (Unaudited)*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;*Empower<br> Core Strategies:<br> U.S. Equity Fund* |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$156391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from securities lending (net of fees) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583000 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees – Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder report fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less amount waived by investment adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2816562 |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1766438** |
| **NET REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;15234880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (loss) on foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14407755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;14666400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14924235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29331990 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;**$31098428** |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: Flexible Bond Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25079077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$58989378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8289792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50604273) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36599955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22915240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53389240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31300345 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378940) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59543064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60048867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60427807) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172017315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353996695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59918982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170203093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(843890506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1218491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2758091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430808297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54648016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459935759) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263338634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723274393 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1317986650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1263338634 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19868189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41030393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19683769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98667346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(122736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50665268) |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: Inflation-Protected Securities Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9445037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14925981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11630210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20234012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566211 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20120599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20240875) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101951510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145635963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20120599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36899148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107916149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(739140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68563764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58376304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88797776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47701640 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394579733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346878093 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$483377509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$394579733 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37859466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53754406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13704077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39993023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25088419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21524785 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: International Equity Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14631660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15071651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26836588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9328273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133572746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9850665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175040994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549259 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19723884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20029111) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127286356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486627812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19723884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170923222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154526503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4364287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1902832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43504280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355822935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131536714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350343083 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940540430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590197347 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1072077144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$940540430 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11619546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46783334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15406015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14766849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3767157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34340859 |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Statement of Changes in Net Assets
*For the period ended June 30, 2025 and fiscal year ended December 31, 2024*

---

| | | |
|:---|:---|:---|
| *Empower Core Strategies: U.S. Equity Fund* | &nbsp;&nbsp;*2025<br> (Unaudited)* | &nbsp;&nbsp;*2024* |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1766438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4244881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14407755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63559479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14924235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65794685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31098428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133599045 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62767472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1286009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From Net Investment Income and Net Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64053481) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80087041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166606025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62767472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99391326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333158557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1829122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5313942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets Resulting from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18702684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106040812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12395744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36495248) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658218561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694713809 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$670614305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$658218561 |
| **CAPITAL SHARE TRANSACTIONS - SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6723779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8207222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26907889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1443679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8525686) |

---

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### EMPOWER CORE STRATEGIES: FLEXIBLE BOND FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $8.50 | 0.17 | 0.19 | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | $8.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.24% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $8.65 | 0.35 | (0.10) | 0.25 | (0.00) <sup>(d)</sup> | (0.40) |  | (0.40) | $8.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;12/31/2023 | $8.44 | 0.30 | 0.22 | 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (0.31) | $8.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.06% |
| &nbsp;&nbsp;12/31/2022 <sup>(e)</sup> | $9.02 | 0.13 | (0.54) | (0.41) | (0.00) <sup>(d)</sup> | (0.16) |  | (0.16) | $8.44 | &nbsp;&nbsp;&nbsp;(4.58%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $9.85 | 0.07 | (0.86) | (0.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) |  | (0.04) | $9.02 | &nbsp;&nbsp;&nbsp;(8.04%) |
| &nbsp;&nbsp;04/30/2021 <sup>(f)</sup> | $10.00 | 0.03 | (0.17) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) |  | (0.01) | $9.85 | &nbsp;&nbsp;&nbsp;(1.35%) <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $9.75 | 0.21 | 0.22 | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;— | $10.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.41% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $9.87 | 0.44 | (0.11) | 0.33 | (0.00) <sup>(d)</sup> | (0.45) |  | (0.45) | $9.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;12/31/2023 | $9.60 | 0.37 | 0.24 | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | (0.34) | $9.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.42% |
| &nbsp;&nbsp;12/31/2022 <sup>(e)</sup> | $10.23 | 0.18 | (0.64) | (0.46) | (0.00) <sup>(d)</sup> | (0.17) |  | (0.17) | $9.60 | &nbsp;&nbsp;&nbsp;(4.47%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $11.14 | 0.12 | (0.98) | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) |  | (0.05) | $10.23 | &nbsp;&nbsp;&nbsp;(7.72%) |
| &nbsp;&nbsp;04/30/2021 | $10.86 | 0.17 | 0.11 | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.00) <sup>(d)</sup> |  | (0.00) <sup>(d)</sup> | $11.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;04/30/2020 | $10.13 | 0.28 | 0.65 | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | (0.20) | $10.86 | &nbsp;&nbsp;&nbsp;&nbsp;9.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(g)(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $1307060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% <sup>(c)</sup> |
| 12/31/2024 | $1252324 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;&nbsp;79% |
| 12/31/2023 | $1711276 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 12/31/2022 <sup>(e)</sup> | $1662026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% <sup>(c)</sup> |
| 04/30/2022 | $1773436 | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;210% |
| 04/30/2021 <sup>(f)</sup> | $951807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180% <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $10927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% <sup>(c)</sup> |
| 12/31/2024 | $11015 | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;4.43% | &nbsp;&nbsp;&nbsp;&nbsp;79% |
| 12/31/2023 | $11998 | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 12/31/2022 <sup>(e)</sup> | $11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96% <sup>(c)</sup> |
| 04/30/2022 | $10647 | &nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% | &nbsp;&nbsp;&nbsp;&nbsp;210% |
| 04/30/2021 | $4298 | &nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;180% |
| 04/30/2020 | $10459 | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;2.64% | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(c)</sup> Not annualized for periods less than one full year.

<sup>(d)</sup> Amount was less than $0.01 per share.

<sup>(e)</sup> For the period May 1, 2022 to December 31, 2022. The Board of Directors of Empower Funds, Inc. approved a change to the Fund's fiscal year end from April 30 to December 31, beginning December 31, 2022.

<sup>(f)</sup> Investor Class inception date was September 3, 2020.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 56% for the period ended June 30, 2025, 46% and 76% for the years ended December 31, 2024 and 2023, 52% for the period ended December 31, 2022, and 40%, 51%, and 57% for the years ended April 30, 2022, 2021, and 2020, respectively.

<sup>(i)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER CORE STRATEGIES: INFLATION-PROTECTED SECURITIES FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $2.63 | 0.06 | 0.06 | 0.12 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $2.75 | &nbsp;&nbsp;&nbsp;&nbsp;4.56% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $2.70 | 0.11 | (0.03) | 0.08 | &nbsp;&nbsp;&nbsp;— | (0.15) | &nbsp;&nbsp;&nbsp;— | (0.15) | $2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;12/31/2023 | $2.67 | 0.10 | 0.01 | 0.11 | &nbsp;&nbsp;&nbsp;— | (0.08) | &nbsp;&nbsp;&nbsp;— | (0.08) | $2.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $2.90 | 0.10 | (0.26) | (0.16) | &nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;— | (0.07) | $2.67 | &nbsp;&nbsp;&nbsp;(5.66%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $6.46 | 0.24 | (0.13) | 0.11 | (1.64) | (0.21) | (1.82) | (3.67) | $2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;04/30/2021 <sup>(e)</sup> | $10.00 | 0.25 | 0.01 | 0.26 | &nbsp;&nbsp;&nbsp;— | (1.97) | (1.83) | (3.80) | $6.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.22% <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $3.65 | 0.09 | 0.09 | 0.18 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $3.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.93% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $3.69 | 0.16 | (0.04) | 0.12 | &nbsp;&nbsp;&nbsp;— | (0.16) | &nbsp;&nbsp;&nbsp;— | (0.16) | $3.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;12/31/2023 | $3.61 | 0.16 | 0.00 <sup>(f)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;— | (0.08) | &nbsp;&nbsp;&nbsp;— | (0.08) | $3.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $3.87 | 0.16 | (0.35) | (0.19) | &nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;— | (0.07) | $3.61 | &nbsp;&nbsp;&nbsp;(5.01%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $7.32 | 0.28 | (0.16) | 0.12 | (1.61) | (0.14) | (1.82) | (3.57) | $3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;04/30/2021 | $10.39 | 0.15 | 0.66 | 0.81 | &nbsp;&nbsp;&nbsp;— | (2.05) | (1.83) | (3.88) | $7.32 | &nbsp;&nbsp;&nbsp;&nbsp;8.43% |
| &nbsp;&nbsp;04/30/2020 | $10.22 | 0.22 | 0.26 | 0.48 | &nbsp;&nbsp;&nbsp;— | (0.27) | (0.04) | (0.31) | $10.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.68% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(g)(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $476752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% <sup>(c)</sup> |
| 12/31/2024 | $391671 | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;213% |
| 12/31/2023 | $344472 | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;3.89% | &nbsp;&nbsp;&nbsp;&nbsp;75% |
| 12/31/2022 <sup>(d)</sup> | $39426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% <sup>(c)</sup> |
| 04/30/2022 | $12843 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;5.02% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 04/30/2021 <sup>(e)</sup> | $9062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;147% |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $6626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% <sup>(c)</sup> |
| 12/31/2024 | $2908 | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;4.41% | &nbsp;&nbsp;&nbsp;&nbsp;213% |
| 12/31/2023 | $2406 | &nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;4.47% | &nbsp;&nbsp;&nbsp;&nbsp;75% |
| 12/31/2022 <sup>(d)</sup> | $2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% <sup>(c)</sup> |
| 04/30/2022 | $2181 | &nbsp;&nbsp;&nbsp;&nbsp;3.43% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;5.18% | &nbsp;&nbsp;&nbsp;&nbsp;50% |
| 04/30/2021 | $658 | &nbsp;&nbsp;&nbsp;&nbsp;8.35% | &nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;147% |
| 04/30/2020 | $209 | &nbsp;&nbsp;22.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(c)</sup> Not annualized for periods less than one full year.

<sup>(d)</sup> For the period May 1, 2022 to December 31, 2022. The Board of Directors of Empower Funds, Inc. approved a change to the Fund's fiscal year end from April 30 to December 31, beginning December 31, 2022.

<sup>(e)</sup> Investor Class inception date was September 3, 2020.

<sup>(f)</sup> Amount was less than $0.01 per share.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Portfolio turnover includes purchases and sales related to TBA transactions, including dollar roll transactions, which occurred during the period. Excluding TBA and dollar roll transactions, the portfolio turnover would have been 105% for the period ended June 30, 2025, 199% and 63% for the years ended December 31, 2024 and 2023, 106% for the period ended December 31, 2022, and 50%, 147%, and 59% for the years ended April 30, 2022, 2021, and 2020, respectively.

<sup>(i)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER CORE STRATEGIES: INTERNATIONAL EQUITY FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $10.10 | 0.16 | 1.74 | 1.90 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $12.00 | &nbsp;&nbsp;18.81% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $10.04 | 0.19 | 0.10 | 0.29 | &nbsp;&nbsp;&nbsp;— | (0.23) | &nbsp;&nbsp;&nbsp;— | (0.23) | $10.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;12/31/2023 | $8.75 | 0.18 | 1.30 | 1.48 | &nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;— | (0.19) | $10.04 | &nbsp;&nbsp;17.07% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $8.98 | 0.15 | (0.38) | (0.23) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $8.75 | &nbsp;&nbsp;&nbsp;(2.56%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $11.19 | 0.14 | (1.22) | (1.08) | (0.67) | (0.13) | (0.33) | (1.13) | $8.98 | &nbsp;&nbsp;(10.82%) |
| &nbsp;&nbsp;04/30/2021 <sup>(e)</sup> | $10.00 | 0.24 | 2.06 | 2.30 | &nbsp;&nbsp;&nbsp;— | (0.33) | (0.78) | (1.11) | $11.19 | &nbsp;&nbsp;23.84% <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $9.39 | 0.16 | 1.63 | 1.79 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.18 | &nbsp;&nbsp;19.06% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $9.40 | 0.22 | 0.08 | 0.30 | &nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;&nbsp;— | (0.31) | $9.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;12/31/2023 | $8.35 | 0.22 | 1.22 | 1.44 | &nbsp;&nbsp;&nbsp;— | (0.39) | &nbsp;&nbsp;&nbsp;— | (0.39) | $9.40 | &nbsp;&nbsp;17.55% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $8.55 | 0.13 | (0.33) | (0.20) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $8.35 | &nbsp;&nbsp;&nbsp;(2.34%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $10.66 | 0.18 | (1.17) | (0.99) | (0.47) | (0.18) | (0.47) | (1.12) | $8.55 | &nbsp;&nbsp;(10.51%) |
| &nbsp;&nbsp;04/30/2021 | $8.25 | 0.11 | 3.47 | 3.58 | &nbsp;&nbsp;&nbsp;— | (0.39) | (0.78) | (1.17) | $10.66 | &nbsp;&nbsp;44.45% |
| &nbsp;&nbsp;04/30/2020 | $9.85 | 0.28 | (1.47) | (1.19) | (0.00)<sup>(f)</sup> | (0.41) | &nbsp;&nbsp;&nbsp;— | (0.41) | $8.25 | &nbsp;&nbsp;(12.88%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(g)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $1057283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% <sup>(c)</sup> |
| 12/31/2024 | $928287 | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.85% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $581928 | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2022 <sup>(d)</sup> | $77674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>(c)</sup> |
| 04/30/2022 | $273921 | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| 04/30/2021 <sup>(e)</sup> | $98555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $14794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% <sup>(c)</sup> |
| 12/31/2024 | $12254 | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;2.23% | &nbsp;&nbsp;&nbsp;&nbsp;14% |
| 12/31/2023 | $8269 | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;16% |
| 12/31/2022 <sup>(d)</sup> | $7766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>(c)</sup> |
| 04/30/2022 | $7023 | &nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;58% |
| 04/30/2021 | $3994 | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;94% |
| 04/30/2020 | $1531 | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(c)</sup> Not annualized for periods less than one full year.

<sup>(d)</sup> For the period May 1, 2022 to December 31, 2022. The Board of Directors of Empower Funds, Inc. approved a change to the Fund's fiscal year end from April 30 to December 31, beginning December 31, 2022.

<sup>(e)</sup> Investor Class inception date was September 3, 2020.

<sup>(f)</sup> Amount was less than $0.01 per share.

<sup>(g)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

------

*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC. EMPOWER CORE STRATEGIES: U.S. EQUITY FUND

### Financial Highlights
Selected data for a share of capital stock of the Fund throughout the periods indicated.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |  |  |
|  | **Net asset value,<br> beginning of period** | Net<br> investment<br> income (loss)<sup>(a)</sup> | Net realized<br> and unrealized<br> gain (loss) | **Total from<br> investment<br> operations** | From return<br> of capital | From net<br> investment<br> income | From net<br> realized<br> gains | **Total<br> Distributions** | **Net asset value,<br> end of period** | **Total<br> Return<sup>(b)</sup>** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $12.10 | 0.03 | 0.53 | 0.56 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $12.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.63% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $11.04 | 0.07 | 2.28 | 2.35 | &nbsp;&nbsp;&nbsp;— | (0.23) | (1.06) | (1.29) | $12.10 | &nbsp;&nbsp;21.28% |
| &nbsp;&nbsp;12/31/2023 | $9.45 | 0.07 | 2.09 | 2.16 | &nbsp;&nbsp;&nbsp;— | (0.53) | (0.04) | (0.57) | $11.04 | &nbsp;&nbsp;22.79% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $9.82 | 0.05 | (0.42) | (0.37) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $9.45 | &nbsp;&nbsp;&nbsp;(3.77%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $12.42 | (0.01) <sup>(e)</sup> | (0.08) | (0.09) | (0.27) | (0.54) | (1.70) | (2.51) | $9.82 | &nbsp;&nbsp;&nbsp;(2.89%) |
| &nbsp;&nbsp;04/30/2021 <sup>(f)</sup> | $10.00 | 0.00 <sup>(g)</sup> | 2.68 | 2.68 | &nbsp;&nbsp;&nbsp;— | (0.09) | (0.17) | (0.26) | $12.42 | &nbsp;&nbsp;27.11% <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| &nbsp;&nbsp;06/30/2025 (Unaudited) | $15.53 | 0.07 | 0.67 | 0.74 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $16.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.76% <sup>(c)</sup> |
| &nbsp;&nbsp;12/31/2024 | $13.86 | 0.15 | 2.86 | 3.01 | &nbsp;&nbsp;&nbsp;— | (0.28) | (1.06) | (1.34) | $15.53 | &nbsp;&nbsp;21.66% |
| &nbsp;&nbsp;12/31/2023 | $11.73 | 0.14 | 2.59 | 2.73 | &nbsp;&nbsp;&nbsp;— | (0.56) | (0.04) | (0.60) | $13.86 | &nbsp;&nbsp;23.27% |
| &nbsp;&nbsp;12/31/2022 <sup>(d)</sup> | $12.16 | 0.09 | (0.52) | (0.43) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | $11.73 | &nbsp;&nbsp;&nbsp;(3.54%) <sup>(c)</sup> |
| &nbsp;&nbsp;04/30/2022 | $14.68 | 0.04 | (0.16) | (0.12) | (0.53) | (0.17) | (1.70) | (2.40) | $12.16 | &nbsp;&nbsp;&nbsp;(2.59%) |
| &nbsp;&nbsp;04/30/2021 | $9.78 | 0.05 | 5.12 | 5.17 | &nbsp;&nbsp;&nbsp;— | (0.10) | (0.17) | (0.27) | $14.68 | &nbsp;&nbsp;53.21% |
| &nbsp;&nbsp;04/30/2020 | $10.41 | 0.09 | (0.52) | (0.43) | &nbsp;&nbsp;&nbsp;— | (0.04) | (0.16) | (0.20) | $9.78 | &nbsp;&nbsp;&nbsp;(4.34%) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net assets,<br> end of period<br> (000) | Ratio of expenses<br> to average net assets<br> (before reimbursement<br> and/or waiver, if applicable) | Ratio of expenses<br> to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Ratio of net investment income<br> (loss) to average net assets<br> (after reimbursement<br> and/or waiver, if applicable) | Portfolio<br> turnover<br> rate<sup>(h)</sup> |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |  |
| 06/30/2025 (Unaudited) | $653124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>(c)</sup> |
| 12/31/2024 | $642150 | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $678303 | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;76% |
| 12/31/2022 <sup>(d)</sup> | $253476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% <sup>(c)</sup> |
| 04/30/2022 | $6286 | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;(0.12%) | &nbsp;&nbsp;132% |
| 04/30/2021 <sup>(f)</sup> | $1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69% <sup>(c)</sup> |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |  |
| 06/30/2025 (Unaudited) | $17490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% <sup>(c)</sup> |
| 12/31/2024 | $16069 | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;20% |
| 12/31/2023 | $16411 | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;76% |
| 12/31/2022 <sup>(d)</sup> | $15462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% <sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% <sup>(c)</sup> |
| 04/30/2022 | $23714 | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;132% |
| 04/30/2021 | $18242 | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;69% |
| 04/30/2020 | $9871 | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;65% |

---

<sup>(a)</sup> Per share amounts are based upon average shares outstanding.

<sup>(b)</sup> Total return shown net of expenses reimbursed and/or waived, if applicable. Without the expense reimbursement and/or waiver, the return shown would have been lower.

<sup>(c)</sup> Not annualized for periods less than one full year.

<sup>(d)</sup> For the period May 1, 2022 to December 31, 2022. The Board of Directors of Empower Funds, Inc. approved a change to the Fund's fiscal year end from April 30 to December 31, beginning December 31, 2022.

<sup>(e)</sup> The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

<sup>(f)</sup> Investor Class inception date was September 3, 2020.

<sup>(g)</sup> Amount was less than $0.01 per share.

<sup>(h)</sup> Portfolio turnover is calculated at the Fund level.

<sup>(i)</sup> Annualized.

See Notes to Financial Statements.

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*Semi-Annual Report - June 30, 2025*

------

### EMPOWER FUNDS, INC.

### Notes to Financial Statements (Unaudited)

------

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Empower Funds, a Maryland corporation, was organized on December 7, 1981 and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end management investment company. Empower Funds presently consists of forty-four funds. Interests in the Funds are included herein. Each Fund is diversified as defined in the 1940 Act. The Funds shares are available through certain broker-dealers, custodians or trustees of individual retirement accounts, or other financial intermediaries who have entered into agreements with the Funds' distributor to make the shares available. The Board of Directors of Empower Funds, Inc. approved a change to the Funds' fiscal year end from April 30 to December 31, beginning December 31, 2022.

<u>Investment Objectives</u>

Empower Core Strategies: Flexible Bond Fund - to seek to provide total return, consisting of two components: (1) changes in the market value of its portfolio holdings (both realized and unrealized appreciation); and (2) income received from its portfolio holdings.

Empower Core Strategies: Inflation-Protected Securities Fund - to seek real return consistent with the preservation of capital.

Empower Core Strategies: International Equity Fund & Empower Core Strategies: U.S. Equity Fund - to seek long-term growth of capital.

The Funds each offer two share classes, referred to as Investor Class and Institutional Class shares. All shares of each Fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, expenses (other than those attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class of shares based on the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against operations of that class. Expenses incurred by Empower Funds, which are not Fund specific, are allocated based on relative net assets or other appropriate allocation methods.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of the significant accounting policies of the Funds.

<u>Security Valuation</u>

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

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

------

*Semi-Annual Report - June 30, 2025*

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

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

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

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

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

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

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

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

------

*Semi-Annual Report - June 30, 2025*

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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 |
| Exchange Traded Funds | Exchange traded close price |
| Government Money Market Mutual Funds | Net asset value of underlying mutual fund |
| Short Term Investments | Maturity date, credit quality and interest rates |
| Futures Contracts | Exchange traded close price |
| Forward Foreign Currency Contracts | Foreign currency spot and forward rates |
| 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.

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.

------

*Semi-Annual Report - June 30, 2025*

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As of June 30, 2025, the inputs used to value the Funds' 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;&nbsp;$159034986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$159034986 |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27084917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27084917 |
| 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;323583817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323583817 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8852432 |
| Foreign Government Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51106727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51106727 |
| 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;377319046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377319046 |
| 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;&nbsp;&nbsp;11737486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11737486 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308093258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308093258 |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285167 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 |
| &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;1518287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518287 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4586269 |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834687 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355038 |
| 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;23811040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23811040 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10925758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292473945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303399703 |
| **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;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433117 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$17358875 | &nbsp;&nbsp;$1292474615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$1309833490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(76866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76866) |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(4075182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(4075182) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$(4075182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(76866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(4152048) |

---

<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.

------

*Semi-Annual Report - June 30, 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;$30750617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$30750617 |
| 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;&nbsp;&nbsp;15553428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15553428 |
| 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;&nbsp;&nbsp;25767988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25767988 |
| U.S. Treasury Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391353068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391353068 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463425101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463440661 |
| **Other Financial Investments:** |  |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531014 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291013 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$546574 | &nbsp;&nbsp;&nbsp;&nbsp;$463716114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$464262688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| **Other Financial Investments:** |  |  |  |  |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(105250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(105250) |
| 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;&nbsp;&nbsp;&nbsp;(698094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698094) |
| 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;&nbsp;&nbsp;(151415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151415) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(105250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(849509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(954759) |

---

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

------

*Semi-Annual Report - June 30, 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;&nbsp;&nbsp;&nbsp;$370754 | &nbsp;&nbsp;&nbsp;&nbsp;$38030849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$38401603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5481511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52392928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57874439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17877507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146058256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163935763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206755374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208238731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223293 |
| &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;&nbsp;&nbsp;32633577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32633577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17825437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242731827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260557264 |
| &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;2422362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157462021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159884383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26448361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64986056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91434417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24436376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26661935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74358120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965487264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039845405 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1718151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358264 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076415 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600283 |
| 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;1121568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121568 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75316667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968326983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043643671 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196510 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$75513177 | &nbsp;&nbsp;&nbsp;&nbsp;$968327034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21 | &nbsp;&nbsp;$1043840232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(91405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91405) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(91405) |

---

<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.

------

*Semi-Annual Report - June 30, 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;$11884558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11884558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92413018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92413018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63029807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63029807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105460573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107276029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24010350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25617009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118786956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118786956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67462819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67462819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151656590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151656590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19565582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19565582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654270253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657692368 |
| Exchange Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259925 |
| Government Money Market Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559858 |
| 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;2260197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260197 |
| Total investments, at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661090036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666772348 |
| **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;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| Futures Contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106134 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$661196170 | &nbsp;&nbsp;&nbsp;&nbsp;$5682418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$666878588 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;(110833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110833) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(110833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(110833) |

---

<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>To Be Announced Transactions</u>

The Empower Core Strategies: Flexible Bond Fund and Empower Core Strategies: Inflation-Protected Securities Fund may invest in securities known as To Be Announced (TBA) securities. TBAs are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage backed securities for forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date. The transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a specified date. TBAs are included in Investments in securities, fair value on the Statement of Assets and Liabilities.

<u>Dollar Rolls</u>

A Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase TBA mortgage-backed securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

------

*Semi-Annual Report - June 30, 2025*

------

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

The accounting records of each Fund is maintained in U.S. dollars. Investment securities, and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current exchange rate. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

A Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by a Fund and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. These gains and losses are included in net realized gain or loss and change in net unrealized appreciation or depreciation on the Statement of Operations.

<u>Security Transactions</u>

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains and losses from investments sold are determined on a specific lot selection. Dividend income for a Fund is accrued as of the ex-dividend date and interest income, including amortization of discounts and premiums, is recorded daily.

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

For Treasury Inflation-Protected Securities ("TIPS") the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Such adjustments may have a significant impact on a Fund's distributions.

<u>Federal Income Taxes and Distributions to Shareholders</u>

Each Fund intends to comply with provisions under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no provision of federal income or excise tax is required. Each Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on each Fund's tax return filings generally remains open for the three preceding fiscal reporting period ends. State tax returns may remain open for an additional fiscal year.

Distributions to shareholders from net investment income of a Fund, if any, are declared and paid twice annually. Capital gain distributions of a Fund, if any, are declared and paid at least annually. Distributions are reinvested in additional shares of a Fund at net asset value and are declared separately for each class. Distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

Net investment income (loss) and net realized gain (loss) for federal income tax purposes may differ from those reported on the financial statements because of temporary and permanent book-tax basis differences. Book-tax differences may include but are not limited to the following: wash sales, distribution adjustments, market discount adjustments, adjustments for passive foreign investment corporations, adjustments for real estate investment trusts and foreign currency reclassifications.

------

*Semi-Annual Report - June 30, 2025*

------

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation for federal income tax purposes as of June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost<br> of Investments** | **Gross Unrealized<br> Appreciation<br> on Investments** | **Gross Unrealized<br> Depreciation<br> on Investments** | **Net Unrealized<br> Appreciation<br> (Depreciation)<br> on Investments** |
| Empower Core Strategies: Flexible Bond Fund | $1328643122 | $29706891 | $(52668571) | $(22961680) |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459979968 | 215952404 | (212624443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327961 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879359992 | 205907677 | &nbsp;&nbsp;&nbsp;(41518842) | &nbsp;&nbsp;164388835 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509141955 | 181668354 | &nbsp;&nbsp;&nbsp;(24042554) | &nbsp;&nbsp;157625800 |

---

<u>Segment Reporting</u>

The ECM Board of Managers acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Funds. The CODM has concluded that each of the Funds operates as a single operating segment based on the fact that each has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance, and it is the level at which discrete financial information is available. The financial information provided to and reviewed by the CODM is presented within each of the Funds' financial statements.

2. DERIVATIVE FINANCIAL INSTRUMENTS

Each Fund's investment objective allows it to enter into various types of derivative contracts as outlined in the Fund's prospectus.

In pursuit of the its investment objective, each Fund may seek to use derivatives to increase or decrease their exposure to the following market risks:

Equity Risk - The risk that relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Risk - The risk that adverse fluctuations in exchange rates between the U.S. dollar and other currencies may cause a Fund to lose money on investments denominated in foreign currencies.

Inflation Risk - The risk that the level of inflation and consumer prices will not be accurately predicted, which could significantly harm a Fund's performance.

Interest Rate Risk - The risk that market value of a fixed income security is affected significantly by changes in interest rates. When interest rates rise, the security's market value declines and when interest rates decline, market values rise. The longer a security's maturity, the greater the risk and the higher its yield. Conversely, the shorter a security's maturity, the lower the risk and the lower its yield.

Each Fund may be exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that a Fund may be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to a Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

A Fund may be subject to enforceable master netting agreements ("MNA"), or netting arrangements, with certain counterparties. These agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements, if any, at pre-arranged exposure levels. Collateral or margin requirements, if any, are set by the broker or exchange clearing house for exchanged traded derivatives while collateral terms are contract specific for OTC traded derivatives.

Derivative counterparty credit risk is managed through an evaluation of the creditworthiness of all potential counterparties. A Fund will attempt to reduce its exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association ("ISDA") master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements (if any), events of default, or early termination. OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities. Early termination by the counterparty may result in an immediate payment by a Fund of any net liability owed to that counterparty

------

*Semi-Annual Report - June 30, 2025*

------

under the ISDA agreement. As of June 30, 2025, the Empower Core Strategies: Flexible Bond Fund, the Empower Core Strategies: International Equity Fund and Empower Core Strategies: U.S. Equity Fund were subject to enforceable master netting arrangements and entered into ISDA master agreements with certain counterparties.

<u>Futures Contracts</u>

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

Futures contracts are reported in a table following the Schedule of Investments. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Receipts or payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying security. This is recorded as variation margin on futures contracts on the Statement of Assets and Liabilities. When a Fund enters into a closing transaction, it will realize, for book purposes, a gain or loss equal to the difference between the value of the futures contract at the time it was opened or purchased and its value at the time it was closed, and is reflected in net realized gain or loss on the Statement of Operations.

<u>Forward Foreign Currency Contracts</u>

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

Forward contracts are reported in a table following the Schedule of Investments. The unrealized appreciation or depreciation is reported on the Statement of Assets and Liabilities and on the Statement of Operations within the net change in unrealized appreciation or depreciation. Upon the closing of such contract the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars is recorded as net realized gain or loss on the Statement of Operations.

<u>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 Secured Overnight Financing Rate ("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).

For centrally cleared interest rate swaps, required initial margin deposits of cash or securities are pledged by a Fund. Subsequent payments, known as variation margin, are made or received by a Fund, depending on fluctuations in the value of the centrally cleared interest rate swaps. Such variation margin is accounted for as a payable or receivable on the Statement of Assets and Liabilities and settled daily until the contract is closed, at which time the gains or losses are realized. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as realized gain or loss on the Statement of Operations.

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

------

*Semi-Annual Report - June 30, 2025*

------

<u>Inflation Swaps</u>

The Funds may enter into inflation swap contracts 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 over-the-counter 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;3732 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$459822922 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;$108365752 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$2498997 |

---

---

| | |
|:---|:---|
| 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;&nbsp;&nbsp;996 |
| &nbsp;&nbsp;&nbsp;Average short contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$113309290 |
| &nbsp;&nbsp;&nbsp;Average notional short | &nbsp;&nbsp;&nbsp;&nbsp;$56455472 |
| Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$290259714 |
| Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$21658571 |

---

---

| | |
|:---|:---|
| 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;114 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$14183080 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;&nbsp;&nbsp;$1936103 |

---

---

| | |
|:---|:---|
| 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;29 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$8429802 |
| Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average notional amount | &nbsp;&nbsp;$7068209 |

---

------

*Semi-Annual Report - June 30, 2025*

------

<u>Derivative Financial Instruments Categorized by Risk Exposure</u>

Valuation of derivative investments as of June 30, 2025 is as follows:

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $6433117<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(4075182)<sup>(a)</sup> |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $670 | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(76866) |

---

<sup>(a)</sup>Includes cumulative appreciation of futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (swaps) | Net unrealized appreciation on interest rate swaps | $291012<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(698093)<sup>(a)</sup> |
| Inflation contracts (swaps) |  |  | &nbsp;&nbsp;Net unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(151415)<sup>(a)</sup> |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $531014<sup>(a)</sup> | &nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;$(105250)<sup>(a)</sup> |

---

<sup>(a)</sup>Includes cumulative appreciation of interest rate contracts, futures contracts and inflation contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $196510<sup>(a)</sup> |  |  |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $51 | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(91405) |

---

<sup>(a)</sup>Includes cumulative appreciation of futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Risk Exposure | Statement of Assets and Liabilities Location | Fair Value | &nbsp;&nbsp;Statement of Assets and Liabilities Location | &nbsp;&nbsp;Fair Value |
| Interest rate contracts (futures contracts) | Net unrealized appreciation on futures contracts | $106134<sup>(a)</sup> |  |  |
| Foreign exchange contracts (forwards) | Unrealized appreciation on forward foreign currency contracts | $106 | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(110833) |

---

<sup>(a)</sup>Includes cumulative appreciation of futures contracts as reported in the Fund's Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

------

*Semi-Annual Report - June 30, 2025*

------

The effect of derivative investments for the period ended June 30, 2025 is as follows:

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Equity contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$2518590 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$2082278 |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(151323) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(113147) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Inflation contracts (swaps) | Net realized gain on inflation swaps | &nbsp;&nbsp;$(20466) | &nbsp;&nbsp;Net change in unrealized depreciation on inflation swaps | &nbsp;&nbsp;$(151169) |
| Interest rate contracts (swaps) | Net realized loss on interest rate swaps | &nbsp;&nbsp;$(1025867) | &nbsp;&nbsp;Net change in unrealized depreciation on interest rate swaps | &nbsp;&nbsp;$(580076) |
| Interest rate contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$3112804 | &nbsp;&nbsp;Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;$(328396) |

---

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Equity contracts (futures contracts) | Net realized gain on futures contracts | &nbsp;&nbsp;$1162574 | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$544205 |
| Foreign exchange contracts (forwards) | Net realized gain on forward foreign currency contracts | &nbsp;&nbsp;$447113 | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(135735) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain or (Loss)** | **Realized Gain or (Loss)** | **Change in Unrealized Appreciation or (Depreciation)** | **Change in Unrealized Appreciation or (Depreciation)** |
| Risk Exposure | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location | Statement of Operations Location |
| Equity contracts (futures contracts) | Net realized loss on futures contracts | &nbsp;&nbsp;$(492733) | &nbsp;&nbsp;Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;$448713 |
| Foreign exchange contracts (forwards) | Net realized loss on forward foreign currency contracts | &nbsp;&nbsp;$(303141) | &nbsp;&nbsp;Net change in unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp;$(190809) |

---

<u>Concentration Risk</u> 

A Fund may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject a Fund to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.

------

*Semi-Annual Report - June 30, 2025*

------

3. OFFSETTING ASSETS AND LIABILITIES

A Fund may enter into derivative transactions with several approved counterparties. Certain transactions are effected under agreements which include MNAs which provide for the netting of payment obligations and/or netting in situations of counterparty default. The following tables summarize the Funds' financial investments that, if applicable, were subject to an enforceable MNA as of June 30, 2025.

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| BNP Paribas Securities Corp<br>| &nbsp;&nbsp;$270 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$270 |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;400 |
|  | &nbsp;&nbsp;$670 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$670 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Bank of America Corp<br>| &nbsp;&nbsp;$(76866) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(76866) |
|  | &nbsp;&nbsp;$(76866) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(76866) |

---

(a) OTC derivatives are reported gross on the Statement of Assets and Liabilities.

#### Empower Core Strategies: International Equity Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| Citigroup Global Markets<br>| &nbsp;&nbsp;$51 | &nbsp;&nbsp;$(51) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;$51 | &nbsp;&nbsp;$(51) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Citigroup Global Markets<br>| &nbsp;&nbsp;$(2046) | &nbsp;&nbsp;$51 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1995) |
| Mellon Capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;(89359) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(89359) |
|  | &nbsp;&nbsp;$(91405) | &nbsp;&nbsp;$51 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(91354) |

---

(a) OTC derivatives are reported gross on the Statement of Assets and Liabilities.

------

*Semi-Annual Report - June 30, 2025*

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Assets<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Cash<br> Collateral<br> Received* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Assets* |
| Goldman Sachs<br>| &nbsp;&nbsp;$28 | &nbsp;&nbsp;$(28) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| State Street Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$106 | &nbsp;&nbsp;$(106) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp;*Derivative<br> Liabilities<br> Subject to<br> an MNA by<br> Counterparty<sup>(a)</sup>* | &nbsp;&nbsp;*Derivatives<br> Available<br> for Offset* | &nbsp;&nbsp;*Non-<br> Cash<br> Collateral<br> Pledged* | &nbsp;&nbsp;*Cash<br> Collateral<br> Pledged<sup>(b)</sup>* | &nbsp;&nbsp;*Net<br> Amount of<br> Derivative<br> Liabilities* |
| Barclays Bank PLC<br>| &nbsp;&nbsp;$(14328) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14328) |
| Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8596) |
| Goldman Sachs<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17431) |
| HSBC Bank USA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14354) |
| State Street Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10042) |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27415) |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3608) |
| Westpac Banking<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14953) |
|  | &nbsp;&nbsp;$(110833) | &nbsp;&nbsp;$106 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(110727) |

---

(a) OTC derivatives are reported gross on the Statement of Assets and Liabilities.

4. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Empower Funds entered into an investment advisory agreement with ECM, a wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). As compensation for its services to Empower Funds, ECM receives the below monthly compensation at the described annual rate of each Fund's average daily net assets. Certain administration and accounting services fees for each Fund are included in the investment advisory agreement.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund Name</u>** | &nbsp;&nbsp;**<u>Annual Advisory Rate</u>** |
| &nbsp;&nbsp;Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;0.38% up to $2 billion dollars |
|  | &nbsp;&nbsp;0.35% over $2 billion dollars |
| &nbsp;&nbsp;Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;0.33% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.28% over $1 billion dollars |
|  | &nbsp;&nbsp;0.23% over $2 billion dollars |
| &nbsp;&nbsp;Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;0.53% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.48% over $1 billion dollars |
|  | &nbsp;&nbsp;0.43% over $2 billion dollars |
| &nbsp;&nbsp;Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;0.47% up to $1 billion dollars |
|  | &nbsp;&nbsp;0.42% over $1 billion dollars |
|  | &nbsp;&nbsp;0.37% over $2 billion dollars |

---

ECM has contractually agreed to waive fees or reimburse expenses that exceed the annual rate, shown in the table below, of each Fund's average daily net assets attributable to each Class, including management fees and expenses paid directly by each Fund, excluding shareholder service fees, distribution fees and certain extraordinary expenses (the "Expense Limit").

------

*Semi-Annual Report - June 30, 2025*

------

The agreement's current term ends on April 30, 2026 and automatically renews for one-year unless terminated upon written notice within 90 days of the end of the current term or upon termination of the investment advisory agreement. The amount waived or reimbursed, if any, is reflected in the Statement of Operations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund Name</u>** | &nbsp;&nbsp;**<u>Expense Limit Annual Rate</u>** |
| &nbsp;&nbsp;Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;0.55% |

---

ECM is permitted upon approval by the Board to recoup amounts waived or reimbursed by each Fund in future periods, not exceeding three years following the particular waiver/reimbursement, provided the total annual operating expenses of each Class of each Fund plus such recoupment do not exceed the lesser of the Expense Limit that was in place at the time of the waiver/reimbursement or the Expense Limit in place at the time of recoupment. As of June 30, 2025, the amounts subject to recoupment were as follows:

#### Empower Core Strategies: Flexible Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expires December 31, 2025** | &nbsp;&nbsp;**Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires June 30, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $18251 | &nbsp;&nbsp;$33701 | &nbsp;&nbsp;$34647 | &nbsp;&nbsp;$19897 | &nbsp;&nbsp;$0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expires December 31, 2025** | &nbsp;&nbsp;**Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires June 30, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $180222 | &nbsp;&nbsp;$201221 | &nbsp;&nbsp;$286978 | &nbsp;&nbsp;$154851 | &nbsp;&nbsp;$0 |

---

#### Empower Core Strategies: International Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expires December 31, 2025** | &nbsp;&nbsp;**Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires June 30, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $454669 | &nbsp;&nbsp;$362755 | &nbsp;&nbsp;$33876 | &nbsp;&nbsp;$16941 | &nbsp;&nbsp;$0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expires December 31, 2025** | &nbsp;&nbsp;**Expires December 31, 2026** | &nbsp;&nbsp;**Expires December 31, 2027** | &nbsp;&nbsp;**Expires June 30, 2028** | &nbsp;&nbsp;**Recoupment of<br> Past Reimbursed Fees<br> by ECM** |
| $215587 | &nbsp;&nbsp;$6980 | &nbsp;&nbsp;$25873 | &nbsp;&nbsp;$23088 | &nbsp;&nbsp;$0 |

---

The Adviser and Empower Funds entered into a sub-advisory agreement with and is responsible for compensating the Sub-Adviser's below for their services:

Empower Core Strategies: Flexible Bond Fund - Loomis, Sayles & Company, L.P., and ECM. Effective January 17, 2025, ECM replaced Western Asset Management Company, LLC as the sub-adviser.

Empower Core Strategies: Inflation-Protected Securities Fund - Goldman Sachs Asset Management, L.P.

Empower Core Strategies: International Equity Fund - Irish Life Investment Managers Limited ("ILIM"), an affiliate of ECM and Empower of America, Lazard Asset Management LLC, and LSV Asset Management. Effective April 30, 2025, Lazard Asset Management LLC replaced Franklin Templeton Institutional, LLC as a sub-adviser. ILIM receives monthly compensation for its services at the annual rate of 0.02% of the average net value on the ILIM sub-advised portion of the Fund's assets subject to an annual $20,000 minimum.

------

*Semi-Annual Report - June 30, 2025*

------

Empower Core Strategies: U.S. Equity Fund - ILIM, an affiliate of ECM and Empower of America, J.P. Morgan Investment Management Inc., Loomis Sayles & Company, L.P., and Putnam Investment Management, LLC. ILIM receives monthly compensation for its services at the annual rate of 0.0075% of the average net value on the ILIM sub-advised portion of the Fund's assets subject to an annual $20,000 minimum.

Empower Funds entered into a shareholder services agreement with Empower Retirement, LLC ("Empower"), an affiliate of ECM and subsidiary of Empower of America. Pursuant to the shareholder services agreement, Empower provides various recordkeeping, administrative and shareholder services to shareholders and receives from the Investor Class shares of each Fund a fee equal to 0.35% of the average daily net asset value of the share class.

Empower Financial Services, Inc. (the "Distributor"), is a wholly-owned subsidiary of Empower of America and the principal underwriter to distribute and market the Funds.

Certain officers of Empower Funds are also directors and/or officers of Empower of America or its subsidiaries. No officer or interested director of Empower Funds receives any compensation directly from Empower Funds. The total compensation paid to the independent directors with respect to all forty-four funds for which they serve as directors was $833,000 for the fiscal period ended June 30, 2025.

5. PURCHASES & SALES OF INVESTMENTS

For the period ended June 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding all U.S.Government securities and short-term securities) were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$233318648 | &nbsp;&nbsp;$218139939 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;34533963 | &nbsp;&nbsp;&nbsp;&nbsp;35576974 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;308126508 | &nbsp;&nbsp;&nbsp;&nbsp;328243395 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;95697401 | &nbsp;&nbsp;&nbsp;&nbsp;95698702 |

---

For the same period, the aggregate cost of purchases and proceeds from sales of long-term U.S. Government securities were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$523862099 | &nbsp;&nbsp;$507214257 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;474550292 | &nbsp;&nbsp;416644817 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

6. SECURITIES LOANED

Each Fund has entered into a securities lending agreement with its custodian as securities lending agent. Under the terms of the agreement each Fund receives income after deductions of other amounts payable to the securities lending agent or to the borrower from lending transactions. In exchange for such fees, the securities lending agent is authorized to loan securities on behalf of each Fund against receipt of cash collateral at least equal in value at all times to the value of the securities loaned plus accrued interest. The fair value of the loaned securities is determined daily at the close of business of each Fund and necessary collateral adjustments are made between such Fund and its counterparties on the next business day through the delivery or receipt of additional collateral. Each Fund also continues to receive interest or dividends on the securities loaned. Cash collateral is invested in securities approved by the Board. Each Fund bears the risk of any deficiency in the amount of collateral available for return to a borrower due to a loss in an approved investment.

------

*Semi-Annual Report - June 30, 2025*

------

Collateral was invested in Government Money Market Funds. As of June 30, 2025, each Fund's securities on loan value and collateral received, as reported on the Statement of Assets and Liabilities, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Market Value** | &nbsp;&nbsp;**Collateral Received** |
| Empower Core Strategies: Flexible Bond Fund | &nbsp;&nbsp;$6161426 | &nbsp;&nbsp;$6355038 |
| Empower Core Strategies: Inflation-Protected Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 |
| Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;569936 | &nbsp;&nbsp;&nbsp;&nbsp;600283 |
| Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;3515917 | &nbsp;&nbsp;3559858 |

---

Under the securities lending agreement, the cash collateral received represents a secured borrowing, and is collateralized by the securities loaned. The following tables summarizes the cash collateral liability under the securities lending agreement by class of securities loaned as of June 30, 2025. Additional information regarding each Fund's securities on loan is included in the Schedule of Investments.

---

| | |
|:---|:---|
| **Empower Core Strategies: Flexible Bond Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$6355038 |
| **Total secured borrowings** | &nbsp;&nbsp;$6355038 |

---

---

| | |
|:---|:---|
| **Empower Core Strategies: Inflation-Protected Securities Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Corporate Bonds and Notes | &nbsp;&nbsp;$15560 |
| **Total secured borrowings** | &nbsp;&nbsp;$15560 |

---

---

| | |
|:---|:---|
| **Empower Core Strategies: International Equity Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Common Stocks | &nbsp;&nbsp;$600283 |
| **Total secured borrowings** | &nbsp;&nbsp;$600283 |

---

---

| | |
|:---|:---|
| **Empower Core Strategies: U.S. Equity Fund** | &nbsp;&nbsp;**Total<sup>(a)</sup>** |
| Common Stocks | &nbsp;&nbsp;$3559858 |
| **Total secured borrowings** | &nbsp;&nbsp;$3559858 |

---

<sup>(a)</sup> The remaining contractual maturity of the secured borrowing related to each class of collateral is overnight and continuous.

7. INDEMNIFICATIONS

The Funds' organizational documents provide current and former officers and directors with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, a Fund may also enter into contracts that provide general indemnifications. A Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

8. SUBSEQUENT EVENTS

On July 2, 2025 the Funds declared and paid distributions to shareholders from net investment income.

Management has reviewed all events subsequent to June 30, 2025, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued. No subsequent events requiring adjustments or disclosures have occurred except as noted above.

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*Semi-Annual Report - June 30, 2025*

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#### Availability of Quarterly Portfolio Schedule
Empower Funds files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form NPORT. Empower Funds' Form NPORT reports are available on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents, and may be reviewed and copied at the SEC's Public Reference Room in Washington,D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

#### Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that Empower Funds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (866)-831-7129, and on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents.

#### Availability of Proxy Voting Record
Information regarding how Empower Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (866)-831-7129, and on the Empower Funds website at https://www.empower.com/investments/empower-funds/fund-documents.

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### Empower Core Strategies: Flexible Bond Fund
The Board of Directors (the "Board") of Empower Funds, Inc. ("Empower Funds"), including the Directors who are not interested persons of Empower Funds (the "Independent Directors"), at a meeting held on April 17, 2025 (the "April Board Meeting"), unanimously approved the continuation of (i) the investment advisory agreement (the "Advisory Agreement") between Empower Capital Management, LLC ("ECM") and Empower Funds, on behalf of the Empower Core Strategies: Flexible Bond Fund (the "Fund"), and (ii) the investment sub-advisory agreement (the "Sub-Advisory Agreement") by and among Empower Funds, ECM and Loomis, Sayles & Company, L.P. ("Loomis Sayles" or the "Sub-Adviser"), with respect to the Fund.

Pursuant to the Advisory Agreement, ECM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Fund in accordance with its investment objective, policies and limitations. ECM also provides, subject to oversight by the Board, the management and administrative services necessary for the Fund's operation. In addition, ECM is responsible for allocating all or a portion of the assets of the Fund among one or more sub-advisers - including, in this case, Loomis Sayles. In this connection, the Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits ECM to enter into and materially amend investment sub-advisory agreements, including the Sub-Advisory Agreement, with Board approval but without shareholder approval, unless the sub-adviser is an affiliated person. Under this structure, ECM is responsible for monitoring and evaluating the performance of the Sub-Adviser and for recommending the hiring, termination and replacement of the Sub-Adviser to the Board.

Pursuant to the Sub-Advisory Agreement, Loomis Sayles, subject to general supervision and oversight by ECM and the Board, is responsible for the day-to-day management of the investment and reinvestment of its allocated portion of the Fund's assets, which includes making decisions to buy, sell or hold any particular security. Currently, ECM manages the portion of the Fund's assets not allocated to the Sub-Adviser.

On March 31, 2025 (the "March Meeting"), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics furnished by ECM and Loomis Sayles in connection with the proposed continuation of the Advisory Agreement and the Sub-Advisory Agreement (collectively, the "Agreements" or each, an "Agreement"), and reviewed, among other things, comparative information regarding the Fund's investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data. Representatives of Broadridge met with the Independent Directors at the March Meeting to review and discuss Broadridge's peer group selection methodology. In

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addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the "Independent Consultant") to review comparative information regarding the Fund's investment performance, fees and expenses and enterprise profitability data. Additionally, the Independent Directors considered supplemental information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Agreements separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Fund and other series of Empower Funds. Although the Board considered the approval of the Agreements for the Fund as part of its multi-faceted annual review process of agreements across Empower Funds, the Board's approvals were made on a fund-by-fund basis.

In approving the continuation of each of the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for Empower Funds, including the services and support provided to Empower Funds, including the Fund and its shareholders. Additionally, the Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the mutual fund marketplace.

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approvals were based on each Director's business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.Based upon its review of the Agreements and the information provided to it, the Board concluded that each Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors' determinations to approve the continuation of the Agreements are discussed below.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Fund by ECM and Loomis Sayles (each, an "adviser"). Among other things, the Board considered, as applicable, each adviser's organizational history and ownership, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Fund, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Fund. With respect to personnel, the Board noted that ECM's affiliate, Empower Retirement, LLC ("Empower") provides employees, including various management professionals, who provide services on behalf of ECM - which does not have its own employees - pursuant to an intercompany agreement between ECM and Empower. (Each of Empower and ECM is an indirect wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). References herein to personnel, services, activities and resources of ECM should be understood generally as including Empower.)

The Board reviewed the qualifications, education, experience, tenure and responsibilities of, and the reporting lines and backup plans for, the senior personnel serving the Fund and the portfolio management teams responsible for the day-to-day management of the Fund, as well as each adviser's efforts to attract, retain and motivate capable personnel to serve the Fund. In addition, the Board considered, as applicable, each adviser's reputation for management of its investment strategies and its investment decision-making process, its practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions.

In addition, the Board considered each adviser's overall financial condition and ability to carry out its obligations to the Fund and the organization's technical resources and operational capabilities, including, with respect to ECM, its investment administration functions, fund accounting services and financial reporting, as well as the controls, internal audit reviews and third-party assessments relating to such operations and services. Also considered by the Board was each organization's risk management framework, cybersecurity program and/or controls relating to enterprise resiliency, noting - as to ECM - prior

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discussions with and presentations by ECM's Chief Information Security Officer. With respect to ECM, the Board also took into account various organizational developments, including integration initiatives relating to recent acquisitions, as well as various system enhancements, such as the modernization of a proprietary reconciliation platform and similar efforts to achieve operational efficiencies.

As part of its assessment of the nature, extent and quality of services, the Board evaluated information regarding each adviser's regulatory and compliance environment and compliance policies and procedures. The Board considered ECM's compliance program resources and history, reports from the Chief Compliance Officer ("CCO") about ECM's oversight of compliance with applicable laws and regulations and compliance-related resources devoted by ECM in support of the Fund's obligations pursuant to Rule 38a-1 under the 1940 Act (the "Compliance Rule"). The Board noted the CCO's assessment that the Sub-Adviser's compliance program appears to be reasonably designed to comply with the requirements of the Compliance Rule. The Board also considered ECM's efforts generally to ensure that third-party programs and vendors used to service the Fund - including for purposes of regulatory compliance support - are monitored effectively.

Consideration also was given to the fact that the Board meets with representatives of the Sub-Adviser and ECM each year to discuss portfolio management strategies and performance. Additionally, the quality of each adviser's communications with the Board, as well as the adviser's responsiveness to the Board, were taken into account. Also considered was each adviser's response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators, monetary and fiscal policy developments and emerging issues. In this regard, the Board received information on the impacts of macroeconomic and geopolitical developments on each adviser generally and the Fund, and considered how monitoring and analysis of such developments informs each adviser's performance of its respective services to the Fund.

The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by ECM and Loomis Sayles.

#### Investment Performance
The Board received and considered information regarding the investment performance of the Fund. Noting the Fund's inception dates of September 3, 2020 and June 25, 2018 for the Fund's Investor Class and Institutional Class, respectively, the Board reviewed performance information for the Fund's Investor Class and Institutional Class as compared against its benchmark index, the Bloomberg U.S. Aggregate Bond Index (the "Index"), and a "performance universe" of peer funds compiled by Broadridge, based on Lipper fund classification schema, for the one- and three-year periods ended December 31, 2024 with respect to the Investor Class, and for the one-, three- and five-year periods ended December 31, 2024 with respect to the Institutional Class. In evaluating the Fund's performance, the Board noted how the Fund performed relative to the returns of the Index and the performance universe. In addition, the Board noted that it had also received and discussed at periodic intervals information comparing the Fund's performance to that of the Index and to a peer group of funds.

The Board observed that the annualized returns of the Fund's Investor Class for the one- and three-year periods ended December 31, 2024 exceeded its performance universe median, ranking in the first and second quintiles, respectively, of its performance universe (the first quintile being the best performers and the fifth quintile being the worst performers). As to the Fund's Institutional Class, the Board observed that the annualized returns for the one-, three- and five-year periods ended December 31, 2024 exceeded its performance universe median, ranking in the first quintile of its performance universe for each period reviewed. In addition, the Board observed that each class of the Fund outperformed the Index for all periods reviewed.

In evaluating the performance data, the Board considered the investment decision-making process, the organization, composition and experience of investment personnel and portfolio risk controls, among other things, of the Sub-Adviser and - with respect to the portion of the Fund's portfolio not allocated to Loomis Sayles - those of ECM. The Board also considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus, and in the context of overall recent market conditions, as well as the adviser's performance attribution commentary. The Board's assessment of performance results was also informed by its understanding of ECM's processes for overseeing and analyzing the Sub-Adviser's performance, including ECM's systematic approach to performance monitoring. Furthermore, the Board noted ECM's view that the Fund's performance meets expectations relative to its investment objective and that ECM recommends the retention of Loomis Sayles.

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The Board determined that it was satisfied with the explanations for, oversight of and information provided regarding, the Fund's investment performance.

#### Costs and Profitability
The Board considered the costs of services provided by ECM and Loomis Sayles from their relationships with the Fund. With respect to the costs of services, the Board considered the structure and the level of the investment management fees and other expenses payable by the Fund. In this regard, the Board noted that ECM's management fee includes fund accounting and fund administration services. In addition, the Board noted that ECM has contractually agreed to limit the fees and expenses of the Fund for a one-year renewable term through April 30, 2026.

In evaluating the management fee and total expense ratio of the Fund's Institutional Class and Investor Class, the Board considered the fees payable by and the total expense ratios of peer groups of funds managed by other investment advisers, as determined independently by Broadridge, based on Lipper fund classification schema. Specifically, the Board considered for each class (i) the Fund's management fee as provided in the Advisory Agreement (the "Contractual Management Fee") in comparison to the contractual management fees of the peer group of funds and (ii) the Fund's total expense ratio in comparison to the peer group funds' total expense ratios (in all cases, net of any waivers, if applicable). In addition, the Board considered the Fund's total expense ratio in comparison to the median expense ratios for all funds in the peer groups. As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Consultant assessing expenses in the context of performance and other factors.

The Board observed that, as to each class, the Fund's Contractual Management Fee was lower than its peer group median contractual management fee. The Board also observed that the total annual operating expense ratio for the Fund's Investor Class equaled its peer group median expense ratio. The Board further observed that the total annual operating expense ratio for the Fund's Institutional Class was in the fourth quintile of its peer group (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses). In considering the foregoing, the Board took into account the Independent Consultant's overall conclusion that the Fund's management fees and expenses are reasonable relative to the quality of services provided, comparable management fees and expenses of similar funds and the profitability of ECM.

The Board received information regarding the fees charged by ECM to separate accounts and other products managed by ECM and noted that ECM does not manage other client accounts in the same investment style as the Fund. The Board also reviewed information regarding the fees charged by Loomis Sayles to certain other accounts and products, noting, in particular, that Loomis Sayles provided its standard institutional multi-sector bond strategy fee schedule, as disclosed in its Form ADV, as well as the fees charged by Loomis Sayles for its own retail bond mutual fund and another bond fund managed in the same investment style as the Fund. Additionally, the Board noted the statement by Loomis Sayles that the Fund's sub-advisory fee is the lowest fee rate of all mutual funds managed by the Sub-Adviser in this strategy. Considering the foregoing, the Board noted that any fees charged by Loomis Sayles to other similar accounts and products appeared to be competitive with the fee charged to ECM for the Fund. In addition, the Board noted that ECM, not the Fund, pays the sub-advisory fees to Loomis Sayles and that such fees were negotiated at arm's length between ECM and Loomis Sayles.

The Board further considered the overall financial soundness of ECM and the Sub-Adviser and the profits estimated to be realized by ECM and Loomis Sayles. For this purpose, the Board reviewed the financial statements and profitability information from ECM and Loomis Sayles.

With respect to ECM's profitability information, the Board considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as ECM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from the Independent Consultant comparing pre-tax profitability margins for the latest available fiscal year for certain publicly-traded investment management and financial services firms, as compared to ECM's overall profits, as calculated by the Independent Consultant. The Board also compared ECM's overall pre-tax profitability margin, as calculated by ECM, to those of the publicly-traded firms in the Independent Consultant's report. The Board considered that, while ECM's overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser's organization, capital structure and cost of capital, the types of products it manages, its mix of businesses and operating scale and the adviser's assumptions regarding allocations of revenue and expenses, including differing accounting approaches among organizations.

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Based on the information provided, the Board concluded that the costs of the services provided and the profits estimated to have been realized by ECM and its affiliates and Loomis Sayles were not unreasonable in relation to the nature, extent and quality of the services provided.

#### Economies of Scale
The Board received and considered information about the potential for ECM to experience economies of scale in the provision of services to the Fund and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Fund and ECM, respectively, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of ECM, and the current level of the Fund's assets. The Board noted that ECM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders, competitive management fee rates set at the outset, and investments in the business intended to enhance services available to the Fund and shareholders. In its evaluation, the Board noted that the management fee schedule contained a breakpoint that would reduce the management fee on assets above specified levels as the Fund's assets increased.

Based on the information provided, the Board concluded that ECM's arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

#### Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by ECM or Loomis Sayles from their relationships with the Fund as part of the total mix of information evaluated by the Board. In this regard, the Board noted Loomis Sayles' statement that it may from time to time use the performance of various funds in marketing its separate account investment advisory services, an ancillary benefit that Loomis Sayles does not believe is material. Loomis Sayles also noted that it may attract additional advisory clients from the reputational benefit of serving in its capacity to the Fund - a benefit Loomis Sayles described as difficult to quantify.

The Board also noted where services were provided to the Fund by affiliates of ECM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement (the "Shareholder Services Agreement"). The Board considered its assessment, as part of the Board's annual contract review process, of the services provided by and fees paid under the Shareholder Services Agreement - an assessment that included, among other things, reviews of service metrics data, the nature and quality of shareholder services, fees retained by Empower and those paid to third-party providers and Empower's estimated profitability on shareholder services fees from the Fund.

The Board also considered that the Fund is offered as an investment option on a brokerage platform sponsored by an affiliate of ECM and that an affiliate of ECM may provide asset allocation services to the Fund's investors.

The Board concluded that the Fund's management and sub-advisory fees were reasonable, taking into account any ancillary benefits derived or to be derived by ECM, its affiliates or Loomis Sayles, as applicable.

#### Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of each Agreement continue to be reasonable and that the continuation of the Agreements is in the best interests of the Fund.

#### Empower Core Strategies: Inflation-Protected Securities Fund
The Board of Directors (the "Board") of Empower Funds, Inc. ("Empower Funds"), including the Directors who are not interested persons of Empower Funds (the "Independent Directors"), at a meeting held on April 17, 2025 (the "April Board Meeting"), unanimously approved the continuation of (i) the investment advisory agreement (the "Advisory Agreement") between Empower Capital Management, LLC ("ECM") and Empower Funds, on behalf of Empower Core Strategies: Inflation-Protected Securities Fund (the "Fund"), and (ii) the investment sub-advisory agreement (the "Sub-Advisory Agreement") by and among Empower Funds, ECM and Goldman Sachs Asset Management, L.P. ("GSAM" or the "Sub-Adviser"), with respect to the Fund.

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Pursuant to the Advisory Agreement, ECM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Fund in accordance with its investment objective, policies and limitations. ECM also provides, subject to oversight by the Board, the management and administrative services necessary for the Fund's operation. In addition, ECM is responsible for allocating the assets of the Fund among one or more sub-advisers - including, in this case, GSAM. In this connection, the Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits ECM to enter into and materially amend the Sub-Advisory Agreement with Board approval but without shareholder approval, unless the sub-adviser is an affiliated person. Under this structure, ECM is responsible for monitoring and evaluating the performance of the Sub-Adviser and for recommending the hiring, termination and replacement of the Sub-Adviser to the Board.

Pursuant to the Sub-Advisory Agreement, the Sub-Adviser, subject to general supervision and oversight by ECM and the Board, is responsible for the day-to-day management of the investment and reinvestment of the assets of the Fund, which includes making decisions to buy, sell or hold any particular security.

On March 31, 2025 (the "March Meeting"), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics furnished by ECM and the Sub-Adviser in connection with the proposed continuation of the Advisory Agreement and the Sub-Advisory Agreement (collectively, the "Agreements" or each, an "Agreement"), and reviewed, among other things, comparative information regarding the Fund's investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data. Representatives of Broadridge met with the Independent Directors at the March Meeting to review and discuss Broadridge's peer group selection methodology. In addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the "Independent Consultant") to review comparative information regarding the Fund's investment performance, fees and expenses, as well as enterprise profitability data. Additionally, the Independent Directors considered supplemental information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Agreements separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Fund and other series of Empower Funds. Although the Board considered the approval of the Agreements for the Fund as part of its multi-faceted annual review process of agreements across Empower Funds, the Board's approvals were made on a fund-by-fund basis.

In approving the continuation of each of the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for Empower Funds, including the services and support provided to Empower Funds, including the Fund and its shareholders. Additionally, the Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the mutual fund marketplace.

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approvals were based on each Director's business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.

Based upon its review of the Agreements and the information provided to it, the Board concluded that each Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors' determinations to approve the continuation of the Agreements are discussed below.

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#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Fund by ECM and the Sub-Adviser (each, an "adviser"). Among other things, the Board considered, as applicable, each adviser's organizational history and ownership, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Fund, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Fund. With respect to personnel, the Board noted that ECM's affiliate, Empower Retirement, LLC ("Empower") provides employees, including various management professionals, who provide services on behalf of ECM - which does not have its own employees - pursuant to an intercompany agreement between ECM and Empower. (Each of Empower and ECM is an indirect wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). References herein to personnel, services, activities and resources of ECM should be understood generally as including Empower.)

The Board reviewed the qualifications, education, experience, tenure and responsibilities of, and the reporting lines and backup plans for, the senior personnel serving the Fund and the portfolio management team responsible for the day-to-day management of the Fund, as well as each adviser's efforts to attract, retain and motivate capable personnel to serve the Fund. In addition, the Board considered, as applicable, each adviser's reputation for management of its investment strategies and its investment decision-making process, its practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions.

The Board also considered each adviser's overall financial condition and ability to carry out its obligations to the Fund and the organization's technical resources and operational capabilities, including, with respect to ECM, its investment administration functions, fund accounting services and financial reporting, as well as the controls, internal audit reviews and third-party assessments relating to such operations and services. Also considered by the Board was each organization's risk management framework, cybersecurity program and/or controls relating to enterprise resiliency, noting - as to ECM - prior discussions with and presentations by ECM's Chief Information Security Officer. With respect to ECM, the Board also took into account various organizational developments, including integration initiatives relating to recent acquisitions, as well as various system enhancements, such as the modernization of a proprietary reconciliation platform and similar efforts to achieve operational efficiencies.

As part of its assessment of the nature, extent and quality of services, the Board evaluated information regarding each adviser's regulatory and compliance environment and compliance policies and procedures. The Board considered ECM's compliance program resources and history, reports from the Chief Compliance Officer ("CCO") about ECM's oversight of and compliance with applicable laws and regulations and compliance-related resources devoted by ECM in support of the Fund's obligations pursuant to Rule 38a-1 under the 1940 Act (the "Compliance Rule"). The Board considered the CCO's assessment that the Sub-Adviser's compliance program appears to be reasonably designed to comply with the requirements of the Compliance Rule. The Board also considered ECM's efforts generally to ensure that third-party programs and vendors used to service the Fund - including for purposes of regulatory compliance support - are monitored effectively.

Consideration also was given to the fact that the Board meets with representatives of the Sub-Adviser and ECM each year to discuss portfolio management strategies and performance. Additionally, the quality of each adviser's communications with the Board, as well as the adviser's responsiveness to the Board, were taken into account. Also considered was each adviser's response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators, monetary and fiscal policy developments and emerging issues. In this regard, the Board received information on the impacts of macroeconomic and geopolitical developments on each adviser generally and the Fund, and considered how monitoring and analysis of such developments informs each adviser's performance of its respective services to the Fund.

The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by ECM and the Sub-Adviser.

#### Investment Performance
The Board received and considered information regarding the investment performance of the Fund. Noting the Fund's inception dates of September 3, 2020 and June 25, 2018 for the Fund's Investor Class and Institutional Class, respectively, the Board reviewed performance information for the Fund's Investor Class and Institutional Class as compared against a benchmark index and a "performance universe" of peer funds compiled by Broadridge, based on Lipper fund classification schema, for the one- and three-year periods ended December 31, 2024 with respect to the Investor Class, and for the one-,

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three- and five-year periods ended December 31, 2024 with respect to the Institutional Class. In evaluating the Fund's performance, the Board noted how the Fund performed relative to the returns of a benchmark index and the performance universe. In addition, the Board noted that it had also received and discussed at periodic intervals information comparing the Fund's performance to that of a benchmark index and to a peer group of funds.

The Board observed that the annualized returns of each class of the Fund outperformed its respective performance universe median for each period reviewed, which, for each class and each period reviewed, ranked in the second quintile of its respective performance universe (the first quintile being the best performers and the fifth quintile being the worst performers), except for the Fund's Investor Class, which ranked in the third quintile for the one-year period ended December 31, 2024. The Board also observed that each class of the Fund underperformed the Bloomberg 1-10 Year U.S. Treasury Inflation-Protected Securities Index for each period reviewed.

In evaluating the performance data, the Board considered the Sub-Adviser's investment decision-making process, the organization, composition and experience of its investment personnel and its portfolio risk controls, among other things. The Board also considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus, and in the context of overall recent market conditions. Also taken into account was the Sub-Adviser's performance attribution commentary, including, among other things, the impact of duration and security selection on performance. The Board's evaluation was also informed by its understanding of ECM's processes for overseeing and analyzing the Sub-Adviser's performance, including ECM's systematic approach to performance monitoring. Furthermore, the Board noted ECM's view that the Fund's performance meets expectations relative to its investment objective and that ECM recommends the retention of the Sub-Adviser.

The Board determined that it was satisfied with the explanations for, oversight of, and information provided regarding, the Fund's investment performance.

#### Costs and Profitability
The Board considered the costs of services provided by ECM and the Sub-Adviser from their relationships with the Fund. With respect to the costs of services, the Board considered the structure and the level of the investment management fees and other expenses payable by the Fund. In this regard, the Board noted that ECM's management fee includes fund accounting and fund administration services. Furthermore, the Board noted that ECM has contractually agreed to limit the fees and expenses of the Fund for a one-year renewable term through April 30, 2026.

In evaluating the management fee and total expense ratio of the Fund, as to each of the Fund's Institutional Class and Investor Class, the Board considered the fees payable by and the total expense ratio of a peer group of funds managed by other investment advisers, as determined independently by Broadridge, based on Lipper fund classification schema. Specifically, the Board considered (i) the Fund's management fee as provided in the Advisory Agreement (the "Contractual Management Fee") in comparison to the contractual management fees of the peer group of funds and (ii) the Fund's total expense ratio in comparison to the peer group funds' total expense ratios (in all cases, net of any waivers, if applicable). In addition, the Board considered the Fund's total expense ratio in comparison to the median expense ratio for all funds in the peer group. As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Consultant assessing expenses in the context of performance and other factors.

The Board observed that, although the Contractual Management Fee for the Fund's Institutional Class was above its peer group median contractual management fee, the Contractual Management Fee for the Fund's Investor Class was lower than its peer group median contractual management fee. The Board also observed that the total annual operating expense ratio for each class was lower than its respective peer group median total operating expense ratio, ranking in the second quintile of its respective peer group (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses). In considering the foregoing, the Board took into account the Independent Consultant's overall conclusion that the Fund's management fees and expenses are reasonable relative to the quality of services provided, comparable management fees and expenses of similar funds and the profitability of ECM.

The Board reviewed information regarding the fees charged by ECM and the Sub-Adviser to similar other funds of Empower Funds managed by ECM and the Sub-Adviser, as applicable, and/or standard institutional fee schedules for the relevant investment strategy. With respect to ECM, the Board noted that ECM does not manage other client accounts in the same investment style as the Fund. As to GSAM, the Board noted that the information provided included the Sub-Adviser's standard institutional fee schedule - as disclosed in its Form ADV - for an account managed with an investment strategy similar to that used for the Fund's portfolio, noting that the standard fee was higher than the fee charged to ECM for the Fund. Also noted

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was GSAM's statement that sub-advisory fees negotiated between the Sub-Adviser and investment advisers are a function of the size of the mandate, the applicable benchmark, investment guidelines and the level of servicing required. Moreover, the Board considered that ECM, not the Fund, pays the sub-advisory fees to the Sub-Adviser and that such fees were negotiated at arm's length between ECM and the Sub-Adviser.

The Board further considered the overall financial soundness of ECM and the Sub-Adviser and the profits estimated to be realized by ECM and its affiliates and by the Sub-Adviser. For this purpose, the Board reviewed the financial statements and profitability information from ECM and the Sub-Adviser.

With respect to ECM's profitability information, the Board considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as ECM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from the Independent Consultant comparing pre-tax profitability margins for the latest available fiscal year for certain publicly-traded investment management and financial services firms, as compared to ECM's overall profits, as calculated by the Independent Consultant. The Board also compared ECM's overall pre-tax profitability margin, as calculated by ECM, to those of the publicly-traded firms in the Independent Consultant's report. The Board considered that, while ECM's overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser's organization, capital structure and cost of capital, the types of products it manages, its mix of businesses and operating scale and the adviser's assumptions regarding allocations of revenue and expenses, including differing accounting approaches among organizations. In addition, with respect to the Fund in particular, the Board noted that GSAM reported a negative margin associated with its relationship to the Fund.

Based on the information provided, the Board concluded that the costs of the services provided and, as applicable, the profits estimated to have been realized by ECM and its affiliates and the Sub-Adviser were not unreasonable in relation to the nature, extent and quality of the services provided.

#### Economies of Scale
The Board received and considered information about the potential for ECM to experience economies of scale in the provision of services to the Fund and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Fund and ECM, respectively, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of ECM, and the current level of the Fund's assets. The Board noted that ECM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders, competitive management fee rates set at the outset, and investments in the business intended to enhance services available to the Fund and shareholders. In its evaluation, the Board noted that both the management fee schedule and the sub-advisory fee schedule contained breakpoints that would reduce the relevant fee rate on assets above specified levels as the Fund's assets increased. The Board considered that, although the breakpoints in the sub-advisory fee schedule take effect at lower asset levels than for the management fee, the sub-advisory fee under the Sub-Advisory Agreement is paid by ECM out of the management fee that it receives under the Advisory Agreement and the sub-advisory fees are negotiated at arm's length. Similarly, the Board took into account the foregoing in its review of data provided and developed by the Independent Consultant regarding the portion of the management fee retained by ECM for the Fund's Investor Class, which indicated that such portion was below that of the Fund's peer group.

Based on the information provided, the Board concluded that ECM's arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

#### Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by ECM or the Sub-Adviser from their relationships with the Fund as part of the total mix of information evaluated by the Board. With respect to GSAM, the Board noted that improved trading efficiencies from aggregated orders with other advisory accounts and potential economies of scale from infrastructure enhancements in support of its services to the Fund are the principal "fall-out" benefits derived and identified by the Sub-Adviser from its relationship with the Fund.

The Board also noted where services were provided to the Fund by affiliates of ECM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement

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(the "Shareholder Services Agreement"). The Board considered its assessment, as part of the Board's annual contract review process, of the services provided by and fees paid under the Shareholder Services Agreement - an assessment that included, among other things, reviews of service metrics data, the nature and quality of shareholder services, fees retained by Empower and those paid to third-party providers and Empower's estimated profitability on shareholder services fees from the Fund.

The Board also considered that the Fund is offered as an investment option on a brokerage platform sponsored by an affiliate of ECM and that an affiliate of ECM may provide asset allocation services to the Fund's investors.

The Board concluded that the Fund's management and sub-advisory fees were reasonable, taking into account any ancillary benefits derived or to be derived by ECM, its affiliates or the Sub-Adviser.

#### Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of each Agreement continue to be reasonable and that the continuation of the Agreements is in the best interests of the Fund.

#### Empower Core Strategies: International Equity Fund
The Board of Directors (the "Board") of Empower Funds, Inc. ("Empower Funds"), including the Directors who are not interested persons of Empower Funds (the "Independent Directors"), at a meeting held on April 17, 2025 (the "April Board Meeting"), unanimously approved the continuation of (i) the investment advisory agreement (the "Advisory Agreement") between Empower Capital Management, LLC ("ECM") and Empower Funds, on behalf of Empower Core Strategies: International Equity Fund (the "Fund"), and (ii) the investment sub-advisory agreements (the "Sub-Advisory Agreements") by and among Empower Funds, ECM and each of the following sub-advisers (each, a "Sub-Adviser," and collectively, the "Sub-Advisers"):

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Sub-Adviser(s)</u>** |
| &nbsp;&nbsp;Empower Core Strategies: International Equity Fund | &nbsp;&nbsp;Irish Life Investment Managers Limited ("ILIM") |
|  | &nbsp;&nbsp;Lazard Asset Management LLC ("Lazard") |
|  | &nbsp;&nbsp;LSV Asset Management ("LSV") |

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(ECM is a wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). ILIM is an affiliate of ECM and Empower of America.)

Pursuant to the Advisory Agreement, ECM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Fund in accordance with its investment objective, policies and limitations. ECM also provides, subject to oversight by the Board, the management and administrative services necessary for the Fund's operation. In addition, ECM is responsible for allocating the assets of the Fund among one or more sub-advisers - including, in this case, each of ILIM, Lazard and LSV. In this connection, the Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits ECM to enter into and materially amend the Sub-Advisory Agreements with Board approval but without shareholder approval, unless the sub-adviser is an affiliated person. Under this structure, ECM is responsible for monitoring and evaluating the performance of each Sub-Adviser and for recommending the hiring, termination and replacement of each Sub-Adviser to the Board.

Pursuant to its respective Sub-Advisory Agreement, each Sub-Adviser, subject to general supervision and oversight by ECM and the Board, is responsible for the day-to-day management of the investment and reinvestment of its allocated portion of the Fund's assets, which includes making decisions to buy, sell or hold any particular security. Franklin Templeton Institutional LLC ("Franklin") managed a portion of the Fund's assets through April 30, 2025; pursuant to the Sub-Advisory Agreement between Empower Funds, ECM and Lazard, with respect to the Fund, effective April 30, 2025, Lazard replaced Franklin as the party responsible for managing the portion of the Fund's assets not allocated to ILIM and LSV.

On March 31, 2025 (the "March Meeting"), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics furnished by ECM and each Sub-Adviser in connection with the proposed continuation of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements" or each, an "Agreement"), and reviewed, among other things, comparative information

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regarding the Fund's investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data. Representatives of Broadridge met with the Independent Directors at the March Meeting to review and discuss Broadridge's peer group selection methodology. In addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the "Independent Consultant") to review comparative information regarding the Fund's investment performance, fees and expenses, as well as the portion of the management fee retained and enterprise profitability data. Additionally, the Independent Directors considered supplemental information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Agreements separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Fund and other series of Empower Funds. Although the Board considered the approval of the Agreements for the Fund as part of its multi-faceted annual review process of agreements across Empower Funds, the Board's approvals were made on a fund-by-fund basis.

In approving the continuation of each of the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for Empower Funds, including the services and support provided to Empower Funds, including the Fund and its shareholders. Additionally, the Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the mutual fund marketplace.

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approvals were based on each Director's business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.

Based upon its review of the Agreements and the information provided to it, the Board concluded that each Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors' determinations to approve the continuation of the Agreements are discussed below.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Fund by ECM and the Sub-Advisers (each, an "adviser"). Among other things, the Board considered, as applicable, each adviser's organizational history and ownership, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Fund, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Fund. With respect to personnel, the Board noted that ECM's affiliate, Empower Retirement, LLC ("Empower") provides employees, including various management professionals, who provide services on behalf of ECM - which does not have its own employees - pursuant to an intercompany agreement between ECM and Empower. (Empower is an indirect wholly-owned subsidiary of Empower of America; references herein to personnel, services, activities and resources of ECM should be understood generally as including Empower.)

The Board reviewed the qualifications, education, experience, tenure and responsibilities of, and the reporting lines and backup plans for, the senior personnel serving the Fund and the portfolio management teams responsible for the day-to-day management of the Fund, as well as each adviser's efforts to attract, retain and motivate capable personnel to serve the Fund. In addition, the Board considered, as applicable, each adviser's reputation for management of its investment strategies, its investment decision-making process, its practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions.

In addition, the Board considered each adviser's overall financial condition and ability to carry out its obligations to the Fund and the organization's technical resources and operational capabilities, including, with respect to ECM, its investment administration functions, fund accounting services and financial reporting, as well as the controls, internal audit reviews and

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third-party assessments relating to such operations and services. Also considered by the Board was each organization's risk management framework, cybersecurity program and/or controls relating to enterprise resiliency, noting - as to ECM - prior discussions with and presentations by ECM's Chief Information Security Officer. With respect to ECM, the Board also took into account various organizational developments, including integration initiatives relating to recent acquisitions, as well as various system enhancements, such as the modernization of a proprietary reconciliation platform and similar efforts to achieve operational efficiencies.

As part of its assessment of the nature, extent and quality of services, the Board evaluated information regarding each adviser's regulatory and compliance environment and compliance policies and procedures. The Board considered ECM's compliance program resources and history, reports from the Chief Compliance Officer ("CCO") about ECM's oversight of and compliance with applicable laws and regulations and compliance-related resources devoted by ECM in support of the Fund's obligations pursuant to Rule 38a-1 under the 1940 Act (the "Compliance Rule"). The Board noted the CCO's assessment that each Sub-Adviser's compliance program appears to be reasonably designed to comply with the requirements of the Compliance Rule. The Board also considered ECM's efforts generally to ensure that third-party programs and vendors used to service the Fund - including for purposes of regulatory compliance support - are monitored effectively.

Consideration also was given to the fact that the Board meets with representatives of each Sub-Adviser and ECM every year to discuss portfolio management strategies and performance. Additionally, the quality of each adviser's communications with the Board, as well as the adviser's responsiveness to the Board, were taken into account. Also considered was each adviser's response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators, monetary and fiscal policy developments and emerging issues. In this regard, the Board received information on the impacts of macroeconomic and geopolitical developments on each adviser generally and the Fund, and considered how monitoring and analysis of such developments informs each adviser's performance of its respective services to the Fund.

The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by ECM and each of the Sub-Advisers.

#### Investment Performance
The Board received and considered information regarding the investment performance of the Fund. Noting the Fund's inception dates of September 3, 2020 and June 25, 2018 for the Fund's Investor Class and Institutional Class, respectively, the Board reviewed performance information for the Fund's Investor Class and Institutional Class as compared against the MSCI EAFE Index, its benchmark index (the "Index"), and a "performance universe" of peer funds compiled by Broadridge, based on Lipper fund classification schema, for the one- and three-year periods ended December 31, 2024 with respect to the Investor Class, and for the one-, three- and five-year periods ended December 31, 2024 with respect to the Institutional Class. In evaluating the Fund's performance, the Board noted how the Fund performed relative to the returns of the Index and the performance universe. In addition, the Board noted that it had also received and discussed at periodic intervals information comparing the Fund's performance to that of the Index and to a peer group of funds.

The Board observed that the annualized returns of the Fund's Investor Class for the one- and three-year periods ended December 31, 2024 were in the fifth and third quintiles, respectively, of its performance universe (the first quintile being the best performers and the fifth quintile being the worst performers), with a specific performance universe ranking in the 57th percentile for the three-year period ended December 31, 2024. As to the Fund's Institutional Class, the Board observed that the Fund's annualized returns for the one-, three- and five-year periods ended December 31, 2024 were in the fourth, third and third quintiles, respectively, of its performance universe, with returns above the performance universe median for the three-year period ended December 31, 2024 and a specific performance universe ranking in the 52nd percentile for the five-year period ended December 31, 2024. The Board also observed that the Fund underperformed the Index for each period reviewed.

The Board considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus, and in the context of overall recent market conditions. In addition, the Board considered each Sub-Adviser's investment decision-making process, the organization, experience and composition of its investment personnel and its portfolio risk controls, among other things, as well as its performance attribution commentary. The Board's

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assessment of performance results was also informed by its understanding of ECM's processes for overseeing and analyzing each Sub-Adviser's performance, including ECM's systematic approach to performance monitoring. Also relevant to the Board was ECM's view that the Fund meets expectations with respect to its investment objective and that ECM recommends the retention of each Sub-Adviser.

The Board determined that it was satisfied with the explanations for, oversight of and information provided regarding, the Fund's investment performance.

#### Costs and Profitability
The Board considered the costs of services provided by ECM and the Sub-Advisers from their relationships with the Fund. With respect to the costs of services, the Board considered the structure and the level of the investment management fees and other expenses payable by the Fund. In this regard, the Board noted that ECM's management fee includes fund accounting and fund administration services. In addition, the Board noted that ECM has contractually agreed to limit the fees and expenses of the Fund through April 30, 2026.

In evaluating the management fee and total expense ratio of the Fund, as to each of the Fund's Institutional Class and Investor Class, the Board considered the fees payable by and the total expense ratio of a peer group of funds managed by other investment advisers, as determined independently by Broadridge, based on Lipper fund classification schema. Specifically, the Board considered (i) the Fund's management fee as provided in the Advisory Agreement (the "Contractual Management Fee") in comparison to the contractual management fees of the peer group of funds and (ii) the Fund's total expense ratio in comparison to the peer group funds' total expense ratios (in all cases, net of any waivers, if applicable). In addition, the Board considered the Fund's total expense ratio in comparison to the median expense ratios for all funds in the peer groups. As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Consultant assessing expenses in the context of performance and other factors.

The Board observed that, as to each class, the Fund's Contractual Management Fee and total annual operating expense ratio were lower than its peer group median contractual management fee and peer group median expense ratio, respectively, with the total annual operating expense ratio ranking in the second quintile of its respective peer group (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses). In addition, the Board considered the Independent Consultant's overall conclusion that the Fund's management fees and expenses are reasonable relative to the quality of services provided, comparable management fees and expenses of similar funds and the profitability of ECM.

The Board also reviewed information regarding the fees charged by ECM and the Sub-Advisers, to similar other funds of Empower Funds managed by ECM and the Sub-Advisers and/or standard institutional fee schedules for the relevant investment strategy. The Board noted that ECM does not manage other client accounts in the same investment style as the Fund. For LSV, the Board received information regarding the fees charged to registered investment companies, separately managed accounts and commingled vehicles with similar investment objectives and policies as LSV's allocated portion of the Fund, and noted fee schedule differences and where the fee charged to ECM was higher, at particular asset levels, than that charged to certain other comparable clients or engagements. The Board considered LSV's statement that sub-advisory fee schedules are negotiated individually, based on factors that include projected size and complexity of the account and service level requirements, among other things, and that the fee charged to ECM represents a discount from the Sub-Adviser's standard fee schedule for large institutional clients. With respect to Lazard, the Board noted that the information provided by Lazard included fees for a proprietary mutual fund and separate account and that Lazard manages a sleeve of four sub-advised funds with a similar investment strategy to the Fund, which fees remain confidential. The Board also noted the Sub-Adviser's statement that the Sub-Adviser offers fees that are reasonable and appropriate in light of competitors fees, the relevant strategy, benchmark orientation, assets under management, overall relationship and level of service required, among others. Although not identified specifically as accounts or products comparable to the Fund, the Board noted that the information provided by ILIM included the fees it charged to ECM for the other series of Empower Funds sub-advised by ILIM, including other equity index funds and a passively managed sleeve of another equity fund (collectively, the "ILIM Sub-Advised Funds"). The Board also noted ILIM's statement that the sub-advisory fee charged to ECM for the Fund is consistent with pricing for mandates of similar size and for similar services. Taking into account the foregoing, the Board noted that any fees charged by the Sub-Advisers to other similar accounts and products, as applicable, appeared to be competitive with the fees charged to ECM for the Fund.

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The Board further considered the overall financial soundness of ECM and the Sub-Advisers and the profits estimated to be realized by ECM and the Sub-Advisers. The Board reviewed the financial statements from ECM and the Sub-Advisers and profitability information from ECM and the Sub-Advisers.

With respect to ECM's profitability information, the Board considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as ECM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from the Independent Consultant comparing pre-tax profitability margins for the latest available fiscal year for certain publicly-traded investment management and financial services firms, as compared to ECM's overall profits, as calculated by the Independent Consultant. The Board also compared ECM's overall pre-tax profitability margin, as calculated by ECM, to those of the publicly-traded firms in the Independent Consultant's report. The Board considered that, while ECM's overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser's organization, capital structure and cost of capital, the types of products it manages, its mix of businesses and operating scale and the adviser's assumptions regarding allocations of revenue and expenses, including differing accounting approaches among organizations. The Board also noted that ILIM's profitability was based on its aggregate profitability for providing sub-advisory services to the ILIM Sub-Advised Funds (i.e., including the Fund).

Based on the information provided, the Board concluded that the costs of the services provided and the profits estimated to have been realized by ECM and its affiliates and the Sub-Advisers were not unreasonable in relation to the nature, extent and quality of the services provided.

#### Economies of Scale
The Board received and considered information about the potential for ECM to experience economies of scale in the provision of services to the Fund and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Fund and ECM, respectively, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of ECM, and the current level of the Fund's assets. The Board noted that ECM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders, competitive management fee rates set at the outset, and investments in the business intended to enhance services available to the Fund and shareholders. In its evaluation, the Board noted that both the management fee schedule and the LSV sub-advisory fee schedule contained breakpoints that would reduce the relevant fee rate on assets above specified levels as the Fund's assets increased. As the Board considered the foregoing, the Board took into account that the sub-advisory fee under each Sub-Advisory Agreement is paid by ECM out of the management fee that it receives under the Advisory Agreement. Similarly, the Board took into account the foregoing in its review of data provided and developed by the Independent Consultant regarding the portion of the management fee retained by ECM for the Fund's Investor Class, which indicated that such portion was below that of the Fund's peer group.

Based on the information provided, the Board concluded that ECM's arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

#### Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by ECM or each Sub-Adviser from their relationships with the Fund as part of the total mix of information evaluated by the Board. In this regard, the Board noted ILIM's statement that its primary "fall-out" benefit from managing the Fund is the reputational value associated with serving as Sub-Adviser, which may support its business growth in the U.S. and elsewhere in the future. As to Lazard, the Board noted Lazard may receive ancillary benefits from soft-dollar arrangements by which brokers provide research to the Sub-Adviser in return for allocating Fund brokerage to such brokers. As to LSV, the Board noted the Sub-Adviser's statement that, other than the sub-advisory fee, it does not anticipate receiving any fall-out benefits as a result of its relationship with the Fund.

The Board also noted where services were provided to the Fund by affiliates of ECM and ILIM including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement (the "Shareholder Services Agreement"). The Board considered its assessment, as part of the Board's annual

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contract review process, of the services provided by and fees paid under the Shareholder Services Agreement - an assessment that included, among other things, reviews of service metrics data, the nature and quality of shareholder services, fees retained by Empower and those paid to third-party providers and Empower's estimated profitability on shareholder services fees from the Fund.

The Board also considered that the Fund is offered as an investment option on a brokerage platform sponsored by an affiliate of ECM and that an affiliate of ECM may provide asset allocation services to the Fund's investors.

The Board concluded that the Fund's management and sub-advisory fees were reasonable, taking into account any ancillary benefits derived or to be derived by ECM, the Sub-Advisers or, as applicable, their affiliates.

#### Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of each Agreement continue to be reasonable and that the continuation of the Agreements is in the best interests of the Fund.

#### Empower Core Strategies: U.S. Equity Fund
The Board of Directors (the "Board") of Empower Funds, Inc. ("Empower Funds"), including the Directors who are not interested persons of Empower Funds (the "Independent Directors"), at a meeting held on April 17, 2025 (the "April Board Meeting"), unanimously approved the continuation of (i) the investment advisory agreement (the "Advisory Agreement") between Empower Capital Management, LLC ("ECM") and Empower Funds, on behalf of Empower Core Strategies: U.S. Equity Fund (the "Fund"), (ii) the investment sub-advisory agreements (the "Sub-Advisory Agreements") by and among Empower Funds, ECM and each of the following sub-advisers (each, a "Sub-Adviser," and collectively, the "Sub-Advisers"):

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Sub-Adviser(s)</u>** |
| &nbsp;&nbsp;Empower Core Strategies: U.S. Equity Fund | &nbsp;&nbsp;Irish Life Investment Managers Limited ("ILIM") |
|  | &nbsp;&nbsp;J.P. Morgan Investment Management Inc. ("JPMIM") |
|  | &nbsp;&nbsp;Loomis, Sayles & Company, L.P. ("Loomis Sayles") |
|  | &nbsp;&nbsp;Putnam Investment Management, LLC ("Putnam") |

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and (iii) the investment sub-sub-advisory agreement (the "Franklin Sub-Sub-Advisory Agreement") by and among Franklin Advisers, Inc. ("Franklin") and Putnam, with respect to the Fund. (ECM is a wholly-owned subsidiary of Empower Annuity Insurance Company of America ("Empower of America"). ILIM is an affiliate of ECM and Empower of America.)

Pursuant to the Advisory Agreement, ECM acts as investment adviser and, subject to oversight by the Board, directs the investments of the Fund in accordance with its investment objective, policies and limitations. ECM also provides, subject to oversight by the Board, the management and administrative services necessary for the Fund's operation. In addition, ECM is responsible for allocating the assets of the Fund among one or more sub-advisers - including, in this case, each of ILIM, JPMIM, Loomis Sayles and Putnam. In this connection, the Fund operates under a manager-of-managers structure pursuant to an order issued by the United States Securities and Exchange Commission, which permits ECM to enter into and materially amend the Sub-Advisory Agreements with Board approval but without shareholder approval, unless the sub-adviser is an affiliated person. Under this structure, ECM is responsible for monitoring and evaluating the performance of each Sub-Adviser and for recommending the hiring, termination and replacement of each Sub-Adviser to the Board.

Pursuant to its respective Sub-Advisory Agreement, each Sub-Adviser, subject to general supervision and oversight by ECM and the Board, is responsible for the day-to-day management of the investment and reinvestment of its allocated portion of the Fund's assets, which includes making decisions to buy, sell or hold any particular security.

On March 31, 2025 (the "March Meeting"), the Independent Directors met separately with independent legal counsel in advance of the April Board Meeting to evaluate information encompassing a wide variety of topics furnished by ECM and each Sub-Adviser in connection with the proposed continuation of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements" or each, an "Agreement"), and reviewed, among other things, comparative information regarding the Fund's investment performance, fees and expenses, including data prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data. Representatives of Broadridge met with

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the Independent Directors at the March Meeting to review and discuss Broadridge's peer group selection methodology. In addition, at the March Meeting, the Independent Directors met separately with representatives of an independent provider of mutual fund advisory contract renewal consulting services (the "Independent Consultant") to review comparative information regarding the Fund's investment performance, fees and expenses, as well as the portion of the management fee retained and enterprise profitability data. Additionally, the Independent Directors considered supplemental information provided in response to their requests made following the March Meeting. The Independent Directors further discussed continuation of the Agreements separately with independent legal counsel, including at a separate meeting of the Independent Directors convened immediately prior to the April Board Meeting and at the April Board Meeting. The Independent Directors weighed and considered the information provided in light of their substantial accumulated experience in governing the Fund and other series of Empower Funds. Although the Board considered the approval of the Agreements for the Fund as part of its multi-faceted annual review process of agreements across Empower Funds, the Board's approvals were made on a fund-by-fund basis.

In approving the continuation of each of the Agreements, the Board considered such information as the Board deemed reasonably necessary to evaluate the terms of the Agreements. The Board noted that performance information is provided to the Board on an ongoing basis at regular Board meetings held throughout the year. Furthermore, at each of its meetings, the Board covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of advisory agreements for Empower Funds, including the services and support provided to Empower Funds, including the Fund and its shareholders. Additionally, the Board recognized that its evaluation process is evolutionary and that the factors considered and emphasis placed on relevant factors may change in recognition of changing circumstances in the mutual fund marketplace.

The Board considered that, on January 1, 2024, Franklin Resources Inc., the ultimate parent of Franklin, acquired Putnam. As a result of the transaction, Putnam and Franklin are affiliates that rely on each other to perform certain functions. The Board considered that Putnam will compensate Franklin under the Franklin Sub-Sub-Advisory Agreement out of the sub-advisory fee it receives from ECM pursuant to the Sub-Advisory Agreement with Putnam. The Board also considered its experience with Franklin serving as sub-adviser to other series of Empower Funds.

In its deliberations, the Board did not identify any single factor as being determinative. Rather, the Board's approvals were based on each Director's business judgment after a comprehensive consideration of the information as a whole. Individual Directors may have weighed certain factors differently and assigned varying degrees of materiality to information considered by the Board. The Independent Directors were assisted throughout the evaluation process by independent legal counsel.

Based upon its review of the Agreements and the information provided to it, the Board concluded that each Agreement was reasonable in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The principal factors and conclusions that formed the basis for the Directors' determinations to approve the continuation of the Agreements are discussed below.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided and to be provided to the Fund by ECM and the Sub-Advisers (each, an "adviser"). Among other things, the Board considered, as applicable, each adviser's organizational history and ownership, personnel, experience, resources and performance track record, its ability to provide or obtain such services as may be necessary in managing, acquiring and disposing of investments on behalf of the Fund, and its ability to provide research and to obtain and evaluate the economic, statistical and financial data relevant to the investment policies of the Fund. With respect to personnel, the Board noted that ECM's affiliate, Empower Retirement, LLC ("Empower") provides employees, including various management professionals, who provide services on behalf of ECM - which does not have its own employees - pursuant to an intercompany agreement between ECM and Empower. (Empower is an indirect wholly-owned subsidiary of Empower of America; references herein to personnel, services, activities and resources of ECM should be understood generally as including Empower.)

The Board reviewed the qualifications, education, experience, tenure and responsibilities of, and the reporting lines and backup plans for, the senior personnel serving the Fund and the portfolio management teams responsible for the day-to-day management of the Fund, as well as each adviser's efforts to attract, retain and motivate capable personnel to serve the Fund. In addition, the Board considered, as applicable, each adviser's reputation for management of its investment strategies, its investment decision-making process, its practices regarding the selection and compensation of brokers and dealers for the execution of portfolio transactions and the procedures it uses for obtaining best execution of portfolio transactions.

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In addition, the Board considered each adviser's overall financial condition and ability to carry out its obligations to the Fund and the organization's technical resources and operational capabilities, including, with respect to ECM, its investment administration functions, fund accounting services and financial reporting, as well as the controls, internal audit reviews and third-party assessments relating to such operations and services. Also considered by the Board was each organization's risk management framework, cybersecurity program and/or controls relating to enterprise resiliency, noting - as to ECM - prior discussions with and presentations by ECM's Chief Information Security Officer. With respect to ECM, the Board also took into account various organizational developments, including integration initiatives relating to recent acquisitions, as well as various system enhancements, such as progress on the modernization of a proprietary reconciliation platform and similar efforts to achieve operational efficiencies.

As part of its assessment of the nature, extent and quality of services, the Board evaluated information regarding each adviser's regulatory and compliance environment and compliance policies and procedures. The Board considered ECM's compliance program resources and history, reports from the Chief Compliance Officer ("CCO") about ECM's oversight of compliance with applicable laws and regulations and compliance-related resources devoted by ECM in support of the Fund's obligations pursuant to Rule 38a-1 under the 1940 Act (the "Compliance Rule"). The Board noted the CCO's assessment that each Sub-Adviser's compliance program appears to be reasonably designed to comply with the requirements of the Compliance Rule. The Board also considered ECM's efforts generally to ensure that third-party programs and vendors used to service the Fund - including for purposes of regulatory compliance support - are monitored effectively.

Consideration also was given to the fact that the Board meets with representatives of each Sub-Adviser and ECM every year to discuss portfolio management strategies and performance. Additionally, the quality of each adviser's communications with the Board, as well as the adviser's responsiveness to the Board, were taken into account. Also considered was each adviser's response to market volatility, changing circumstances in the mutual fund industry and investor sentiment, regulatory developments, economic indicators, monetary and fiscal policy developments and emerging issues. In this regard, the Board received information on the impacts of macroeconomic and geopolitical developments on each adviser generally and the Fund, and considered how monitoring and analysis of such developments informs each adviser's performance of its respective services to the Fund.

The Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by ECM and each of the Sub-Advisers.

#### Investment Performance
The Board received and considered information regarding the investment performance of the Fund. Noting the Fund's inception dates of September 3, 2020 and June 25, 2018 for the Fund's Investor Class and Institutional Class, respectively, the Board reviewed performance information for the Fund's Investor Class and Institutional Class as compared against its benchmark index, the Russell 3000 Index (the "Index"), and a "performance universe" of peer funds compiled by Broadridge, based on Lipper fund classification schema, for the one- and three-year periods ended December 31, 2024 with respect to the Investor Class, and for the one-, three- and five-year periods ended December 31, 2024 with respect to the Institutional Class. In evaluating the Fund's performance, the Board noted how the Fund performed relative to the returns of the Index and the performance universe. In addition, the Board noted that it had also received and discussed at periodic intervals information comparing the Fund's performance to that of the Index and to a peer group of funds.

The Board observed that the annualized returns of each class of the Fund outperformed its respective performance universe median for each period reviewed, ranking in the third quintile of its respective performance universe (the first quintile being the best performers and the fifth quintile being the worst performers) for the one-year period ended December 31, 2024, in the second quintile of its respective performance universe for the three-year period ended December 31, 2024, and, as to the Institutional Class, in the second quintile of its performance universe for the five-year period ended December 31, 2024. The Board also observed each class of the Fund underperformed the Index for each period reviewed, with the exception of the Fund's Institutional Class for the three-year period ended December 31, 2024.

The Board considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus, and in the context of overall recent market conditions. In addition, the Board considered each Sub-Adviser's investment decision-making process, the organization, experience and composition of its investment personnel and its portfolio risk controls, among other things, as well as its performance attribution commentary. The Board's

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assessment of performance results was also informed by its understanding of ECM's processes for overseeing and analyzing each Sub-Adviser's performance, including ECM's systematic approach to performance monitoring. Also relevant to the Board was ECM's view that the Fund meets expectations with respect to its investment objective and that ECM recommends the retention of each Sub-Adviser.

The Board determined that it was satisfied with the explanations for, oversight of and information provided regarding the Fund's investment performance.

#### Costs and Profitability
The Board considered the costs of services provided by ECM and each Sub-Adviser, as applicable, from their relationships with the Fund. The Board also reviewed an analysis prepared by the Independent Consultant regarding the actual net advisory fee, sub-advisory fees and advisory fee retained by ECM for the Fund's Investor Class as compared to other sub-advised funds within the same Morningstar peer group and publicly disclosed sub-advisory fees.

With respect to the costs of services, the Board considered the structure and the level of the investment management fees and other expenses payable by the Fund. In this regard, the Board noted that ECM's management fee includes fund accounting and fund administration services. In addition, the Board noted that ECM has contractually agreed to limit the fees and expenses of the Fund for a one-year renewable term through April 30, 2026.

In evaluating the management fee and total expense ratio of the Fund, as to its Institutional Class and Investor Class, the Board considered the fees payable by and the total expense ratio of a peer group of funds managed by other investment advisers, as determined independently by Broadridge, based on Lipper fund classification schema. Specifically, the Board considered (i) the Fund's management fee as provided in the Advisory Agreement (the "Contractual Management Fee") in comparison to the contractual management fees of the peer group of funds and (ii) the Fund's total expense ratio in comparison to the peer group funds' total expense ratios (in all cases, net of any waivers, if applicable). In addition, the Board considered the Fund's total expense ratio in comparison to the median expense ratios for all funds in the peer groups. As part of its comprehensive evaluation, the Board also reviewed a report from the Independent Consultant assessing expenses in the context of performance and other factors.

The Board observed that the Fund's Contractual Management Fee was lower than the median contractual management fee of the peer group of funds for each class. The Board also observed that the total annual operating expense ratio for each class was lower than the peer group median expense ratio, ranking in the first quintile of its peer group with respect to the Investor Class (with the first quintile being the lowest expenses and the fifth quintile being the highest expenses) and in the second quintile of its peer group with respect to the Institutional Class. In addition, the Board considered the Independent Consultant's overall conclusion that the Fund's management fees and expenses are reasonable relative to the quality of services provided, comparable management fees and expenses of similar funds and the profitability of ECM.

The Board also reviewed information regarding the fees charged by ECM and the Sub-Advisers to similar other funds of Empower Funds managed by ECM and the Sub-Advisers, as applicable, and/or standard institutional fee schedules for the relevant investment strategy. The Board noted that ECM does not manage other client accounts in the same investment style as the Fund. With respect to each of JPMIM, Loomis Sayles and Putnam, the Board noted that the information provided included the fees charged for one or more similar retail mutual funds managed or sub-advised by the Sub-Adviser and/or institutional separately managed accounts with an investment strategy similar to the Fund. As applicable, the Board noted explanations provided for any differences in fee schedules, including vehicle structures, account sizes, the totality of client relationship, anticipated flows and projected growth. For instance, the Board considered JPMIM's statement that fee schedules take into account various factors, including, but not limited to, the overall relationship, initial size of the mandate, anticipated flows and projected growth, competitor data and existing fee schedules. Also noted was JPMIM's view that the Fund's sub-advisory fees are competitive and in line with similar mandates. As to Loomis Sayles, the Board noted the Sub-Adviser's statement that the Fund's sub-advisory fee is the lowest fee rate of all mutual funds managed by the Sub-Adviser in this strategy.

Although not identified specifically as accounts or products comparable to the Fund, the Board noted that the information provided by ILIM included the fees it charged to ECM for the other series of Empower Funds sub-advised by ILIM, including other equity index funds and a passively managed sleeve of another equity fund (collectively, the "ILIM Sub-Advised Funds"). The Board also noted ILIM's statement that the sub-advisory fee charged to ECM for the Fund is consistent with pricing for

------

mandates of similar size and for similar services. Taking into account all of the foregoing, the Board noted that the fees charged appeared to be consistent or competitive with those charged to the other funds or accounts and ECM, as applicable. In addition, the Board noted that ECM, not the Fund, pays the sub-advisory fees to each Sub-Adviser.

The Board further considered the overall financial soundness of, and the profits estimated to be realized by, ECM and each of the Sub-Advisers, as applicable. For this purpose, the Board reviewed the financial statements and profitability information from ECM and each of the Sub-Advisers, as applicable.

With respect to ECM's profitability information, the Board considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Board noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as ECM, and that it is difficult to make comparisons of profitability between advisers because comparative information is not generally publicly available. The Board also reviewed a report from the Independent Consultant comparing pre-tax profitability margins for the latest available fiscal year for certain publicly-traded investment management and financial services firms, as compared to ECM's overall profits, as calculated by the Independent Consultant. The Board also compared ECM's overall pre-tax profitability margin, as calculated by ECM, to those of the publicly-traded firms in the Independent Consultant's report. The Board considered that, while ECM's overall profitability is not unreasonable, profitability information is affected by numerous factors, including the adviser's organization, capital structure and cost of capital, the types of products it manages, its mix of businesses and operating scale and the adviser's assumptions regarding allocations of revenue and expenses, including differing accounting approaches among organizations. In addition, with respect to the Fund in particular, the Board noted that Loomis Sayles reported a negative margin associated with the management of its allocated portion of the Fund's portfolio.

The Board also noted that ILIM's profitability was based on its aggregate profitability for providing sub-advisory services to the ILIM Sub-Advised Funds (i.e., including the Fund) and, similarly, JPMIM's profitability was based on the aggregate profitability for providing sub-advisory services to three series of Empower Funds, including the Fund. With respect to Putnam, the Board noted Putnam's statement that the firm does not provide per account profitability information for sub-advised accounts, but that margins on the account would be similar to vehicles with comparable risk and benefit profiles. The Board noted that since the Sub-Advisory Agreement with Putnam is arm's length, such information regarding the Sub-Adviser was not relevant to its consideration of the continuation of the Putnam Sub-Advisory Agreement.

Based on the information provided, the Board concluded that the costs of the services provided and, as applicable, the profits estimated to have been realized by ECM and its affiliates and/or the Sub-Advisers, as applicable, were not unreasonable in relation to the nature, extent and quality of the services provided.

#### Economies of Scale
The Board received and considered information about the potential for ECM to experience economies of scale in the provision of services to the Fund and the extent to which potential scale benefits are shared with shareholders. In evaluating economies of scale, the Board considered, among other things, the current level of management and sub-advisory fees payable by the Fund and ECM, respectively, and whether those fees include breakpoints, as well as comparative fee information, the profitability and financial condition of ECM, and the current level of the Fund's assets. The Board noted that ECM shares potential economies of scale from its business in a variety of ways, including through fee waiver arrangements, services that benefit shareholders, competitive management fee rates set at the outset, and investments in the business intended to enhance services available to the Fund and shareholders. In its evaluation, the Board noted that both the management fee schedule and - with respect to each Sub-Adviser except ILIM - the sub-advisory fee schedules contained breakpoints that would reduce the relevant fee rate on assets above specified levels as the Fund's assets increased. As the Board considered the foregoing, including instances in which the breakpoints in the applicable sub-advisory fee schedule take effect at lower asset levels than for the management fee, the Board took into account that the sub-advisory fee under each Sub-Advisory Agreement is paid by ECM out of the management fee that it receives under the Advisory Agreement. Similarly, the Board took into account the foregoing in its review of data provided and developed by the Independent Consultant regarding the portion of the management fee retained by ECM, which indicated that such portion was below that of the Fund's peer group.

Based on the information provided, the Board concluded that ECM's arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

------

#### Other Factors
The Board received and considered information regarding ancillary benefits derived or to be derived by ECM or each Sub-Adviser from their relationships with the Fund as part of the total mix of information evaluated by the Board. In this regard, the Board noted that each of ILIM, Loomis Sayles and Putnam may receive ancillary benefits from soft-dollar arrangements by which brokers provide research to the Sub-Adviser in return for allocating Fund brokerage to such brokers. The Board also noted instances in which a Sub-Adviser indicated that the Fund's performance record forms part of the Sub-Adviser's overall performance results or a Sub-Adviser otherwise derives a reputational benefit from its relationship to the Fund and, therefore, a Sub-Adviser may gain or enhance its exposure to prospective advisory clients. As to Loomis Sayles, in particular, the Sub-Adviser stated that it may from time to time use the performance of various funds in marketing its separate account investment advisory services, an ancillary benefit that the Sub-Adviser does not believe is material. Loomis Sayles also noted that the potential reputational benefit from its management of funds, including the Fund, and the possibility that such funds' performance may attract investors, is difficult to quantify. As to JPMIM, the Board noted the Sub-Adviser's statement that it is aware of no direct or indirect benefits that have been derived from its relationship to the Fund.

The Board also noted where services were provided to the Fund by affiliates of ECM and ILIM, including, in particular, the various recordkeeping, administrative and shareholder services provided by Empower pursuant to a shareholder services agreement (the "Shareholder Services Agreement"). The Board considered its assessment, as part of the Board's annual contract review process, of the services provided by and fees paid under the Shareholder Services Agreement - an assessment that included, among other things, reviews of service metrics data, the nature and quality of shareholder services, fees retained by Empower and those paid to third-party providers and Empower's estimated profitability on shareholder services fees from the Fund.

In addition to the foregoing arrangements, the Board took into account the fact that the Fund is offered as an investment option on a brokerage platform sponsored by an affiliate of ECM and that an affiliate of ECM may provide asset allocation services to the Fund's investors.

The Board concluded that the Fund's management and sub-advisory fees were reasonable, taking into account any ancillary benefits derived or to be derived by ECM, the Sub-Advisers, or, as applicable, their affiliates.

#### Conclusion
Based upon all the information considered and the conclusions reached, the Board determined that the terms of each Agreement and the Franklin Sub-Sub-Advisory Agreement continue to be reasonable and that the continuation of the Agreements and the Franklin Sub-Sub-Advisory Agreement is in the best interests of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Item 8 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Item 9 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

(a) Item 10 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 11. STATEMENT REGARDING BASIS OF APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

(a) Item 11 is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors that were implemented after the registrant last provided disclosure in response to this Item 407(c)(2)(iv) of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 16. CONTROLS AND PROCEDURES.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant in the report it files or submits on Form N-CSR is recorded, processed, summarized and reported, within the time periods specified in the commission's rules and forms and that such material information is accumulated and communicated to the registrant's management, including its principal executive officer and principal financial officer, as appropriate, in order to allow timely decisions regarding required disclosure.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 17. DISCLOSURE OF LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

Not applicable.

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**ITEM 19. EXHIBITS.**

(a) (1) Not required in filing.

(2) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto.](N-CSR_302_CERT.htm)

(3) Not applicable.

(4) Not applicable.

(b) [A separate certification for each principal executive and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 is attached hereto.](N-CSR_906_CERT.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EMPOWER FUNDS, INC.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: August 21, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jonathan D. Kreider

Jonathan D. Kreider

President & Chief Executive Officer

Date: August 21, 2025

By: /s/ Kelly B. New

Kelly B. New

Chief Financial Officer & Treasurer

Date: August 21, 2025

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## Ex-99.Cert

#### CERTIFICATIONS
I, Jonathan D. Kreider, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

---

I, Kelly B. New, certify that:

1. I have reviewed this report on Form N-CSR of Empower Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted account principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

---

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## Exhibit 99.906

#### CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

#### (18 U.S.C. 1350)
In connection with the Semi-Annual Report of Empower Funds, Inc. (the "Registrant") on Form N-CSR for the period ended June 30, 2025 (the "Report"), the undersigneds hereby certify, to the best of their knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Jonathan D. Kreider  |
|  | Jonathan D. Kreider  |
|  | President & Chief Executive Officer  |

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| | |
|:---|:---|
| Date:  | August 21, 2025  |
| By:  | /s/ Kelly B. New  |
|  | Kelly B. New  |
|  | Chief Financial Officer & Treasurer  |

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__________

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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