# EDGAR Filing Document

**Accession Number:** 0000356476
**File Stem:** 0001193125-26-232067
**Filing Date:** 2026-5
**Character Count:** 242370
**Document Hash:** 01d31dd893655ae2f90989a9e11b2b5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-232067.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001193125-26-232067

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03364
- **FILM NUMBER:** 261002491

**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 Small Cap Growth Fund (Series ID: S000050621)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159789 | Investor Class      | MXMTX           |
| C000159791 | Institutional Class | MXMSX           |

## Nport-Ex

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

---

| | |
|:---|:---|
| **Empower S&P Small Cap 600® Index Fund** | &nbsp;&nbsp;&nbsp;**Empower Small Cap Growth Fund** |
| **Institutional Class Ticker / MXERX** | &nbsp;&nbsp;&nbsp;**Institutional Class Ticker / MXMSX** |
| **Investor Class Ticker / MXISX** | &nbsp;&nbsp;&nbsp;**Investor Class Ticker / MXMTX** |
| **Class L Ticker / MXNSX** |  |
| **Empower Small Cap Value Fund** |  |
| **Institutional Class Ticker / MXTFX** |  |
| **Investor Class Ticker / MXLSX** |  |

---

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

#### Quarterly Holdings Report
<br> March 31, 2026

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

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 4.11% | Basic Materials — 4.11% | Basic Materials — 4.11% |
| &nbsp;&nbsp;23303 | Balchem Corp | &nbsp;&nbsp;&nbsp;$3949393 |
| &nbsp;&nbsp;78688 | Celanese Corp | &nbsp;&nbsp;&nbsp;&nbsp; 5175310 |
| &nbsp;&nbsp;38472 | Century Aluminum Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2257922 |
| 106974 | Chemours Co | &nbsp;&nbsp;&nbsp;&nbsp; 2356637 |
| &nbsp;&nbsp;82119 | Eastman Chemical Co | &nbsp;&nbsp;&nbsp;&nbsp; 6267322 |
| 163351 | Element Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 5576803 |
| &nbsp;&nbsp;87862 | FMC Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512984 |
| &nbsp;&nbsp;15151 | Hawkins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327194 |
| &nbsp;&nbsp;38850 | HB Fuller Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396268 |
| &nbsp;&nbsp;25667 | Ingevity Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828260 |
| &nbsp;&nbsp;17789 | Innospec Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298953 |
| &nbsp;&nbsp;11722 | Kaiser Aluminum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412618 |
| &nbsp;&nbsp;14905 | Koppers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576525 |
| &nbsp;&nbsp;22220 | Minerals Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575842 |
| &nbsp;&nbsp;&nbsp;&nbsp;9538 | Quaker Chemical Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184906 |
| &nbsp;&nbsp;11840 | Rogers Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270787 |
| &nbsp;&nbsp;30322 | Sensient Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621034 |
| &nbsp;&nbsp;15790 | Stepan Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789184 |
| &nbsp;&nbsp;24659 | Sylvamo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45419538 |
| Communications — 5.56% | Communications — 5.56% | Communications — 5.56% |
| &nbsp;&nbsp;51638 | A10 Networks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193871 |
| &nbsp;&nbsp;&nbsp;&nbsp;3556 | Cable One Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324343 |
| &nbsp;&nbsp;44154 | Calix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163104 |
| &nbsp;&nbsp;58136 | Cargurus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979531 |
| &nbsp;&nbsp;34765 | Cogent Communications Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654973 |
| &nbsp;&nbsp;18940 | ePlus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425235 |
| &nbsp;&nbsp;70852 | Etsy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541183 |
| &nbsp;&nbsp;96397 | Extreme Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453667 |
| &nbsp;&nbsp;54261 | Gogo Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218129 |
| &nbsp;&nbsp;84857 | Harmonic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762016 |
| &nbsp;&nbsp;17725 | HealthStream Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367085 |
| &nbsp;&nbsp;46127 | IAC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846464 |
| &nbsp;&nbsp;76505 | Iridium Communications Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122249 |
| &nbsp;&nbsp;18076 | Liquidity Services Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552583 |
| 676158 | Lumen Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699298 |
| 286248 | Lyft Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3807098 |
| 169685 | Match Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211026 |
| &nbsp;&nbsp;44736 | Q2 Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116013 |
| &nbsp;&nbsp;40272 | QuinStreet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483667 |
| &nbsp;&nbsp;17567 | Scholastic Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686167 |
| &nbsp;&nbsp;34022 | Shenandoah Telecommunications Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524619 |
| &nbsp;&nbsp;19648 | Shutterstock Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326353 |
| &nbsp;&nbsp;19046 | Sphere Entertainment Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236000 |
| &nbsp;&nbsp;90975 | Sprinklr Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545850 |
| &nbsp;&nbsp;69955 | Telephone & Data Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945105 |
| &nbsp;&nbsp;84395 | TripAdvisor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899651 |
| 130586 | Uniti Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224897 |
| &nbsp;&nbsp;95956 | Upwork Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051678 |
| 104453 | Versant Media Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866850 |
| &nbsp;&nbsp;97705 | Viasat Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474889 |
| 167311 | Viavi Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5568110 |
| &nbsp;&nbsp;41569 | Yelp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028417 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Communications — (continued) | Communications — (continued) | Communications — (continued) |
| &nbsp;&nbsp;27735 | Ziff Davis Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1163761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61463882 |
| Consumer, Cyclical — 14.43% | Consumer, Cyclical — 14.43% | Consumer, Cyclical — 14.43% |
| &nbsp;&nbsp;47637 | Academy Sports & Outdoors Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2689109 |
| &nbsp;&nbsp;20161 | Acushnet Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1884650 |
| &nbsp;&nbsp;55208 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1115754 |
| &nbsp;&nbsp;42987 | Advance Auto Parts Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2267564 |
| &nbsp;&nbsp;10047 | Allegiant Travel Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814209 |
| 115464 | American Eagle Outfitters Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928249 |
| &nbsp;&nbsp;13851 | Asbury Automotive Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706624 |
| &nbsp;&nbsp;16067 | BJ's Restaurants Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563952 |
| &nbsp;&nbsp;21935 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210407 |
| &nbsp;&nbsp;31190 | Brinker International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452996 |
| &nbsp;&nbsp;21175 | Buckle Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066373 |
| 146360 | Caesars Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868295 |
| &nbsp;&nbsp;98338 | Callaway Golf Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364931 |
| 102150 | CarMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247397 |
| &nbsp;&nbsp;26695 | Carter's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954613 |
| &nbsp;&nbsp;&nbsp;&nbsp;5527 | Cavco Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676671 |
| &nbsp;&nbsp;&nbsp;&nbsp;5619 | Central Garden & Pet Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206611 |
| &nbsp;&nbsp;37570 | Central Garden & Pet Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218019 |
| &nbsp;&nbsp;18859 | Century Communities Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082129 |
| &nbsp;&nbsp;39616 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946242 |
| &nbsp;&nbsp;32608 | Cheesecake Factory Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785288 |
| &nbsp;&nbsp;75289 | Cinemark Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147242 |
| &nbsp;&nbsp;16174 | Cracker Barrel Old Country Store Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454651 |
| &nbsp;&nbsp;80522 | Dana Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2709565 |
| 174709 | Dauch Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036024 |
| &nbsp;&nbsp;19751 | Dorman Products Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061214 |
| &nbsp;&nbsp;21858 | Dream Finders Homes Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304263 |
| &nbsp;&nbsp;18026 | Ethan Allen Interiors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401259 |
| &nbsp;&nbsp;30562 | Fox Factory Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503051 |
| &nbsp;&nbsp;34940 | Freshpet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060062 |
| &nbsp;&nbsp;26217 | G-III Apparel Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726211 |
| &nbsp;&nbsp;22187 | Gentherm Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616355 |
| &nbsp;&nbsp;13715 | Golden Entertainment Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366053 |
| &nbsp;&nbsp;22571 | Green Brick Partners Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454701 |
| &nbsp;&nbsp;&nbsp;&nbsp;8401 | Group 1 Automotive Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777623 |
| &nbsp;&nbsp;48902 | HNI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632838 |
| &nbsp;&nbsp;16267 | Installed Building Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313195 |
| &nbsp;&nbsp;43041 | Interface Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072582 |
| 208527 | JetBlue Airways Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921689 |
| &nbsp;&nbsp;82199 | Kohl's Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060367 |
| &nbsp;&nbsp;36407 | Kontoor Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559048 |
| &nbsp;&nbsp;30774 | La-Z-Boy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989076 |
| &nbsp;&nbsp;17256 | LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122143 |
| 100410 | Leggett & Platt Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992051 |
| &nbsp;&nbsp;14761 | LGI Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583502 |
| 109073 | Life Time Group Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938426 |
| 183626 | LKQ Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5393095 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;19052 | M/I Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$2332917 |
| &nbsp;&nbsp;12923 | Madison Square Garden Sports Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4153452 |
| &nbsp;&nbsp;13850 | MarineMax Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 374781 |
| &nbsp;&nbsp;19822 | Marriott Vacations Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1290809 |
| &nbsp;&nbsp;48025 | Meritage Homes Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2969866 |
| &nbsp;&nbsp;48474 | MillerKnoll Inc | &nbsp;&nbsp;&nbsp;&nbsp; 700934 |
| &nbsp;&nbsp;&nbsp;&nbsp;8465 | Monarch Casino & Resort Inc | &nbsp;&nbsp;&nbsp;&nbsp; 809254 |
| &nbsp;&nbsp;55937 | National Vision Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448768 |
| 292318 | Newell Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002651 |
| &nbsp;&nbsp;72562 | OneSpaWorld Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665298 |
| &nbsp;&nbsp;75671 | OPENLANE Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205810 |
| &nbsp;&nbsp;10754 | Oxford Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414137 |
| &nbsp;&nbsp;24754 | Papa John's International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802277 |
| &nbsp;&nbsp;24277 | Patrick Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696447 |
| &nbsp;&nbsp;&nbsp;&nbsp;7747 | PC Connection Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452890 |
| &nbsp;&nbsp;89200 | Penn Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340676 |
| &nbsp;&nbsp;26908 | Phinia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841584 |
| &nbsp;&nbsp;17965 | PriceSmart Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703732 |
| &nbsp;&nbsp;14517 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531758 |
| &nbsp;&nbsp;34455 | Red Rock Resorts Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838519 |
| &nbsp;&nbsp;98819 | Resideo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331188 |
| &nbsp;&nbsp;43328 | Rush Enterprises Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864414 |
| 291047 | Sabre Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422018 |
| &nbsp;&nbsp;72539 | Sally Beauty Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004665 |
| &nbsp;&nbsp;13930 | ScanSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505659 |
| &nbsp;&nbsp;29234 | Shake Shack Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586332 |
| &nbsp;&nbsp;29393 | Signet Jewelers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487823 |
| &nbsp;&nbsp;74606 | Six Flags Entertainment Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324257 |
| &nbsp;&nbsp;28714 | SkyWest Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636807 |
| &nbsp;&nbsp;10516 | Sonic Automotive Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721082 |
| &nbsp;&nbsp;88227 | Sonos Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182242 |
| &nbsp;&nbsp;14989 | Standard Motor Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520718 |
| &nbsp;&nbsp;51500 | Steven Madden Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746880 |
| &nbsp;&nbsp;38669 | Sun Country Airlines Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638812 |
| &nbsp;&nbsp;32525 | Titan International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224748 |
| &nbsp;&nbsp;60882 | Tri Pointe Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845016 |
| 136986 | Under Armour Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809587 |
| &nbsp;&nbsp;82938 | Under Armour Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480211 |
| &nbsp;&nbsp;10427 | UniFirst Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623329 |
| &nbsp;&nbsp;19955 | United Parks & Resorts Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651730 |
| &nbsp;&nbsp;38614 | Urban Outfitters Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446197 |
| &nbsp;&nbsp;57369 | Victoria's Secret & Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659627 |
| &nbsp;&nbsp;20782 | VSE Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832201 |
| 109686 | Wendy's Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762318 |
| &nbsp;&nbsp;&nbsp;&nbsp;2205 | Winmark Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942748 |
| &nbsp;&nbsp;21186 | Winnebago Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656554 |
| &nbsp;&nbsp;60347 | Wolverine World Wide Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984863 |
| &nbsp;&nbsp;17850 | XPEL Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159504996 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — 17.30% | Consumer, Non-Cyclical — 17.30% | Consumer, Non-Cyclical — 17.30% |
| &nbsp;&nbsp;41979 | ABM Industries Inc | &nbsp;&nbsp;&nbsp;$1617031 |
| &nbsp;&nbsp;65600 | Acadia Healthcare Co Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1534384 |
| &nbsp;&nbsp;88571 | ACADIA Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1971590 |
| &nbsp;&nbsp;75064 | AdaptHealth Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 893262 |
| &nbsp;&nbsp;13348 | Addus HomeCare Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1250040 |
| 170566 | ADMA Biologics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1536800 |
| 362889 | ADT Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2384181 |
| &nbsp;&nbsp;35382 | Alarm.com Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528149 |
| 117935 | Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170182 |
| &nbsp;&nbsp;27814 | AMN Healthcare Services Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510109 |
| 120458 | Amneal Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497293 |
| &nbsp;&nbsp;26712 | Amphastar Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523288 |
| &nbsp;&nbsp;24477 | Andersons Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756959 |
| &nbsp;&nbsp;12737 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979475 |
| &nbsp;&nbsp;72167 | Apellis Pharmaceuticals Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903278 |
| &nbsp;&nbsp;60027 | Arcus Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296583 |
| &nbsp;&nbsp;78231 | Arlo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113227 |
| &nbsp;&nbsp;30978 | Artivion Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134414 |
| &nbsp;&nbsp;31472 | Astrana Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771693 |
| &nbsp;&nbsp;31437 | Avanos Medical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440432 |
| &nbsp;&nbsp;30332 | Azenta Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640915 |
| &nbsp;&nbsp;29501 | BioLife Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562879 |
| &nbsp;&nbsp;94988 | BrightSpring Health Services Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047439 |
| &nbsp;&nbsp;32169 | Cal-Maine Foods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546176 |
| &nbsp;&nbsp;82247 | Catalyst Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036436 |
| &nbsp;&nbsp;91195 | Certara Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519811 |
| &nbsp;&nbsp;25742 | Chefs' Warehouse Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530362 |
| &nbsp;&nbsp;23546 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778666 |
| &nbsp;&nbsp;84259 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807356 |
| &nbsp;&nbsp;22785 | CONMED Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805678 |
| &nbsp;&nbsp;66461 | Corcept Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679043 |
| &nbsp;&nbsp;71876 | CoreCivic Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359175 |
| &nbsp;&nbsp;22923 | CorVel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252742 |
| &nbsp;&nbsp;24770 | Covista Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854742 |
| &nbsp;&nbsp;72056 | Cytek Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314885 |
| &nbsp;&nbsp;33071 | Deluxe Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910775 |
| &nbsp;&nbsp;34167 | Edgewell Personal Care Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729124 |
| &nbsp;&nbsp;41515 | Embecta Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366993 |
| &nbsp;&nbsp;41845 | Enovis Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951974 |
| &nbsp;&nbsp;45005 | EVERTEC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270041 |
| &nbsp;&nbsp;68988 | Fortrea Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649867 |
| &nbsp;&nbsp;23946 | Fresh Del Monte Produce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964066 |
| &nbsp;&nbsp;98243 | GEO Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651465 |
| &nbsp;&nbsp;41409 | Glaukos Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4458093 |
| &nbsp;&nbsp;73243 | Grocery Outlet Holding Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516363 |
| &nbsp;&nbsp;29122 | Harmony Biosciences Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815707 |
| &nbsp;&nbsp;49060 | Healthcare Services Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910063 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;89885 | Hertz Global Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;$414370 |
| &nbsp;&nbsp;17531 | ICU Medical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2264129 |
| &nbsp;&nbsp;90742 | Indivior Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2765816 |
| &nbsp;&nbsp;49893 | Innoviva Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1162507 |
| &nbsp;&nbsp;26214 | Insperity Inc | &nbsp;&nbsp;&nbsp;&nbsp; 708827 |
| &nbsp;&nbsp;18551 | Inspire Medical Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 956861 |
| &nbsp;&nbsp;25397 | Integer Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2234936 |
| &nbsp;&nbsp;51917 | Integra LifeSciences Holdings Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489058 |
| &nbsp;&nbsp;13487 | Interparfums Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225159 |
| &nbsp;&nbsp;10495 | J & J Snack Foods Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831939 |
| &nbsp;&nbsp;&nbsp;&nbsp;6474 | John B Sanfilippo & Son Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513582 |
| &nbsp;&nbsp;30057 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145172 |
| &nbsp;&nbsp;37300 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348035 |
| &nbsp;&nbsp;18548 | Krystal Biotech Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791319 |
| 100270 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237410 |
| &nbsp;&nbsp;96313 | Laureate Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355545 |
| &nbsp;&nbsp;86148 | Legalzoom.com Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488459 |
| &nbsp;&nbsp;14759 | LeMaitre Vascular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611240 |
| &nbsp;&nbsp;14128 | Ligand Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820655 |
| &nbsp;&nbsp;34300 | ManpowerGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010478 |
| &nbsp;&nbsp;26755 | MarketAxess Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414040 |
| &nbsp;&nbsp;22715 | Matthews International Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586501 |
| &nbsp;&nbsp;42596 | Merit Medical Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936142 |
| &nbsp;&nbsp;73188 | Mister Car Wash Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510120 |
| &nbsp;&nbsp;36917 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921036 |
| &nbsp;&nbsp;20727 | Monro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332461 |
| &nbsp;&nbsp;17004 | National Beverage Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572185 |
| &nbsp;&nbsp;&nbsp;&nbsp;9144 | National HealthCare Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460297 |
| 158531 | Neogen Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472753 |
| &nbsp;&nbsp;94659 | NeoGenomics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702370 |
| &nbsp;&nbsp;33329 | Omnicell Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112522 |
| 182082 | Organon & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090671 |
| &nbsp;&nbsp;28833 | Pacira BioSciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651626 |
| 214511 | Payoneer Global Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036088 |
| &nbsp;&nbsp;60673 | Pediatrix Medical Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297795 |
| &nbsp;&nbsp;44012 | Perdoceo Education Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637687 |
| &nbsp;&nbsp;95777 | Perrigo Co PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028645 |
| &nbsp;&nbsp;14920 | Phibro Animal Health Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825225 |
| &nbsp;&nbsp;33631 | Prestige Consumer Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993309 |
| &nbsp;&nbsp;84913 | Privia Health Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746660 |
| &nbsp;&nbsp;28709 | PROG Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823661 |
| &nbsp;&nbsp;59643 | Progyny Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012738 |
| &nbsp;&nbsp;42227 | Protagonist Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450726 |
| &nbsp;&nbsp;57675 | PTC Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929398 |
| &nbsp;&nbsp;32262 | Quanex Building Products Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579748 |
| &nbsp;&nbsp;50035 | QuidelOrtho Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822075 |
| &nbsp;&nbsp;49908 | RadNet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789358 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;40391 | Reynolds Consumer Products Inc | &nbsp;&nbsp;&nbsp;$855481 |
| &nbsp;&nbsp;70195 | Robert Half Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1782953 |
| &nbsp;&nbsp;74235 | Sarepta Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1615354 |
| &nbsp;&nbsp;78481 | Select Medical Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1278456 |
| &nbsp;&nbsp;12850 | Sezzle Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 813277 |
| &nbsp;&nbsp;61570 | Simply Good Foods Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 883529 |
| &nbsp;&nbsp;37716 | STAAR Surgical Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 705289 |
| &nbsp;&nbsp;16346 | Strategic Education Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356064 |
| &nbsp;&nbsp;30159 | Stride Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659119 |
| &nbsp;&nbsp;41977 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169791 |
| &nbsp;&nbsp;47468 | Tandem Diabetes Care Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909962 |
| &nbsp;&nbsp;31676 | Teleflex Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788766 |
| &nbsp;&nbsp;97034 | TG Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223469 |
| &nbsp;&nbsp;14571 | Tootsie Roll Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622491 |
| &nbsp;&nbsp;24916 | TransMedics Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476899 |
| &nbsp;&nbsp;&nbsp;&nbsp;5366 | UFP Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038858 |
| &nbsp;&nbsp;43193 | United Natural Foods Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946277 |
| &nbsp;&nbsp;17490 | Universal Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921723 |
| &nbsp;&nbsp;38186 | Upbound Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689257 |
| &nbsp;&nbsp;11301 | US Physical Therapy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847123 |
| &nbsp;&nbsp;57127 | Veracyte Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840061 |
| &nbsp;&nbsp;35613 | Vericel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145670 |
| 113578 | Verra Mobility Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623030 |
| &nbsp;&nbsp;78182 | Vestis Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614511 |
| &nbsp;&nbsp;84405 | Vir Biotechnology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756269 |
| &nbsp;&nbsp;31647 | Vita Coco Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516208 |
| &nbsp;&nbsp;27891 | Vital Farms Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393821 |
| &nbsp;&nbsp;&nbsp;&nbsp;9619 | WD-40 Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961699 |
| 132957 | WillScot Holdings Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308133 |
| &nbsp;&nbsp;52277 | Xencor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191228541 |
| Energy — 7.03% | Energy — 7.03% | Energy — 7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;7776 | Alpha Metallurgical Resources Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596180 |
| 126259 | Archrock Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393813 |
| &nbsp;&nbsp;56285 | Atlas Energy Solutions Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738459 |
| &nbsp;&nbsp;17619 | Bristow Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826155 |
| &nbsp;&nbsp;56290 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896394 |
| &nbsp;&nbsp;56154 | Comstock Resources Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183726 |
| &nbsp;&nbsp;34986 | Core Laboratories Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587415 |
| &nbsp;&nbsp;36721 | Core Natural Resources Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845790 |
| 176494 | Crescent Energy Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382669 |
| &nbsp;&nbsp;22390 | CVR Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753424 |
| 132939 | DNOW Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583304 |
| &nbsp;&nbsp;94181 | Enphase Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560984 |
| &nbsp;&nbsp;97330 | Helix Energy Solutions Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962594 |
| &nbsp;&nbsp;72680 | Helmerich & Payne Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618660 |
| &nbsp;&nbsp;28302 | Innovex International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690286 |
| &nbsp;&nbsp;31996 | Kinetik Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548926 |
| &nbsp;&nbsp;59739 | Kodiak Gas Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483978 |
| 116209 | Liberty Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346819 |
| 129849 | Magnolia Oil & Gas Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099333 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — (continued) | Energy — (continued) | Energy — (continued) |
| &nbsp;&nbsp;90365 | Noble Corp PLC | &nbsp;&nbsp;&nbsp;$4434211 |
| &nbsp;&nbsp;75256 | Northern Oil & Gas Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2199733 |
| &nbsp;&nbsp;71193 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2525216 |
| &nbsp;&nbsp;36402 | Par Pacific Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2280221 |
| 249439 | Patterson-UTI Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2701424 |
| &nbsp;&nbsp;87314 | Peabody Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2876996 |
| &nbsp;&nbsp;19900 | REX American Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 906843 |
| &nbsp;&nbsp;66279 | RPC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469255 |
| 162914 | SM Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079658 |
| &nbsp;&nbsp;42438 | SolarEdge Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166460 |
| 165011 | Sunrun Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237549 |
| &nbsp;&nbsp;91706 | Talos Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445287 |
| &nbsp;&nbsp;32781 | Tidewater Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738853 |
| &nbsp;&nbsp;37756 | Warrior Met Coal Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77677586 |
| Financial — 23.92% | Financial — 23.92% | Financial — 23.92% |
| &nbsp;&nbsp;93268 | Acadia Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783284 |
| &nbsp;&nbsp;19504 | Acadian Asset Management Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061408 |
| &nbsp;&nbsp;57253 | Adamas Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421382 |
| &nbsp;&nbsp;75727 | Air Lease Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917711 |
| &nbsp;&nbsp;35020 | American Assets Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644718 |
| &nbsp;&nbsp;45878 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578025 |
| &nbsp;&nbsp;13228 | AMERISAFE Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440889 |
| &nbsp;&nbsp;97155 | Apollo Commercial Real Estate Finance Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025957 |
| 156584 | Apple Hospitality Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802282 |
| 144008 | Arbor Realty Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110302 |
| &nbsp;&nbsp;78515 | ARMOUR Residential Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309630 |
| &nbsp;&nbsp;50346 | Artisan Partners Asset Management Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832091 |
| &nbsp;&nbsp;31086 | Assured Guaranty Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532887 |
| 101931 | Atlantic Union Bankshares Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643014 |
| &nbsp;&nbsp;40621 | Axos Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456441 |
| &nbsp;&nbsp;96476 | Banc of California Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696048 |
| &nbsp;&nbsp;15320 | BancFirst Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662220 |
| &nbsp;&nbsp;30598 | Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644031 |
| &nbsp;&nbsp;28262 | Bank of Hawaii Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098453 |
| &nbsp;&nbsp;53269 | BankUnited Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405628 |
| &nbsp;&nbsp;24650 | Banner Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495762 |
| &nbsp;&nbsp;60776 | Beacon Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823280 |
| 262293 | BGC Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565226 |
| 114590 | Blackstone Mortgage Trust Inc Class A REIT <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194398 |
| &nbsp;&nbsp;31715 | Bread Financial Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375136 |
| &nbsp;&nbsp;89035 | Capitol Federal Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634820 |
| &nbsp;&nbsp;47894 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387995 |
| &nbsp;&nbsp;12383 | Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711403 |
| &nbsp;&nbsp;20186 | Central Pacific Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645145 |
| &nbsp;&nbsp;10205 | City Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219702 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| 184138 | Cleanspark Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;$1567014 |
| &nbsp;&nbsp;20063 | Cohen & Steers Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1254941 |
| &nbsp;&nbsp;37573 | Community Financial System Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2203656 |
| &nbsp;&nbsp;71198 | Curbline Properties Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1836197 |
| 165984 | Cushman & Wakefield Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2034964 |
| &nbsp;&nbsp;22687 | Customers Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1574705 |
| &nbsp;&nbsp;92956 | CVB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1802417 |
| 143370 | DiamondRock Hospitality Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343377 |
| &nbsp;&nbsp;29082 | Dime Community Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983553 |
| 117789 | Douglas Emmett Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109572 |
| &nbsp;&nbsp;18675 | Eagle Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464447 |
| &nbsp;&nbsp;31780 | Easterly Government Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681045 |
| &nbsp;&nbsp;87730 | Ellington Financial Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039601 |
| &nbsp;&nbsp;15523 | Employers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638616 |
| &nbsp;&nbsp;19992 | Enact Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815874 |
| &nbsp;&nbsp;16151 | Encore Capital Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132508 |
| &nbsp;&nbsp;17685 | Enova International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402154 |
| 151314 | Essential Properties Realty Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593893 |
| &nbsp;&nbsp;68199 | eXp World Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408512 |
| &nbsp;&nbsp;40819 | EZCORP Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035986 |
| &nbsp;&nbsp;28437 | FB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477018 |
| 141174 | First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082322 |
| &nbsp;&nbsp;72076 | First Commonwealth Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267096 |
| &nbsp;&nbsp;74457 | First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075861 |
| &nbsp;&nbsp;88082 | First Hawaiian Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170340 |
| &nbsp;&nbsp;63527 | First Interstate BancSystem Inc Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121802 |
| &nbsp;&nbsp;78444 | Four Corners Property Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855201 |
| &nbsp;&nbsp;55347 | Franklin BSP Realty Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469896 |
| 137796 | Fulton Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2802771 |
| 286753 | Genworth Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328434 |
| &nbsp;&nbsp;38819 | Getty Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234444 |
| 146134 | Global Net Lease Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367814 |
| &nbsp;&nbsp;18770 | Goosehead Insurance Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800728 |
| &nbsp;&nbsp;92142 | HA Sustainable Infrastructure Capital Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386218 |
| &nbsp;&nbsp;22117 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583004 |
| &nbsp;&nbsp;&nbsp;&nbsp;7884 | HCI Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218945 |
| &nbsp;&nbsp;29394 | Heritage Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764244 |
| &nbsp;&nbsp;79919 | Highwoods Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711066 |
| &nbsp;&nbsp;29185 | Hilltop Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045407 |
| &nbsp;&nbsp;90033 | Hope Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005669 |
| &nbsp;&nbsp;30025 | Horace Mann Educators Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281467 |
| &nbsp;&nbsp;35485 | Independent Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668827 |
| &nbsp;&nbsp;19907 | Innovative Industrial Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998535 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;50994 | Jackson Financial Inc Class A | &nbsp;&nbsp;&nbsp;$5391086 |
| &nbsp;&nbsp;41130 | JBG SMITH Properties REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 600909 |
| &nbsp;&nbsp;42473 | Kemper Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1297975 |
| &nbsp;&nbsp;84008 | Kennedy-Wilson Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp; 908967 |
| &nbsp;&nbsp;18028 | Lakeland Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1034447 |
| 121884 | Lincoln National Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4326882 |
| &nbsp;&nbsp;34934 | LTC Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1298147 |
| &nbsp;&nbsp;42821 | LXP Industrial Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980900 |
| 183107 | Macerich Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460722 |
| 275250 | MARA Holdings Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246040 |
| &nbsp;&nbsp;18012 | Marcus & Millichap Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478939 |
| 352106 | Medical Properties Trust Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630251 |
| &nbsp;&nbsp;21892 | Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939386 |
| &nbsp;&nbsp;19181 | Mercury General Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690805 |
| 110153 | Millrose Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084284 |
| &nbsp;&nbsp;52961 | Moelis & Co Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018777 |
| &nbsp;&nbsp;32470 | National Bank Holdings Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271525 |
| &nbsp;&nbsp;48605 | Navient Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397589 |
| &nbsp;&nbsp;37399 | NBT Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592449 |
| &nbsp;&nbsp;14840 | NexPoint Residential Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371000 |
| &nbsp;&nbsp;54036 | NMI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026890 |
| 103712 | Northwest Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316105 |
| &nbsp;&nbsp;31992 | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294396 |
| 104230 | Outfront Media Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762095 |
| &nbsp;&nbsp;18946 | Palomar Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264047 |
| &nbsp;&nbsp;11611 | Park National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897818 |
| &nbsp;&nbsp;15634 | Pathward Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395022 |
| &nbsp;&nbsp;82746 | Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045082 |
| &nbsp;&nbsp;60593 | PennyMac Mortgage Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706514 |
| &nbsp;&nbsp;90300 | Phillips Edison & Co Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379026 |
| &nbsp;&nbsp;49340 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776977 |
| &nbsp;&nbsp;17323 | PJT Partners Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420370 |
| &nbsp;&nbsp;26728 | PRA Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467740 |
| &nbsp;&nbsp;&nbsp;&nbsp;8345 | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756808 |
| &nbsp;&nbsp;37263 | ProAssurance Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921141 |
| &nbsp;&nbsp;92753 | Provident Financial Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962653 |
| &nbsp;&nbsp;97436 | Radian Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223183 |
| &nbsp;&nbsp;91100 | Redwood Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511071 |
| &nbsp;&nbsp;69151 | Renasant Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498426 |
| 398671 | Rithm Capital Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779401 |
| &nbsp;&nbsp;45457 | Ryman Hospitality Properties Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194317 |
| &nbsp;&nbsp;27518 | S&T Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151078 |
| &nbsp;&nbsp;34519 | Safehold Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467042 |
| &nbsp;&nbsp;10249 | Safety Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744487 |
| &nbsp;&nbsp;&nbsp;&nbsp;8229 | Saul Centers Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268101 |
| &nbsp;&nbsp;69016 | Seacoast Banking Corp of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090495 |
| &nbsp;&nbsp;36038 | ServisFirst Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624648 |
| 103098 | Simmons First National Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005256 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;76606 | SiriusPoint Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1650093 |
| &nbsp;&nbsp;50573 | SL Green Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp; 1868167 |
| &nbsp;&nbsp;19470 | Southside Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp; 605322 |
| &nbsp;&nbsp;29248 | St Joe Co | &nbsp;&nbsp;&nbsp;&nbsp; 1836774 |
| &nbsp;&nbsp;33047 | Stellar Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1209851 |
| &nbsp;&nbsp;53487 | StepStone Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2552400 |
| &nbsp;&nbsp;21778 | Stewart Information Services Corp | &nbsp;&nbsp;&nbsp;&nbsp; 1341089 |
| &nbsp;&nbsp;50949 | StoneX Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109037 |
| 139439 | Sunstone Hotel Investors Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256345 |
| &nbsp;&nbsp;82048 | Tanger Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787991 |
| &nbsp;&nbsp;74571 | Terreno Realty Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580151 |
| &nbsp;&nbsp;&nbsp;&nbsp;8878 | Tompkins Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699942 |
| &nbsp;&nbsp;16433 | Triumph Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980393 |
| &nbsp;&nbsp;25612 | Trupanion Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655923 |
| &nbsp;&nbsp;13128 | TrustCo Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574744 |
| &nbsp;&nbsp;41737 | Trustmark Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758797 |
| &nbsp;&nbsp;73036 | Two Harbors Investment Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834071 |
| &nbsp;&nbsp;87133 | United Community Banks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743818 |
| &nbsp;&nbsp;16471 | United Fire Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610415 |
| &nbsp;&nbsp;&nbsp;&nbsp;9508 | Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384789 |
| &nbsp;&nbsp;89467 | Urban Edge Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787551 |
| &nbsp;&nbsp;58864 | Veris Residential Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110764 |
| &nbsp;&nbsp;34282 | Victory Capital Holdings Inc Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244785 |
| &nbsp;&nbsp;58290 | Virtu Financial Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563594 |
| &nbsp;&nbsp;&nbsp;&nbsp;4553 | Virtus Investment Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611696 |
| &nbsp;&nbsp;54636 | WaFd Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715570 |
| &nbsp;&nbsp;25277 | Walker & Dunlop Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121793 |
| &nbsp;&nbsp;17519 | Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913616 |
| 232253 | Western Union Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027569 |
| &nbsp;&nbsp;31707 | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512068 |
| &nbsp;&nbsp;83874 | WisdomTree Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221205 |
| &nbsp;&nbsp;&nbsp;&nbsp;1872 | World Acceptance Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252795 |
| &nbsp;&nbsp;38397 | WSFS Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513468 |
| &nbsp;&nbsp;69747 | Xenia Hotels & Resorts Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264401612 |
| Industrial — 16.52% | Industrial — 16.52% | Industrial — 16.52% |
| &nbsp;&nbsp;27777 | AAR Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040470 |
| &nbsp;&nbsp;&nbsp;&nbsp;7840 | Alamo Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293365 |
| &nbsp;&nbsp;20080 | Albany International Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048377 |
| &nbsp;&nbsp;10946 | American Woodmark Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435979 |
| &nbsp;&nbsp;16141 | Apogee Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541369 |
| &nbsp;&nbsp;15710 | ArcBest Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545236 |
| &nbsp;&nbsp;35175 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733475 |
| &nbsp;&nbsp;10002 | Argan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447589 |
| &nbsp;&nbsp;30977 | Armstrong World Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5105010 |
| &nbsp;&nbsp;17121 | Astec Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921795 |
| &nbsp;&nbsp;21442 | AZZ Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683037 |
| &nbsp;&nbsp;21276 | Badger Meter Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241398 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;25386 | Benchmark Electronics Inc | &nbsp;&nbsp;&nbsp;$1423139 |
| &nbsp;&nbsp;27080 | Boise Cascade Co | &nbsp;&nbsp;&nbsp;&nbsp; 2054018 |
| &nbsp;&nbsp;31774 | Brady Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2581320 |
| &nbsp;&nbsp;49104 | Cactus Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2326056 |
| &nbsp;&nbsp;44878 | Casella Waste Systems Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3560620 |
| &nbsp;&nbsp;11860 | CSW Industrials Inc | &nbsp;&nbsp;&nbsp;&nbsp; 3090479 |
| &nbsp;&nbsp;20852 | CTS Corp | &nbsp;&nbsp;&nbsp;&nbsp; 995892 |
| &nbsp;&nbsp;26879 | Dorian LPG Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919262 |
| &nbsp;&nbsp;&nbsp;&nbsp;8912 | DXP Enterprises Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245274 |
| &nbsp;&nbsp;45154 | Energizer Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741429 |
| &nbsp;&nbsp;38763 | Enerpac Tool Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413687 |
| &nbsp;&nbsp;15139 | Enpro Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794590 |
| &nbsp;&nbsp;57773 | Enviri Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133506 |
| &nbsp;&nbsp;18615 | ESCO Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237703 |
| &nbsp;&nbsp;36484 | Everus Construction Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307301 |
| &nbsp;&nbsp;43558 | Federal Signal Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710362 |
| &nbsp;&nbsp;17265 | Forward Air Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288498 |
| &nbsp;&nbsp;27522 | Franklin Electric Co Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536703 |
| &nbsp;&nbsp;51382 | Frontdoor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716053 |
| 182895 | Gates Industrial Corp PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135256 |
| &nbsp;&nbsp;22200 | Gibraltar Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885114 |
| &nbsp;&nbsp;31154 | Granite Construction Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734741 |
| &nbsp;&nbsp;21751 | Greenbrier Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145190 |
| &nbsp;&nbsp;27976 | Griffon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033296 |
| 145331 | Hayward Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944529 |
| &nbsp;&nbsp;30807 | Heartland Express Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320393 |
| &nbsp;&nbsp;43788 | Hub Group Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578120 |
| &nbsp;&nbsp;24251 | Ichor Holdings Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130339 |
| &nbsp;&nbsp;13895 | Insteel Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467011 |
| &nbsp;&nbsp;29603 | International Seaways Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157467 |
| &nbsp;&nbsp;32856 | Itron Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944883 |
| &nbsp;&nbsp;37373 | JBT Marel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778886 |
| &nbsp;&nbsp;&nbsp;&nbsp;8447 | Kadant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469480 |
| &nbsp;&nbsp;55573 | Kennametal Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007852 |
| &nbsp;&nbsp;62204 | Knowles Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597399 |
| &nbsp;&nbsp;&nbsp;&nbsp;7718 | Lindsay Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918982 |
| &nbsp;&nbsp;43501 | Marten Transport Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571168 |
| &nbsp;&nbsp;92839 | Masterbrand Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771492 |
| &nbsp;&nbsp;14796 | Materion Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140241 |
| &nbsp;&nbsp;22387 | Matson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670125 |
| &nbsp;&nbsp;37837 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758696 |
| &nbsp;&nbsp;25304 | Metallus Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413467 |
| 175762 | Mirion Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267416 |
| &nbsp;&nbsp;37476 | Mohawk Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689887 |
| 112723 | Mueller Water Products Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098755 |
| &nbsp;&nbsp;11189 | MYR Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158878 |
| &nbsp;&nbsp;26321 | Napco Security Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036784 |
| &nbsp;&nbsp;&nbsp;&nbsp;3954 | National Presto Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541935 |
| 110176 | O-I Glass Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157950 |
| &nbsp;&nbsp;11120 | OSI Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952471 |
| &nbsp;&nbsp;19276 | Plexus Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904161 |
| &nbsp;&nbsp;&nbsp;&nbsp;6806 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682590 |
| &nbsp;&nbsp;38852 | Primoris Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557390 |
| &nbsp;&nbsp;17386 | Proto Labs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991350 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;80953 | Ralliant Corp | &nbsp;&nbsp;&nbsp;$3366835 |
| 120044 | RXO Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1755043 |
| &nbsp;&nbsp;39238 | Sanmina Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5086814 |
| &nbsp;&nbsp;35932 | Schneider National Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp; 947167 |
| 105750 | Sealed Air Corp | &nbsp;&nbsp;&nbsp;&nbsp; 4446788 |
| &nbsp;&nbsp;&nbsp;&nbsp;8651 | Standex International Corp | &nbsp;&nbsp;&nbsp;&nbsp; 2204794 |
| &nbsp;&nbsp;12630 | Tennant Co | &nbsp;&nbsp;&nbsp;&nbsp; 838632 |
| &nbsp;&nbsp;56820 | Trinity Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828468 |
| &nbsp;&nbsp;87017 | Vishay Intertechnology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566306 |
| &nbsp;&nbsp;43094 | Werner Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267395 |
| &nbsp;&nbsp;40080 | World Kinect Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924646 |
| &nbsp;&nbsp;22873 | Worthington Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192598 |
| &nbsp;&nbsp;24495 | Worthington Steel Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743423 |
| 106821 | Zurn Elkay Water Solutions Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4789854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182685449 |
| Technology — 8.15% | Technology — 8.15% | Technology — 8.15% |
| &nbsp;&nbsp;73969 | ACI Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033469 |
| &nbsp;&nbsp;37648 | ACM Research Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481449 |
| &nbsp;&nbsp;78116 | Adeia Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877128 |
| &nbsp;&nbsp;18824 | Agilysys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339139 |
| &nbsp;&nbsp;19283 | Alpha & Omega Semiconductor Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427311 |
| 109710 | Amentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861237 |
| &nbsp;&nbsp;31099 | ASGN Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203842 |
| &nbsp;&nbsp;22017 | Axcelis Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049342 |
| &nbsp;&nbsp;35116 | Blackline Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299292 |
| 103605 | Box Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449222 |
| &nbsp;&nbsp;63477 | Clear Secure Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3072922 |
| &nbsp;&nbsp;34081 | Cohu Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043560 |
| &nbsp;&nbsp;31731 | Corsair Gaming Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176107 |
| &nbsp;&nbsp;19125 | CSG Systems International Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528852 |
| &nbsp;&nbsp;26398 | Digi International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272384 |
| &nbsp;&nbsp;57090 | DigitalOcean Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897180 |
| &nbsp;&nbsp;32565 | Diodes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222887 |
| &nbsp;&nbsp;19700 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928658 |
| &nbsp;&nbsp;93752 | DoubleVerify Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890644 |
| 122024 | DXC Technology Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533842 |
| &nbsp;&nbsp;55903 | FormFactor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422032 |
| &nbsp;&nbsp;48146 | Grid Dynamics Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274432 |
| &nbsp;&nbsp;19721 | Impinj Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025347 |
| &nbsp;&nbsp;22020 | Insight Enterprises Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475560 |
| &nbsp;&nbsp;37434 | Kulicke & Soffa Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460162 |
| &nbsp;&nbsp;56022 | Life360 Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286818 |
| &nbsp;&nbsp;45783 | LiveRamp Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214165 |
| &nbsp;&nbsp;58787 | MaxLinear Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022306 |
| &nbsp;&nbsp;55749 | N-able Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260348 |
| &nbsp;&nbsp;52575 | NCR Atleos Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291218 |
| 103863 | NCR Voyix Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657453 |
| &nbsp;&nbsp;50002 | NetScout Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589564 |
| &nbsp;&nbsp;35038 | Paycom Software Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258518 |
| &nbsp;&nbsp;22308 | PDF Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729695 |
| &nbsp;&nbsp;36051 | Penguin Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634498 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER S&P SMALL CAP 600® INDEX FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;41793 | Photronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1688855 |
| 108699 | Pitney Bowes Inc | &nbsp;&nbsp;&nbsp;&nbsp; 1201124 |
| &nbsp;&nbsp;40088 | Power Integrations Inc | &nbsp;&nbsp;&nbsp;&nbsp; 2052506 |
| &nbsp;&nbsp;30003 | Progress Software Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 769577 |
| &nbsp;&nbsp;60558 | Qorvo Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4687189 |
| &nbsp;&nbsp;54508 | RingCentral Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2027152 |
| &nbsp;&nbsp;41908 | Schrodinger Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 476075 |
| &nbsp;&nbsp;66637 | Semtech Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123719 |
| &nbsp;&nbsp;27143 | SPS Commerce Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511051 |
| &nbsp;&nbsp;66022 | Teradata Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692144 |
| &nbsp;&nbsp;33174 | Ultra Clean Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062759 |
| &nbsp;&nbsp;43532 | Veeco Instruments Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473994 |
| &nbsp;&nbsp;81728 | Waystar Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970462 |
| 191596 | ZoomInfo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90072934 |
| Utilities — 2.35% | Utilities — 2.35% | Utilities — 2.35% |
| &nbsp;&nbsp;27636 | American States Water Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089834 |
| &nbsp;&nbsp;58074 | Avista Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331090 |
| &nbsp;&nbsp;42649 | California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933706 |
| &nbsp;&nbsp;17328 | Chesapeake Utilities Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189739 |
| &nbsp;&nbsp;25356 | Clearway Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993195 |
| &nbsp;&nbsp;61751 | Clearway Energy Inc Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426197 |
| &nbsp;&nbsp;27323 | H2O America<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603040 |
| 126049 | Hawaiian Electric Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870567 |
| 145343 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011507 |
| &nbsp;&nbsp;26086 | MGE Energy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016187 |
| &nbsp;&nbsp;13474 | Middlesex Water Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701322 |
| &nbsp;&nbsp;29459 | Northwest Natural Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567808 |
| &nbsp;&nbsp;29848 | Otter Tail Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619759 |
| &nbsp;&nbsp;12509 | Unitil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26007421 |
| **TOTAL COMMON STOCK — 99.37%<br> (Cost $1,014,752,822)** | **TOTAL COMMON STOCK — 99.37%<br> (Cost $1,014,752,822)** | &nbsp;&nbsp;&nbsp;**$1098461959** |

---

---

| | |
|:---|:---|
| **Shares** | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 30424255 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 3.60%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$30424255 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.75%<br> (Cost $30,424,255)** | &nbsp;&nbsp;&nbsp;&nbsp;**$30424255** |
| **Principal Amount** |  |
| **SHORT TERM INVESTMENTS** | **SHORT TERM INVESTMENTS** |
| U.S. Treasury Bonds and Notes — 0.09% | U.S. Treasury Bonds and Notes — 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;924000 U.S. Treasury Bills<sup>(e)</sup><br> 3.65%, 06/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 918048 |
| **TOTAL SHORT TERM INVESTMENTS — 0.09%<br> (Cost $918,048)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$918048** |
| **TOTAL INVESTMENTS — 102.21%<br> (Cost $1,046,095,125)** | &nbsp;&nbsp;&nbsp;**$1129804262** |
| **OTHER ASSETS & LIABILITIES, NET — (2.21)%** | &nbsp;&nbsp;&nbsp;&nbsp;**$(24382586)** |
| **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$1105421676** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of March 31, 2026.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of March 31, 2026.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts: | As of March 31, 2026, 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** |  |  |  |  |  |
| Russell 2000 E-mini Index Futures | 64 | USD | 8039 | Jun 2026 | $119034 |
|  |  |  |  | **Net Appreciation** | **$119034** |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP GROWTH FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 2.39% | Basic Materials — 2.39% | Basic Materials — 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | Centrus Energy Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;$164910 |
| &nbsp;&nbsp;90004 | Element Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3072737 |
| &nbsp;&nbsp;12340 | Steel Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2221200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458847 |
| Communications — 2.47% | Communications — 2.47% | Communications — 2.47% |
| &nbsp;&nbsp;31034 | Applied Digital Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 736747 |
| &nbsp;&nbsp;18638 | BlackSky Technology Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468932 |
| &nbsp;&nbsp;&nbsp;&nbsp;7143 | Calix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349936 |
| &nbsp;&nbsp;23101 | Gilat Satellite Networks Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346977 |
| &nbsp;&nbsp;23114 | Q2 Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093292 |
| &nbsp;&nbsp;&nbsp;&nbsp;4910 | Sphere Entertainment Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576434 |
| &nbsp;&nbsp;62012 | Viavi Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636077 |
| Consumer, Cyclical — 10.58% | Consumer, Cyclical — 10.58% | Consumer, Cyclical — 10.58% |
| &nbsp;&nbsp;25816 | Academy Sports & Outdoors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457313 |
| &nbsp;&nbsp;56043 | Black Rock Coffee Bar Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724076 |
| &nbsp;&nbsp;11875 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738025 |
| &nbsp;&nbsp;&nbsp;&nbsp;7049 | Burlington Stores Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293604 |
| &nbsp;&nbsp;26190 | Champion Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947750 |
| &nbsp;&nbsp;10929 | FirstCash Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054652 |
| &nbsp;&nbsp;14501 | IMAX Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551183 |
| &nbsp;&nbsp;43320 | Life Time Group Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167041 |
| &nbsp;&nbsp;30128 | Lindblad Expeditions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521214 |
| &nbsp;&nbsp;91054 | Lionsgate Studios Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873208 |
| &nbsp;&nbsp;21364 | Ollie's Bargain Outlet Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966343 |
| &nbsp;&nbsp;50197 | On Holding AG Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707702 |
| &nbsp;&nbsp;22903 | Patrick Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543836 |
| &nbsp;&nbsp;10756 | RB Global Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030963 |
| &nbsp;&nbsp;16300 | Signet Jewelers Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379632 |
| &nbsp;&nbsp;&nbsp;&nbsp;3236 | VSE Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596718 |
| &nbsp;&nbsp;11021 | Warby Parker Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232212 |
| &nbsp;&nbsp;36786 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24131472 |
| Consumer, Non-Cyclical — 26.96% | Consumer, Non-Cyclical — 26.96% | Consumer, Non-Cyclical — 26.96% |
| &nbsp;&nbsp;18737 | 10X Genomics Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397787 |
| 144771 | Adaptive Biotechnologies Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009421 |
| 100029 | ADMA Biologics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901261 |
| &nbsp;&nbsp;39699 | Alkermes PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403757 |
| &nbsp;&nbsp;&nbsp;&nbsp;4679 | American Public Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266142 |
| &nbsp;&nbsp;51656 | Arcutis Biotherapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217015 |
| &nbsp;&nbsp;68550 | Artivion Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510301 |
| &nbsp;&nbsp;&nbsp;&nbsp;7759 | Axsome Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311426 |
| &nbsp;&nbsp;23555 | Azenta Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497717 |
| &nbsp;&nbsp;&nbsp;&nbsp;2603 | Billiontoone Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205481 |
| &nbsp;&nbsp;56022 | BioLife Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068900 |
| &nbsp;&nbsp;24792 | BioMarin Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400500 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;9850 | Celcuity Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1124279 |
| &nbsp;&nbsp;35509 | Celsius Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259859 |
| &nbsp;&nbsp;66470 | Ceribell Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218395 |
| &nbsp;&nbsp;&nbsp;&nbsp;2950 | CG Oncology Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 199656 |
| &nbsp;&nbsp;&nbsp;&nbsp;5563 | Chefs' Warehouse Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 330720 |
| &nbsp;&nbsp;71920 | Cogent Biosciences Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2768201 |
| &nbsp;&nbsp;17365 | Cytokinetics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144527 |
| &nbsp;&nbsp;&nbsp;&nbsp;7837 | Dianthus Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657681 |
| &nbsp;&nbsp;35176 | Edgewise Therapeutics Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108044 |
| &nbsp;&nbsp;&nbsp;&nbsp;6691 | Forte Biosciences Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173297 |
| &nbsp;&nbsp;&nbsp;&nbsp;6974 | FTI Consulting Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232794 |
| &nbsp;&nbsp;14109 | GeneDx Holdings Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906080 |
| &nbsp;&nbsp;21865 | HealthEquity Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827258 |
| &nbsp;&nbsp;10660 | Herc Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061203 |
| &nbsp;&nbsp;&nbsp;&nbsp;5912 | Immunocore Holdings PLC ADR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178247 |
| &nbsp;&nbsp;11595 | iRhythm Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368442 |
| &nbsp;&nbsp;30896 | Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487642 |
| &nbsp;&nbsp;52487 | Legence Corp Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2963416 |
| &nbsp;&nbsp;22464 | Lincoln Educational Services Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913836 |
| &nbsp;&nbsp;18406 | Mama's Creations Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282348 |
| &nbsp;&nbsp;16963 | Mineralys Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459528 |
| &nbsp;&nbsp;&nbsp;&nbsp;9862 | Mirum Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911052 |
| &nbsp;&nbsp;&nbsp;&nbsp;8646 | Nektar Therapeutics<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622080 |
| &nbsp;&nbsp;16959 | Neogen Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157549 |
| &nbsp;&nbsp;39362 | NewAmsterdam Pharma Co NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259978 |
| 119028 | Ocular Therapeutix Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008167 |
| &nbsp;&nbsp;30854 | ORIC Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390920 |
| &nbsp;&nbsp;&nbsp;&nbsp;9977 | Paymentus Holdings Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253416 |
| &nbsp;&nbsp;19187 | Performance Food Group Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643558 |
| &nbsp;&nbsp;&nbsp;&nbsp;1686 | Praxis Precision Medicines Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543212 |
| &nbsp;&nbsp;53513 | Privia Health Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100762 |
| &nbsp;&nbsp;&nbsp;&nbsp;8658 | PTC Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589870 |
| &nbsp;&nbsp;&nbsp;&nbsp;3771 | Rhythm Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327964 |
| &nbsp;&nbsp;24123 | Scholar Rock Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185887 |
| &nbsp;&nbsp;14430 | Sezzle Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913275 |
| &nbsp;&nbsp;73029 | SI-BONE Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922356 |
| &nbsp;&nbsp;81183 | Stevanato Group Spa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116266 |
| &nbsp;&nbsp;17138 | Structure Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826052 |
| &nbsp;&nbsp;13727 | Tarsus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962949 |
| &nbsp;&nbsp;16856 | Terns Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888648 |
| &nbsp;&nbsp;&nbsp;&nbsp;3758 | Transcat Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276025 |
| &nbsp;&nbsp;12164 | TransMedics Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209223 |
| &nbsp;&nbsp;89530 | Trevi Therapeutics Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068093 |
| &nbsp;&nbsp;&nbsp;&nbsp;2327 | Turning Point Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201960 |
| &nbsp;&nbsp;42121 | Twist Bioscience Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001590 |
| &nbsp;&nbsp;18467 | Universal Technical Institute Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666659 |
| &nbsp;&nbsp;42399 | Valvoline Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427998 |
| &nbsp;&nbsp;31887 | Vericel Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025805 |
| &nbsp;&nbsp;&nbsp;&nbsp;9033 | Vita Coco Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432771 |
| &nbsp;&nbsp;&nbsp;&nbsp;4454 | Willdan Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340998 |
| &nbsp;&nbsp;24016 | Xenon Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61526774 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP GROWTH FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Energy — 2.72% | Energy — 2.72% | Energy — 2.72% |
| &nbsp;&nbsp;79611 | Flowco Holdings Inc Class A | &nbsp;&nbsp;&nbsp;$1639987 |
| &nbsp;&nbsp;17533 | Matador Resources Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107735 |
| &nbsp;&nbsp;50140 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3466178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6213900 |
| Financial — 9.24% | Financial — 9.24% | Financial — 9.24% |
| &nbsp;&nbsp;11556 | Cipher Mining Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 148726 |
| &nbsp;&nbsp;23988 | Coastal Financial Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825487 |
| &nbsp;&nbsp;&nbsp;&nbsp;7238 | Dave Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260063 |
| &nbsp;&nbsp;34756 | Essent Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031141 |
| &nbsp;&nbsp;&nbsp;&nbsp;6413 | Evercore Inc Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914345 |
| &nbsp;&nbsp;41473 | Glacier Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852599 |
| &nbsp;&nbsp;&nbsp;&nbsp;4492 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200253 |
| &nbsp;&nbsp;11355 | Miami International Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441937 |
| &nbsp;&nbsp;11519 | Neptune Insurance Holdings Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278645 |
| &nbsp;&nbsp;11929 | Palomar Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425516 |
| &nbsp;&nbsp;&nbsp;&nbsp;5768 | Piper Sandler Cos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441540 |
| &nbsp;&nbsp;31276 | Ryan Specialty Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055252 |
| &nbsp;&nbsp;27365 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195303 |
| &nbsp;&nbsp;33464 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473659 |
| &nbsp;&nbsp;&nbsp;&nbsp;4673 | StoneX Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376877 |
| &nbsp;&nbsp;59201 | Terawulf Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854270 |
| &nbsp;&nbsp;30630 | Triumph Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827386 |
| &nbsp;&nbsp;33732 | Virtu Financial Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21086532 |
| Industrial — 27.58% | Industrial — 27.58% | Industrial — 27.58% |
| &nbsp;&nbsp;20295 | AAON Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679411 |
| &nbsp;&nbsp;20570 | AAR Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251592 |
| &nbsp;&nbsp;14533 | Advanced Drainage Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992910 |
| &nbsp;&nbsp;10377 | Advanced Energy Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348762 |
| &nbsp;&nbsp;&nbsp;&nbsp;3155 | Applied Optoelectronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266882 |
| &nbsp;&nbsp;18793 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | Argan Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443345 |
| &nbsp;&nbsp;19564 | Astronics Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305506 |
| &nbsp;&nbsp;&nbsp;&nbsp;3336 | Bel Fuse Inc Class B<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660461 |
| &nbsp;&nbsp;18001 | Boise Cascade Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365376 |
| &nbsp;&nbsp;23945 | Cardinal Infrastructure Group Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949539 |
| &nbsp;&nbsp;36368 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166805 |
| &nbsp;&nbsp;17790 | Construction Partners Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976825 |
| &nbsp;&nbsp;&nbsp;&nbsp;5988 | CSW Industrials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560353 |
| &nbsp;&nbsp;&nbsp;&nbsp;4885 | Dycom Industries Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655136 |
| &nbsp;&nbsp;&nbsp;&nbsp;9941 | ESCO Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797099 |
| 270829 | Evolv Technologies Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638515 |
| &nbsp;&nbsp;29048 | Flowserve Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135319 |
| &nbsp;&nbsp;&nbsp;&nbsp;6905 | FTAI Aviation Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691725 |
| &nbsp;&nbsp;&nbsp;&nbsp;7681 | Generac Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500330 |
| &nbsp;&nbsp;19129 | Itron Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714532 |
| &nbsp;&nbsp;14921 | JBT Marel Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907948 |
| &nbsp;&nbsp;16905 | Kirby Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2246336 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;25094 | Knight-Swift Transportation Holdings Inc | &nbsp;&nbsp;&nbsp;$1444913 |
| &nbsp;&nbsp;27054 | Kratos Defense & Security Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907578 |
| &nbsp;&nbsp;31063 | Mercury Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2264803 |
| &nbsp;&nbsp;77665 | Mirion Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1443792 |
| &nbsp;&nbsp;12575 | Modine Manufacturing Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2725128 |
| &nbsp;&nbsp;44058 | Montrose Environmental Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 964430 |
| &nbsp;&nbsp;&nbsp;&nbsp;8993 | MYR Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538904 |
| &nbsp;&nbsp;&nbsp;&nbsp;5705 | nLight Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325299 |
| &nbsp;&nbsp;27913 | Ondas Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252334 |
| &nbsp;&nbsp;&nbsp;&nbsp;2336 | OSI Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620231 |
| &nbsp;&nbsp;&nbsp;&nbsp;1399 | Primoris Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200113 |
| &nbsp;&nbsp;&nbsp;&nbsp;7697 | Regal Rexnord Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441340 |
| &nbsp;&nbsp;15363 | SPX Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071678 |
| &nbsp;&nbsp;35715 | StandardAero Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922519 |
| &nbsp;&nbsp;&nbsp;&nbsp;1739 | Standex International Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443202 |
| &nbsp;&nbsp;&nbsp;&nbsp;1775 | Sterling Infrastructure Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722904 |
| &nbsp;&nbsp;&nbsp;&nbsp;6122 | TAT Technologies Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248737 |
| &nbsp;&nbsp;&nbsp;&nbsp;7408 | Xometry Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302543 |
| &nbsp;&nbsp;15818 | York Space Systems Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350685 |
| &nbsp;&nbsp;33241 | Zurn Elkay Water Solutions Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62931055 |
| Technology — 15.73% | Technology — 15.73% | Technology — 15.73% |
| &nbsp;&nbsp;10492 | Aehr Test Systems<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389043 |
| &nbsp;&nbsp;23244 | Agilysys Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653578 |
| &nbsp;&nbsp;43093 | Allegro MicroSystems Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358722 |
| &nbsp;&nbsp;&nbsp;&nbsp;4319 | Ambarella Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222321 |
| 120538 | AvePoint Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146316 |
| &nbsp;&nbsp;50343 | Braze Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188598 |
| &nbsp;&nbsp;21802 | Descartes Systems Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560151 |
| &nbsp;&nbsp;26734 | DigitalOcean Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293242 |
| &nbsp;&nbsp;21826 | Everpure Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288607 |
| &nbsp;&nbsp;20739 | Fastly Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602675 |
| &nbsp;&nbsp;22109 | FormFactor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144352 |
| &nbsp;&nbsp;11608 | HeartFlow Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282423 |
| &nbsp;&nbsp;&nbsp;&nbsp;4842 | Hinge Health Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186707 |
| &nbsp;&nbsp;55952 | JFrog Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625827 |
| &nbsp;&nbsp;39196 | KBR Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444765 |
| &nbsp;&nbsp;11223 | MACOM Technology Solutions Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492292 |
| &nbsp;&nbsp;42287 | Navan Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559880 |
| &nbsp;&nbsp;55358 | nCino Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829263 |
| &nbsp;&nbsp;29768 | Nutanix Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131482 |
| &nbsp;&nbsp;13202 | Ouster Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242521 |
| &nbsp;&nbsp;34208 | Pattern Group Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425205 |
| &nbsp;&nbsp;30824 | Procore Technologies Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756968 |
| &nbsp;&nbsp;10742 | PTC Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530628 |
| &nbsp;&nbsp;&nbsp;&nbsp;2535 | Red Violet Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87711 |
| &nbsp;&nbsp;62125 | SentinelOne Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800170 |
| &nbsp;&nbsp;21010 | SS&C Technologies Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419646 |
| &nbsp;&nbsp;24493 | Synaptics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715490 |
| &nbsp;&nbsp;55064 | Varonis Systems Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182224 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP GROWTH FUND

### Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71596 | Waystar Holding Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;$1726180 |
| &nbsp;&nbsp;&nbsp;&nbsp;101719 | Zeta Global Holdings Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35906353 |
| **TOTAL COMMON STOCK — 97.67%<br> (Cost $210,582,299)** | **TOTAL COMMON STOCK — 97.67%<br> (Cost $210,582,299)** | &nbsp;&nbsp;&nbsp;**$222891010** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 11999872 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 3.60%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11999872 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 5.26%<br> (Cost $11,999,872)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 5.26%<br> (Cost $11,999,872)** | &nbsp;&nbsp;&nbsp;**$11999872** |
| **TOTAL INVESTMENTS — 102.93%<br> (Cost $222,582,171)** | **TOTAL INVESTMENTS — 102.93%<br> (Cost $222,582,171)** | &nbsp;&nbsp;&nbsp;**$234890882** |
| **OTHER ASSETS & LIABILITIES, NET — (2.93)%** | **OTHER ASSETS & LIABILITIES, NET — (2.93)%** | &nbsp;&nbsp;&nbsp;**$(6680149)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$228210733** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of March 31, 2026.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of March 31, 2026.

<sup>ADR</sup> American Depositary Receipt

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| **COMMON STOCK** | **COMMON STOCK** | **COMMON STOCK** |
| Basic Materials — 2.85% | Basic Materials — 2.85% | Basic Materials — 2.85% |
| &nbsp;&nbsp;28700 | Axalta Coating Systems Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$794990 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100 | Cabot Corp | &nbsp;&nbsp;&nbsp;&nbsp; 233461 |
| 364895 | Ecovyst Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4692550 |
| &nbsp;&nbsp;13202 | Hawkins Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027827 |
| &nbsp;&nbsp;13500 | HB Fuller Co | &nbsp;&nbsp;&nbsp;&nbsp; 832680 |
| &nbsp;&nbsp;75900 | Huntsman Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010229 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Innospec Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606066 |
| &nbsp;&nbsp;&nbsp;&nbsp;7700 | Kaiser Aluminum Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927927 |
| &nbsp;&nbsp;39300 | Olin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168389 |
| &nbsp;&nbsp;48741 | Solstice Advanced Materials Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712115 |
| &nbsp;&nbsp;&nbsp;&nbsp;9300 | Sylvamo Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16399066 |
| Communications — 0.47% | Communications — 0.47% | Communications — 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;9500 | Aviat Networks Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214795 |
| &nbsp;&nbsp;10000 | ePlus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752500 |
| 112200 | National CineMedia Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342210 |
| &nbsp;&nbsp;90100 | Stagwell Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566729 |
| &nbsp;&nbsp;52500 | WPP PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692609 |
| Consumer, Cyclical — 15.05% | Consumer, Cyclical — 15.05% | Consumer, Cyclical — 15.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;4100 | Abercrombie & Fitch Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374617 |
| &nbsp;&nbsp;&nbsp;&nbsp;3800 | Academy Sports & Outdoors Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214510 |
| &nbsp;&nbsp;50300 | Accel Entertainment Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548773 |
| &nbsp;&nbsp;36200 | Adient PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731602 |
| &nbsp;&nbsp;78200 | Arhaus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530196 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000 | Asbury Automotive Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390820 |
| &nbsp;&nbsp;77088 | Atlanta Braves Holdings Inc Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291657 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000 | AutoNation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781040 |
| &nbsp;&nbsp;17700 | Bath & Body Works Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330459 |
| &nbsp;&nbsp;89641 | Blue Bird Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090712 |
| &nbsp;&nbsp;16020 | Boot Barn Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344687 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500 | Boyd Gaming Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369810 |
| &nbsp;&nbsp;57500 | Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732550 |
| &nbsp;&nbsp;10500 | Brunswick Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763980 |
| &nbsp;&nbsp;&nbsp;&nbsp;5700 | Carter's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203832 |
| &nbsp;&nbsp;&nbsp;&nbsp;9100 | Central Garden & Pet Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334607 |
| &nbsp;&nbsp;&nbsp;&nbsp;4400 | Century Communities Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252472 |
| &nbsp;&nbsp;54184 | Churchill Downs Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867349 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800 | Columbia Sportswear Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427518 |
| &nbsp;&nbsp;37045 | Crocs Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075476 |
| 138244 | Dana Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651911 |
| &nbsp;&nbsp;&nbsp;&nbsp;9100 | Dolby Laboratories Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546546 |
| &nbsp;&nbsp;&nbsp;&nbsp;9100 | Douglas Dynamics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383019 |
| &nbsp;&nbsp;19400 | El Pollo Loco Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268884 |
| &nbsp;&nbsp;24600 | Fox Factory Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404916 |
| &nbsp;&nbsp;20700 | G-III Apparel Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573390 |
| 348407 | Garrett Motion Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330555 |
| &nbsp;&nbsp;38100 | Gentex Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832485 |
| &nbsp;&nbsp;14475 | Global Industrial Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456252 |
| &nbsp;&nbsp;&nbsp;&nbsp;2900 | Green Brick Partners Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186905 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) | Consumer, Cyclical — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1720 | Group 1 Automotive Inc | &nbsp;&nbsp;&nbsp;$568684 |
| &nbsp;&nbsp;31100 | Harley-Davidson Inc | &nbsp;&nbsp;&nbsp;&nbsp; 628842 |
| &nbsp;&nbsp;17800 | Haverty Furniture Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp; 377004 |
| &nbsp;&nbsp;19700 | Hilton Grand Vacations Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 770664 |
| &nbsp;&nbsp;18800 | JAKKS Pacific Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 374496 |
| &nbsp;&nbsp;&nbsp;&nbsp;3400 | KB Home | &nbsp;&nbsp;&nbsp;&nbsp; 175950 |
| &nbsp;&nbsp;54326 | Kontoor Brands Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3818575 |
| &nbsp;&nbsp;66788 | La-Z-Boy Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146566 |
| &nbsp;&nbsp;&nbsp;&nbsp;6900 | Lear Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835452 |
| &nbsp;&nbsp;38100 | Leggett & Platt Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376428 |
| 197873 | Levi Strauss & Co Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658672 |
| &nbsp;&nbsp;&nbsp;&nbsp;1600 | M/I Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195920 |
| &nbsp;&nbsp;21100 | Macy's Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381699 |
| &nbsp;&nbsp;16200 | Marriott Vacations Worldwide Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054944 |
| &nbsp;&nbsp;27800 | Mattel Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403934 |
| &nbsp;&nbsp;53100 | Methode Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293112 |
| &nbsp;&nbsp;&nbsp;&nbsp;6300 | Miller Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286965 |
| &nbsp;&nbsp;23800 | MillerKnoll Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344148 |
| &nbsp;&nbsp;&nbsp;&nbsp;2000 | Monarch Casino & Resort Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191200 |
| &nbsp;&nbsp;&nbsp;&nbsp;8500 | MSC Industrial Direct Co Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784295 |
| &nbsp;&nbsp;25200 | OneWater Marine Inc Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238140 |
| &nbsp;&nbsp;10700 | Oxford Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412057 |
| &nbsp;&nbsp;&nbsp;&nbsp;3000 | PC Connection Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175380 |
| &nbsp;&nbsp;41700 | PetMed Express Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95076 |
| &nbsp;&nbsp;&nbsp;&nbsp;7100 | Polaris Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386950 |
| &nbsp;&nbsp;42000 | Portillo's Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222180 |
| &nbsp;&nbsp;54734 | Pursuit Attractions & Hospitality Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004906 |
| &nbsp;&nbsp;&nbsp;&nbsp;2900 | PVH Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202304 |
| 117600 | Resideo Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964296 |
| &nbsp;&nbsp;56826 | Rush Enterprises Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756767 |
| &nbsp;&nbsp;16000 | ScanSource Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580800 |
| &nbsp;&nbsp;12100 | Sonic Automotive Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829697 |
| &nbsp;&nbsp;11900 | Steven Madden Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403648 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Thor Industries Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639120 |
| &nbsp;&nbsp;31500 | Titan Machinery Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526680 |
| &nbsp;&nbsp;10800 | Travel + Leisure Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747252 |
| &nbsp;&nbsp;&nbsp;&nbsp;7900 | Tri Pointe Homes Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369167 |
| &nbsp;&nbsp;&nbsp;&nbsp;1400 | UniFirst Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352226 |
| &nbsp;&nbsp;11700 | United Parks & Resorts Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382122 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400 | Vail Resorts Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692928 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Visteon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819990 |
| &nbsp;&nbsp;30748 | VSE Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669931 |
| 103200 | Wendy's Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717240 |
| &nbsp;&nbsp;19900 | Winnebago Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616701 |
| 107871 | YETI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86711638 |
| Consumer, Non-Cyclical — 15.28% | Consumer, Non-Cyclical — 15.28% | Consumer, Non-Cyclical — 15.28% |
| &nbsp;&nbsp;15000 | ABM Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577800 |
| &nbsp;&nbsp;15800 | Acadia Healthcare Co Inc<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369562 |
| &nbsp;&nbsp;45680 | ANI Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512792 |
| &nbsp;&nbsp;24000 | Ardent Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205440 |
| &nbsp;&nbsp;22700 | Astrana Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556604 |
| 335428 | Avantor Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629756 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;74800 | B&G Foods Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;$359788 |
| &nbsp;&nbsp;43500 | BellRing Brands Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 699915 |
| &nbsp;&nbsp;23709 | Boyd Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3031433 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Brink's Co | &nbsp;&nbsp;&nbsp;&nbsp; 829040 |
| &nbsp;&nbsp;22800 | Calavo Growers Inc | &nbsp;&nbsp;&nbsp;&nbsp; 588012 |
| &nbsp;&nbsp;&nbsp;&nbsp;5400 | Cass Information Systems Inc | &nbsp;&nbsp;&nbsp;&nbsp; 237708 |
| 116696 | CBIZ Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3133288 |
| &nbsp;&nbsp;&nbsp;&nbsp;5832 | Chemed Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202980 |
| &nbsp;&nbsp;98615 | Collegium Pharmaceutical Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261198 |
| &nbsp;&nbsp;49834 | Colliers International Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326756 |
| 238061 | Concentra Group Holdings Parent Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106408 |
| &nbsp;&nbsp;22000 | CONMED Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777920 |
| &nbsp;&nbsp;31600 | Custom Truck One Source Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207612 |
| &nbsp;&nbsp;22100 | Edgewell Personal Care Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471614 |
| &nbsp;&nbsp;26238 | Emerald Holding Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118333 |
| &nbsp;&nbsp;11400 | Ennis Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244188 |
| &nbsp;&nbsp;11000 | Euronet Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730070 |
| &nbsp;&nbsp;72800 | Flowers Foods Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593320 |
| &nbsp;&nbsp;24800 | Forrester Research Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140368 |
| &nbsp;&nbsp;70100 | Grocery Outlet Holding Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494205 |
| &nbsp;&nbsp;17600 | H&R Block Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558624 |
| &nbsp;&nbsp;22400 | Healthcare Services Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415520 |
| &nbsp;&nbsp;25300 | Helen of Troy Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364826 |
| &nbsp;&nbsp;14200 | Herbalife Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209024 |
| &nbsp;&nbsp;31791 | Herc Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164794 |
| &nbsp;&nbsp;40400 | Inmode Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552672 |
| &nbsp;&nbsp;14600 | Insperity Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394784 |
| &nbsp;&nbsp;&nbsp;&nbsp;8200 | Interparfums Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744888 |
| &nbsp;&nbsp;&nbsp;&nbsp;7400 | John B Sanfilippo & Son Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587042 |
| &nbsp;&nbsp;64190 | John Wiley & Sons Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445639 |
| &nbsp;&nbsp;20900 | Kforce Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611116 |
| &nbsp;&nbsp;48519 | Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054271 |
| &nbsp;&nbsp;19500 | Lamb Weston Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824070 |
| &nbsp;&nbsp;42457 | Lantheus Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220363 |
| &nbsp;&nbsp;&nbsp;&nbsp;6700 | Laureate Education Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233428 |
| &nbsp;&nbsp;11800 | LivaNova PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750008 |
| &nbsp;&nbsp;13800 | ManpowerGroup Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406548 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Molina Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693160 |
| &nbsp;&nbsp;15916 | Morningstar Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690600 |
| &nbsp;&nbsp;&nbsp;&nbsp;3700 | Nathan's Famous Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372701 |
| &nbsp;&nbsp;10600 | National Research Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179988 |
| 305117 | NPK International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421145 |
| 126999 | Option Care Health Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418813 |
| &nbsp;&nbsp;96600 | Organon & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578634 |
| &nbsp;&nbsp;99084 | Pennant Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020080 |
| &nbsp;&nbsp;35033 | Post Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463362 |
| &nbsp;&nbsp;&nbsp;&nbsp;9400 | Prestige Consumer Healthcare Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557138 |
| &nbsp;&nbsp;49700 | Resources Connection Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185381 |
| &nbsp;&nbsp;35200 | Reynolds Consumer Products Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745536 |
| &nbsp;&nbsp;31700 | Robert Half Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805180 |
| &nbsp;&nbsp;32200 | Sarepta Therapeutics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700672 |
| &nbsp;&nbsp;49800 | SIGA Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266430 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) | Consumer, Non-Cyclical — (continued) |
| &nbsp;&nbsp;54500 | Simply Good Foods Co<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$782075 |
| &nbsp;&nbsp;86482 | Supernus Pharmaceuticals Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4470255 |
| 115800 | TrueBlue Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 452778 |
| &nbsp;&nbsp;47400 | Upbound Group Inc | &nbsp;&nbsp;&nbsp;&nbsp; 855570 |
| &nbsp;&nbsp;&nbsp;&nbsp;4300 | Utah Medical Products Inc | &nbsp;&nbsp;&nbsp;&nbsp; 266557 |
| &nbsp;&nbsp;26998 | WEX Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4131774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88001556 |
| Energy — 7.93% | Energy — 7.93% | Energy — 7.93% |
| 131368 | Baytex Energy Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587215 |
| &nbsp;&nbsp;94062 | California Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510972 |
| &nbsp;&nbsp;12500 | Core Laboratories Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209875 |
| &nbsp;&nbsp;57587 | Crescent Energy Co Class A<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777424 |
| &nbsp;&nbsp;11200 | CVR Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376880 |
| &nbsp;&nbsp;12400 | Delek US Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558868 |
| &nbsp;&nbsp;29100 | DNOW Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346581 |
| &nbsp;&nbsp;16800 | Excelerate Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561456 |
| &nbsp;&nbsp;43900 | Expro Group Holdings NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764299 |
| &nbsp;&nbsp;38600 | Helix Energy Solutions Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381754 |
| &nbsp;&nbsp;23000 | Innovex International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560970 |
| &nbsp;&nbsp;11900 | Kinetik Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576079 |
| 112604 | Kodiak Gas Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6567065 |
| 248600 | Kosmos Energy Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691108 |
| &nbsp;&nbsp;18900 | Murphy Oil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779625 |
| &nbsp;&nbsp;&nbsp;&nbsp;9700 | National Energy Services Reunited Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208259 |
| &nbsp;&nbsp;93800 | NextDecade Corp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718508 |
| &nbsp;&nbsp;&nbsp;&nbsp;7900 | Noble Corp PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387653 |
| &nbsp;&nbsp;18900 | Northern Oil & Gas Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552447 |
| &nbsp;&nbsp;39200 | NOV Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737352 |
| &nbsp;&nbsp;62149 | Oceaneering International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204425 |
| &nbsp;&nbsp;60600 | Oil States International Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705384 |
| &nbsp;&nbsp;12400 | Par Pacific Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776736 |
| &nbsp;&nbsp;15200 | PBF Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723824 |
| &nbsp;&nbsp;57400 | ProFrac Holding Corp Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355880 |
| &nbsp;&nbsp;50300 | ProPetro Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724823 |
| &nbsp;&nbsp;21300 | REX American Resources Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970641 |
| &nbsp;&nbsp;53800 | RPC Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380904 |
| &nbsp;&nbsp;25600 | Select Water Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391680 |
| &nbsp;&nbsp;24500 | SM Energy Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763910 |
| &nbsp;&nbsp;35800 | Talos Energy Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564208 |
| &nbsp;&nbsp;&nbsp;&nbsp;2500 | Tidewater Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208875 |
| &nbsp;&nbsp;86700 | VAALCO Energy Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549678 |
| &nbsp;&nbsp;&nbsp;&nbsp;3900 | Valaris Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382356 |
| 120804 | Viper Energy Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5676580 |
| 147824 | WaterBridge Infrastructure LLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960205 |
| &nbsp;&nbsp;36903 | Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45684785 |
| Financial — 27.02% | Financial — 27.02% | Financial — 27.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | 1st Source Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574443 |
| &nbsp;&nbsp;&nbsp;&nbsp;9556 | Affiliated Managers Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644145 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;38704 | Agree Realty Corp REIT | &nbsp;&nbsp;&nbsp;$2917508 |
| &nbsp;&nbsp;29900 | Amerant Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 658996 |
| &nbsp;&nbsp;29700 | American Assets Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp; 546777 |
| &nbsp;&nbsp;77408 | Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6037050 |
| &nbsp;&nbsp;39500 | Apollo Commercial Real Estate Finance Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 417120 |
| &nbsp;&nbsp;85900 | Ares Commercial Real Estate Corp REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 412320 |
| &nbsp;&nbsp;13400 | Arrow Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 449838 |
| &nbsp;&nbsp;30200 | Associated Banc-Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780972 |
| &nbsp;&nbsp;&nbsp;&nbsp;4500 | Assured Guaranty Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366660 |
| &nbsp;&nbsp;23378 | Banc of California Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410985 |
| &nbsp;&nbsp;32291 | Bancorp Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734995 |
| &nbsp;&nbsp;16200 | Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415206 |
| &nbsp;&nbsp;&nbsp;&nbsp;5300 | Bank7 Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211364 |
| &nbsp;&nbsp;17000 | BankUnited Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767720 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000 | BayCom Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208075 |
| &nbsp;&nbsp;25656 | Beacon Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769680 |
| &nbsp;&nbsp;10000 | Bread Financial Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748900 |
| &nbsp;&nbsp;11000 | Bridgewater Bancshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194700 |
| &nbsp;&nbsp;74900 | BrightSpire Capital Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419440 |
| &nbsp;&nbsp;&nbsp;&nbsp;6600 | Burke & Herbert Financial Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411114 |
| &nbsp;&nbsp;12200 | Camden National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578890 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Capital Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202232 |
| 105400 | Capitol Federal Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751502 |
| &nbsp;&nbsp;&nbsp;&nbsp;9500 | Carter Bankshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221540 |
| &nbsp;&nbsp;15600 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777816 |
| &nbsp;&nbsp;11700 | Central Pacific Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373932 |
| &nbsp;&nbsp;12880 | Chiron Real Estate Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426070 |
| &nbsp;&nbsp;15600 | ChoiceOne Financial Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438672 |
| &nbsp;&nbsp;19400 | Civista Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442126 |
| 129600 | Claros Mortgage Trust Inc REIT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308448 |
| &nbsp;&nbsp;20300 | CNB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587888 |
| &nbsp;&nbsp;18700 | CNO Financial Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767822 |
| &nbsp;&nbsp;&nbsp;&nbsp;7000 | Community Trust Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425040 |
| &nbsp;&nbsp;19100 | Community West Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445030 |
| &nbsp;&nbsp;28445 | ConnectOne Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761473 |
| 102309 | Curbline Properties Corp REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638549 |
| &nbsp;&nbsp;22500 | CVB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436275 |
| &nbsp;&nbsp;46300 | DiamondRock Hospitality Co REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433831 |
| &nbsp;&nbsp;22800 | Dime Community Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771096 |
| &nbsp;&nbsp;57900 | Douglas Emmett Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545418 |
| &nbsp;&nbsp;30700 | Eagle Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763509 |
| &nbsp;&nbsp;73400 | Empire State Realty Trust Inc Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381680 |
| &nbsp;&nbsp;10900 | Employers Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448426 |
| &nbsp;&nbsp;18400 | Enact Holdings Inc<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750904 |
| &nbsp;&nbsp;13900 | Enterprise Financial Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752129 |
| &nbsp;&nbsp;12900 | Essent Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753876 |
| &nbsp;&nbsp;24600 | F&G Annuities & Life Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622872 |
| &nbsp;&nbsp;34790 | Farmers National Banc Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457836 |
| &nbsp;&nbsp;73406 | FB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812708 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;28646 | Federal Agricultural Mortgage Corp Class C | &nbsp;&nbsp;&nbsp;$4249634 |
| &nbsp;&nbsp;13200 | Federated Hermes Inc | &nbsp;&nbsp;&nbsp;&nbsp; 748572 |
| 139001 | Fidelis Insurance Holdings Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2656309 |
| &nbsp;&nbsp;14200 | Financial Institutions Inc | &nbsp;&nbsp;&nbsp;&nbsp; 450282 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100 | Finward Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 112530 |
| 152606 | First Busey Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3856354 |
| 127714 | First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3560666 |
| &nbsp;&nbsp;&nbsp;&nbsp;6100 | First Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385520 |
| 129121 | First Foundation Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761814 |
| &nbsp;&nbsp;31200 | First Hawaiian Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768768 |
| &nbsp;&nbsp;11200 | First Internet Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228256 |
| &nbsp;&nbsp;20196 | First Merchants Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782191 |
| &nbsp;&nbsp;10900 | First Mid Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448971 |
| &nbsp;&nbsp;&nbsp;&nbsp;7300 | First Western Financial Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179434 |
| &nbsp;&nbsp;21898 | FirstService Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042508 |
| &nbsp;&nbsp;&nbsp;&nbsp;9800 | Firstsun Capital Bancorp<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357308 |
| &nbsp;&nbsp;11500 | Five Star Bancorp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433780 |
| &nbsp;&nbsp;65500 | Flagstar Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862635 |
| &nbsp;&nbsp;49800 | Flushing Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764928 |
| 110650 | Granite Point Mortgage Trust Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160442 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Great Southern Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568170 |
| &nbsp;&nbsp;75222 | Hanmi Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982852 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200 | Hanover Insurance Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554720 |
| &nbsp;&nbsp;45700 | Heritage Commerce Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570336 |
| &nbsp;&nbsp;17000 | Heritage Financial Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442000 |
| &nbsp;&nbsp;21300 | Hilltop Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762966 |
| &nbsp;&nbsp;&nbsp;&nbsp;2700 | Hingham Institution For Savings<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771768 |
| &nbsp;&nbsp;&nbsp;&nbsp;6200 | Home Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375596 |
| 165379 | Home BancShares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453657 |
| &nbsp;&nbsp;68400 | Hope Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764028 |
| &nbsp;&nbsp;13300 | Horace Mann Educators Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567644 |
| &nbsp;&nbsp;15600 | Independent Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636828 |
| &nbsp;&nbsp;17480 | International Money Express Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276184 |
| &nbsp;&nbsp;86100 | Kearny Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650055 |
| &nbsp;&nbsp;25000 | Kemper Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764000 |
| &nbsp;&nbsp;11200 | Legacy Housing Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228816 |
| &nbsp;&nbsp;15900 | Lincoln National Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564450 |
| &nbsp;&nbsp;17300 | Live Oak Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572111 |
| &nbsp;&nbsp;99690 | Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444180 |
| &nbsp;&nbsp;39403 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345363 |
| &nbsp;&nbsp;11200 | Mercantile Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565600 |
| &nbsp;&nbsp;17800 | Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763798 |
| &nbsp;&nbsp;&nbsp;&nbsp;7200 | MGIC Investment Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189000 |
| &nbsp;&nbsp;&nbsp;&nbsp;6200 | Mid Penn Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199392 |
| &nbsp;&nbsp;37200 | Midland States Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829932 |
| &nbsp;&nbsp;&nbsp;&nbsp;4200 | MVB Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104286 |
| &nbsp;&nbsp;98900 | Navient Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809002 |
| &nbsp;&nbsp;27100 | NB Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570997 |
| &nbsp;&nbsp;20100 | NMI Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753951 |
| &nbsp;&nbsp;&nbsp;&nbsp;5807 | Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652533 |
| &nbsp;&nbsp;&nbsp;&nbsp;4800 | Northeast Community Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114240 |
| &nbsp;&nbsp;17200 | Northfield Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232888 |
| &nbsp;&nbsp;46000 | Northpointe Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793960 |
| &nbsp;&nbsp;41900 | OceanFirst Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755876 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Financial — (continued) | Financial — (continued) | Financial — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;5300 | Origin Bancorp Inc | &nbsp;&nbsp;&nbsp;$219738 |
| &nbsp;&nbsp;71400 | Park Hotels & Resorts Inc REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 751842 |
| &nbsp;&nbsp;11100 | Peapack-Gladstone Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp; 390831 |
| &nbsp;&nbsp;45700 | Pebblebrook Hotel Trust REIT<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 577191 |
| &nbsp;&nbsp;17600 | Peoples Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp; 578512 |
| &nbsp;&nbsp;&nbsp;&nbsp;2100 | Peoples Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 111993 |
| 121546 | Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2207275 |
| &nbsp;&nbsp;49565 | Popular Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650136 |
| &nbsp;&nbsp;&nbsp;&nbsp;8340 | Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756355 |
| &nbsp;&nbsp;63085 | Prosperity Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238050 |
| &nbsp;&nbsp;36603 | Provident Financial Services Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774519 |
| &nbsp;&nbsp;22600 | Radian Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747608 |
| &nbsp;&nbsp;&nbsp;&nbsp;9500 | RBB Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203015 |
| &nbsp;&nbsp;10700 | S&T Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447581 |
| &nbsp;&nbsp;37553 | ServisFirst Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734985 |
| &nbsp;&nbsp;13100 | Seven Hills Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107682 |
| &nbsp;&nbsp;19451 | Shore Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363345 |
| &nbsp;&nbsp;&nbsp;&nbsp;7400 | Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251008 |
| &nbsp;&nbsp;33000 | Simmons First National Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641850 |
| &nbsp;&nbsp;80382 | Skyward Specialty Insurance Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511086 |
| &nbsp;&nbsp;39200 | SLM Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839272 |
| &nbsp;&nbsp;&nbsp;&nbsp;8000 | Southern First Bancshares Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436000 |
| &nbsp;&nbsp;&nbsp;&nbsp;8900 | Southern Missouri Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569066 |
| &nbsp;&nbsp;14200 | Southside Bancshares Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441478 |
| &nbsp;&nbsp;60716 | SouthState Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617444 |
| &nbsp;&nbsp;83802 | STAG Industrial Inc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021900 |
| &nbsp;&nbsp;10200 | Stewart Information Services Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628116 |
| &nbsp;&nbsp;59797 | Stifel Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420194 |
| &nbsp;&nbsp;&nbsp;&nbsp;6400 | Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215488 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000 | TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190160 |
| &nbsp;&nbsp;17300 | TrustCo Bank Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757394 |
| &nbsp;&nbsp;&nbsp;&nbsp;6700 | United Community Banks Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210983 |
| &nbsp;&nbsp;16900 | Univest Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578994 |
| &nbsp;&nbsp;47200 | Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579616 |
| &nbsp;&nbsp;&nbsp;&nbsp;9000 | Virtu Financial Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395820 |
| &nbsp;&nbsp;&nbsp;&nbsp;5880 | Virtus Investment Partners Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789978 |
| &nbsp;&nbsp;28300 | Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735517 |
| &nbsp;&nbsp;&nbsp;&nbsp;8300 | Voya Financial Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567056 |
| &nbsp;&nbsp;23840 | WaFd Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748576 |
| &nbsp;&nbsp;&nbsp;&nbsp;7500 | Walker & Dunlop Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332850 |
| &nbsp;&nbsp;17300 | Washington Trust Bancorp Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578858 |
| &nbsp;&nbsp;35542 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | White Mountains Insurance Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703027 |
| &nbsp;&nbsp;27923 | Wintrust Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;155637841 |
| Industrial — 19.53% | Industrial — 19.53% | Industrial — 19.53% |
| 244820 | Aebi Schmidt Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377202 |
| &nbsp;&nbsp;11900 | Albany International Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621299 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Industrial — (continued) | Industrial — (continued) | Industrial — (continued) |
| &nbsp;&nbsp;11800 | American Woodmark Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$469994 |
| &nbsp;&nbsp;11600 | Apogee Enterprises Inc | &nbsp;&nbsp;&nbsp;&nbsp; 389064 |
| &nbsp;&nbsp;46522 | Arcosa Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4937845 |
| 123712 | Array Digital Infrastructure Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5708072 |
| &nbsp;&nbsp;&nbsp;&nbsp;4000 | Arrow Electronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 573640 |
| &nbsp;&nbsp;&nbsp;&nbsp;9900 | Atkore Inc | &nbsp;&nbsp;&nbsp;&nbsp; 583209 |
| &nbsp;&nbsp;87213 | Atmus Filtration Technologies Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4951082 |
| &nbsp;&nbsp;12500 | Avnet Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770250 |
| &nbsp;&nbsp;38407 | Bel Fuse Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603818 |
| &nbsp;&nbsp;12300 | Cactus Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582651 |
| &nbsp;&nbsp;61246 | CECO Environmental Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649037 |
| &nbsp;&nbsp;47200 | Columbus McKinnon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685816 |
| &nbsp;&nbsp;20400 | Energizer Holdings Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334968 |
| &nbsp;&nbsp;74711 | Enerpac Tool Group Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724710 |
| &nbsp;&nbsp;19400 | Fluor Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905010 |
| &nbsp;&nbsp;17800 | Fortune Brands Innovations Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693666 |
| &nbsp;&nbsp;25818 | GATX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408165 |
| &nbsp;&nbsp;24800 | Graphic Packaging Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246512 |
| &nbsp;&nbsp;14700 | Greenbrier Cos Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773955 |
| &nbsp;&nbsp;72068 | Griffon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237902 |
| &nbsp;&nbsp;25100 | Ingram Micro Holding Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585081 |
| &nbsp;&nbsp;29282 | International Seaways Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134072 |
| &nbsp;&nbsp;&nbsp;&nbsp;6000 | Itron Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537780 |
| 103900 | Janus International Group Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535085 |
| &nbsp;&nbsp;10754 | Kadant Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143932 |
| &nbsp;&nbsp;15600 | Kimball Electronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369564 |
| &nbsp;&nbsp;56716 | Knife River Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630861 |
| &nbsp;&nbsp;&nbsp;&nbsp;7800 | L B Foster Co Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217620 |
| &nbsp;&nbsp;&nbsp;&nbsp;5000 | Landstar System Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801550 |
| &nbsp;&nbsp;&nbsp;&nbsp;5200 | Lindsay Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619164 |
| &nbsp;&nbsp;26576 | Matson Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356869 |
| &nbsp;&nbsp;27604 | Moog Inc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078035 |
| &nbsp;&nbsp;27500 | Myers Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582450 |
| &nbsp;&nbsp;&nbsp;&nbsp;9506 | Powell Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143507 |
| &nbsp;&nbsp;&nbsp;&nbsp;3200 | Sanmina Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414848 |
| &nbsp;&nbsp;15700 | Schneider National Inc Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413852 |
| &nbsp;&nbsp;21900 | Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771318 |
| &nbsp;&nbsp;10800 | Sonoco Products Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584172 |
| &nbsp;&nbsp;32981 | TD SYNNEX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5564225 |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | Tennant Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557760 |
| &nbsp;&nbsp;&nbsp;&nbsp;4600 | Thermon Group Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231840 |
| &nbsp;&nbsp;&nbsp;&nbsp;7700 | Timken Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774389 |
| &nbsp;&nbsp;79165 | Trex Co Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883189 |
| 122107 | TriMas Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388526 |
| &nbsp;&nbsp;77164 | TTM Technologies Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517317 |
| &nbsp;&nbsp;&nbsp;&nbsp;8400 | UFP Industries Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773808 |
| &nbsp;&nbsp;37600 | Vishay Intertechnology Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676800 |
| 150434 | Vontier Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335894 |
| &nbsp;&nbsp;26400 | World Kinect Corp<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;112460423 |
| Technology — 6.50% | Technology — 6.50% | Technology — 6.50% |
| &nbsp;&nbsp;14000 | ACI Worldwide Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574140 |
| &nbsp;&nbsp;11400 | Amdocs Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743964 |
| 177576 | Amentum Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631182 |

---

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.<br>

### EMPOWER SMALL CAP VALUE FUND Schedule of Investments
*As of March 31, 2026 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Technology — (continued) | Technology — (continued) | Technology — (continued) |
| &nbsp;&nbsp;18000 | ASGN Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$696780 |
| &nbsp;&nbsp;90211 | BILL Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3455081 |
| &nbsp;&nbsp;96215 | Crane NXT Co<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3905367 |
| &nbsp;&nbsp;84512 | Donnelley Financial Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3983896 |
| &nbsp;&nbsp;19300 | Genpact Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 718925 |
| &nbsp;&nbsp;&nbsp;&nbsp;6700 | Ibotta Inc Class A<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 200799 |
| &nbsp;&nbsp;&nbsp;&nbsp;8500 | Insight Enterprises Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 569585 |
| &nbsp;&nbsp;&nbsp;&nbsp;8200 | Maximus Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525620 |
| &nbsp;&nbsp;74400 | N-able Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347448 |
| &nbsp;&nbsp;&nbsp;&nbsp;5800 | Paycom Software Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704932 |
| &nbsp;&nbsp;68751 | PDF Solutions Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248845 |
| &nbsp;&nbsp;20400 | Photronics Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824364 |
| &nbsp;&nbsp;&nbsp;&nbsp;5700 | Science Applications International Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541044 |
| &nbsp;&nbsp;61982 | Ultra Clean Holdings Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854041 |
| &nbsp;&nbsp;71049 | V2X Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866857 |
| 138237 | Waystar Holding Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332894 |
| &nbsp;&nbsp;12000 | Workiva Inc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37441324 |
| Utilities — 3.69% | Utilities — 3.69% | Utilities — 3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;7000 | Artesian Resources Corp Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222950 |
| &nbsp;&nbsp;94270 | Avista Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783998 |
| &nbsp;&nbsp;12800 | Black Hills Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888448 |
| &nbsp;&nbsp;&nbsp;&nbsp;9800 | H2O America<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574966 |
| 163441 | MDU Resources Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386497 |
| &nbsp;&nbsp;13900 | New Jersey Resources Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763388 |
| &nbsp;&nbsp;14200 | Northwest Natural Holding Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755724 |
| &nbsp;&nbsp;&nbsp;&nbsp;6800 | Northwestern Energy Group Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448392 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | &nbsp;&nbsp;&nbsp;**Fair Value** |
| Utilities — (continued) | Utilities — (continued) | Utilities — (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | ONE Gas Inc | &nbsp;&nbsp;&nbsp;$559845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | Otter Tail Corp | &nbsp;&nbsp;&nbsp;&nbsp; 377411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 | Portland General Electric Co | &nbsp;&nbsp;&nbsp;&nbsp; 754611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | Spire Inc | &nbsp;&nbsp;&nbsp;&nbsp; 742428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214 | Talen Energy Corp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2622155 |
| &nbsp;&nbsp;&nbsp;&nbsp;135404 | UGI Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4931414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | Unitil Corp | &nbsp;&nbsp;&nbsp;&nbsp; 417920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21230147 |
| **TOTAL COMMON STOCK — 98.32%<br> (Cost $490,840,022)** | **TOTAL COMMON STOCK — 98.32%<br> (Cost $490,840,022)** | &nbsp;&nbsp;&nbsp;**$566259389** |
| **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** | **GOVERNMENT MONEY MARKET MUTUAL FUNDS** |
| 16542927 | Dreyfus Institutional Preferred Government Money Market Fund Institutional Class<sup>(c)</sup>, 3.60%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16542927 |
| **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.87%<br> (Cost $16,542,927)** | **TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.87%<br> (Cost $16,542,927)** | &nbsp;&nbsp;&nbsp;**$16542927** |
| **TOTAL INVESTMENTS — 101.19%<br> (Cost $507,382,949)** | **TOTAL INVESTMENTS — 101.19%<br> (Cost $507,382,949)** | &nbsp;&nbsp;&nbsp;**$582802316** |
| **OTHER ASSETS & LIABILITIES, NET — (1.19)%** | **OTHER ASSETS & LIABILITIES, NET — (1.19)%** | &nbsp;&nbsp;&nbsp;**$(6869067)** |
| **TOTAL NET ASSETS — 100.00%** | **TOTAL NET ASSETS — 100.00%** | &nbsp;&nbsp;&nbsp;**$575933249** |

---

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

<sup>(b)</sup> All or a portion of the security is on loan as of March 31, 2026.

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

<sup>(d)</sup> Rate shown is the 7-day yield as of March 31, 2026.

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

See Notes to Schedule of Investments.<br>

------

*March 31, 2026*

------

### EMPOWER FUNDS, INC.

### Notes to Schedule of Investments (Unaudited)

------

<u>Security Valuation</u>

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

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

For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used. If the closing price is not available, the current bid as of the close of business will be used. For securities traded on more than one exchange, or upon one or more exchanges and in the over-the-counter ("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.

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.

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

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

------

*March 31, 2026*

------

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

---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Inputs</u>** |
| Common Stock | Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data |
| 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 |

---

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

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

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

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

As of March 31, 2026, all of the Funds' investments are valued using Level 1 inputs, except for Short Term Investments, which are valued using Level 2 inputs. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments.

<u>Futures Contracts</u>

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

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

---

| | |
|:---|:---|
| Empower S&P Small Cap 600® Index Fund |  |
| Futures Contracts: |  |
| &nbsp;&nbsp;&nbsp;Average long contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;Average notional long | &nbsp;&nbsp;$6182310 |

---

------

*March 31, 2026*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenwood Village

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

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

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

- **a. Name of Series:** Empower Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000050621

- **c. LEI of Series:** V6U5QVZG8WOTNW1QX477

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $228722263.68

**Total Liabilities:** $604515.16

**Net Assets:** $228117748.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000159789 | 1.56%                | 1.08%                | -6.34%               |
| Class ID C000159791 | 1.50%                | 1.13%                | -6.27%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3046766.05              | $1983556.21                                |
| Month 2  | $5501186.08              | $838236.79                                 |
| Month 3  | $7802037.59              | $-21825693.34                              |

### Schedule of Portfolio Investments

| Name                                      | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Instl Resv                        | Dreyfus Instl Resv PFD GOVT INSTL                      | CUSIP: 26200X100<br>LEI: 549300FG0OZ5YKPLK622 | Long             | STIV             | RF                | US        |  12013219 | PA      | $12013218.73  | 5.27%             | 2026-04-01      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| Centrus Energy Corp.                      | Centrus Energy Corp. CL A                              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |       950 | NS      | $164910.50    | 0.07%             |  |  |  | No            |                  2 | On Loan: —       |
| CeriBell Inc.                             | CeriBell Inc. COM                                      | CUSIP: 15678C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66470 | NS      | $1218395.11   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Chefs Warehouse Inc.                      | Chefs Warehouse Inc. COM                               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      5563 | NS      | $330720.35    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolv Technologies Holdings Inc.          | Evolv Technologies Holdings Inc. COM CL A              | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    270829 | NS      | $1638515.43   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting, Inc.                      | FTI Consulting, Inc. COM USD0.01                       | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      6974 | NS      | $1232793.97   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Firstcash Holdings Inc                    | Firstcash Holdings Inc COM                             | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10929 | NS      | $2054652.00   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Glacier Bancorp Inc.                      | Glacier Bancorp Inc. COM USD0.01                       | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     41473 | NS      | $1852598.90   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Legence Corp.                             | Legence Corp. CL A                                     | CUSIP: 52476L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52101 | NS      | $2941622.42   | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Advanced Drainage System Inc              | Advanced Drainage System Inc COM                       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     14533 | NS      | $1992910.33   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Patrick Industries Inc.                   | Patrick Industries Inc. COM                            | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     22903 | NS      | $2543836.20   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Pattern Group Inc.                        | Pattern Group Inc. COM SER A                           | CUSIP: 70339W104<br>LEI: 549300G1UQH42SPEGM03 | Long             | EC               | CORP              | US        |     34208 | NS      | $425205.43    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Argan Inc                                 | Argan Inc COM                                          | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |       814 | NS      | $443345.10    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Billiontoone Inc.                         | Billiontoone Inc. CL A                                 | CUSIP: 090168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2603 | NS      | $205480.82    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Paymentus Holdings Inc                    | Paymentus Holdings Inc COM CL A                        | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9977 | NS      | $253415.80    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Praxis Precision Medicines Inc            | Praxis Precision Medicines Inc COM NEW                 | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1686 | NS      | $543212.33    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.                  | CECO Environmental Corp. COM                           | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     36368 | NS      | $2166805.44   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Celsius Holdings Inc.                     | Celsius Holdings Inc. COM NEW                          | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35509 | NS      | $1259859.32   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Red Violet Inc                            | Red Violet Inc COM                                     | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |      3742 | NS      | $129473.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc               | Ryan Specialty Holdings Inc CL A                       | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31276 | NS      | $1055252.25   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Stifel Financial Corporation              | Stifel Financial Corporation COM                       | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     33464 | NS      | $2473658.91   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Xometry Inc                               | Xometry Inc CLASS A COM                                | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |      7408 | NS      | $302542.72    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings Inc.           | SS&C Technologies Holdings Inc. COM USD0.01            | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     21010 | NS      | $1419645.69   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| SI-BONE Inc.                              | SI-BONE Inc. COM                                       | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     73029 | NS      | $922356.28    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                   | Coastal Financial Corp. COM NEW                        | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     23988 | NS      | $1825486.81   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| ESCO Technologies Inc.                    | ESCO Technologies Inc. COM USD0.01                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      9941 | NS      | $2797099.14   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Alkermes PLC                              | Alkermes PLC COM USD0.01                               | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     39699 | NS      | $1403756.65   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| On Holding AG                             | On Holding AG NAMEN AKT A                              | CUSIP: H5919C104<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |     50197 | NS      | $1707701.96   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Structure Therapeutics Inc                | Structure Therapeutics Inc SPONSORED ADS               | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     17138 | NS      | $826051.58    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| 10X Genomics Inc                          | 10X Genomics Inc CL A COM                              | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |     18737 | NS      | $397786.51    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Trevi Therapeutics Inc                    | Trevi Therapeutics Inc COM                             | CUSIP: 89532M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89530 | NS      | $1068092.92   | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Vericel Corporation                       | Vericel Corporation COM                                | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     31887 | NS      | $1025804.80   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Forte Biosciences Inc.                    | Forte Biosciences Inc. COM NEW                         | CUSIP: 34962G208<br>LEI: 529900Z84WFDHPS3JP76 | Long             | EC               | CORP              | US        |      6691 | NS      | $173296.90    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Hinge Health, Inc.                        | Hinge Health, Inc. CL A                                | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4842 | NS      | $186707.52    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                       | Virtu Financial Inc CL A                               | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     33732 | NS      | $1483533.37   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corp COM                               | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71596 | NS      | $1726179.53   | 0.76%             |  |  |  | No            |                  2 | On Loan: —       |
| NewAmsterdam Pharma Company NV            | NewAmsterdam Pharma Company NV ORDINARY SHARES         | CUSIP: N62509109<br>LEI: 984500B6549TF6E14D36 | Long             | EC               | CORP              | NL        |     39362 | NS      | $1259977.61   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Innodata Inc                              | Innodata Inc COM NEW                                   | CUSIP: 457642205<br>LEI: L9O7MPYIT56T6KBE0R95 | Long             | EC               | CORP              | US        |       681 | NS      | $26300.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nektar Therapeutics                       | Nektar Therapeutics COM NEW                            | CUSIP: 640268306<br>LEI: 5299005I24806IOIYE03 | Long             | EC               | CORP              | US        |      8646 | NS      | $622079.71    | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Piper Sandler Companies                   | Piper Sandler Companies COM NEW                        | CUSIP: 724078209<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      5768 | NS      | $441540.41    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc.                               | Sezzle Inc. COM                                        | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |     14430 | NS      | $913274.68    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                    | SPX Technologies, Inc. COM                             | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15363 | NS      | $3071678.26   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| TransMedics Group Inc.                    | TransMedics Group Inc. COM                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     12164 | NS      | $1209223.24   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcosa Inc                                | Arcosa Inc COM                                         | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |     18793 | NS      | $1994689.03   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcutis Biotherapeutics Inc.              | Arcutis Biotherapeutics Inc. COM                       | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51656 | NS      | $1217015.39   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Astronics Corp.                           | Astronics Corp. COM                                    | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |     19564 | NS      | $1305505.72   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                                | Azenta Inc COM USD0.01                                 | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |     23555 | NS      | $497717.17    | 0.22%             |  |  |  | No            |                  2 | On Loan: —       |
| CSW Industrials Inc.                      | CSW Industrials Inc. COM                               | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      5988 | NS      | $1560353.04   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Aaon Inc                                  | Aaon Inc COM PAR $0.004                                | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |     20295 | NS      | $1679411.25   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| AAR Corp.                                 | AAR Corp. COM                                          | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |     20570 | NS      | $2251592.18   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Adma Biologics Inc                        | Adma Biologics Inc COM                                 | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100029 | NS      | $901261.30    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Aehr Test Systems Inc.                    | Aehr Test Systems Inc. COM                             | CUSIP: 00760J108<br>LEI: 529900A4GWWZFRU2RE97 | Long             | EC               | CORP              | US        |     10492 | NS      | $389043.37    | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Allegro MicroSystems Inc                  | Allegro MicroSystems Inc COM                           | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43093 | NS      | $1358722.27   | 0.60%             |  |  |  | No            |                  2 | On Loan: —       |
| American Public Education Inc.            | American Public Education Inc. COM STK USD0.01         | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |      2098 | NS      | $119334.24    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp COM NEW                           | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     31034 | NS      | $736747.17    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc               | Applied Optoelectronics Inc COM                        | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |      3155 | NS      | $266881.45    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc.                             | AvePoint Inc. COM CL A                                 | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120538 | NS      | $1146316.37   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Biolife Solutions Inc.                    | Biolife Solutions Inc. COM NEW                         | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |     56022 | NS      | $1068899.74   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackSky Technology Inc                   | BlackSky Technology Inc CL A NEW                       | CUSIP: 09263B207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18638 | NS      | $468932.08    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Boise Cascade Co                          | Boise Cascade Co COM                                   | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     18001 | NS      | $1365375.86   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| CG Oncology Inc.                          | CG Oncology Inc. COM                                   | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2950 | NS      | $199656.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| IMAX Corporation                          | IMAX Corporation COM                                   | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |     14501 | NS      | $551183.01    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| KBR Inc                                   | KBR Inc COM                                            | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     39196 | NS      | $1444764.54   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc. | Knight-Swift Transportation Holdings Inc. CL A         | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25094 | NS      | $1444912.51   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc COMMON STOCK              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43320 | NS      | $1167040.81   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Mirum Pharmaceuticals Inc.                | Mirum Pharmaceuticals Inc. COM                         | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |      9862 | NS      | $911051.56    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Modine Manufacturing Co.                  | Modine Manufacturing Co. COM                           | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     12575 | NS      | $2725128.22   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ncino Inc.                                | Ncino Inc. COM                                         | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     55358 | NS      | $829262.84    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Ollies Bargain Outlet Holdings Inc.       | Ollies Bargain Outlet Holdings Inc. COM                | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     21364 | NS      | $1966342.51   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC Inc                                   | PTC Inc COM                                            | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     10742 | NS      | $1530627.56   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings Inc COM                               | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     11929 | NS      | $1425515.50   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Primoris Services Corp.                   | Primoris Services Corp. COM                            | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      1399 | NS      | $200112.96    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Privia Health Group Inc.                  | Privia Health Group Inc. COM                           | CUSIP: 74276R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53513 | NS      | $1100762.40   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                 | Regal Rexnord Corporation COM                          | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      7697 | NS      | $1441340.24   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Scholar Rock Holding Corp.                | Scholar Rock Holding Corp. COM                         | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     24123 | NS      | $1185886.69   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Triumph Financial Inc                     | Triumph Financial Inc COM                              | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     30630 | NS      | $1827385.81   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Zeta Global Holdings Corp                 | Zeta Global Holdings Corp CL A                         | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |    101719 | NS      | $1619366.44   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| FTAI Aviation Ltd                         | FTAI Aviation Ltd COM USD0.01                          | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      6905 | NS      | $1691725.00   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Signet Jewelers Limited                   | Signet Jewelers Limited COM STK USD0.18                | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |     16300 | NS      | $1379632.00   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Ciena Corporation                         | Ciena Corporation COM NEW                              | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      1322 | NS      | $513240.06    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Construction Partners Inc.                | Construction Partners Inc. COM CL A                    | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     17790 | NS      | $1976824.82   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Descartes Systems Group Inc.              | Descartes Systems Group Inc. COM                       | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     21802 | NS      | $1560151.12   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc COM                          | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     26734 | NS      | $2293242.50   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Flowserve Corporation                     | Flowserve Corporation COM                              | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     29048 | NS      | $2135318.47   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Itron, Inc.                               | Itron, Inc. COM                                        | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     19129 | NS      | $1714532.28   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirby Corp                                | Kirby Corp COM                                         | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     16905 | NS      | $2246336.42   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Navan Inc.                                | Navan Inc. CL A                                        | CUSIP: 639193101<br>LEI: 254900RHRK35UPHTGY05 | Long             | EC               | CORP              | US        |     41644 | NS      | $551366.57    | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Burlington Stores Inc.                    | Burlington Stores Inc. COM                             | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      7049 | NS      | $2293603.63   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Infrastructure Group Inc.        | Cardinal Infrastructure Group Inc. CL A                | CUSIP: 14154A102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23945 | NS      | $949539.02    | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Nutanix Inc                               | Nutanix Inc CL A                                       | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     29768 | NS      | $1131481.70   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Ocular Therapeutix Inc                    | Ocular Therapeutix Inc COM                             | CUSIP: 67576A100<br>LEI: 529900ABAWFXOHSIHG03 | Long             | EC               | CORP              | US        |    119028 | NS      | $1008167.15   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Skyward Specialty Insurance Group Inc     | Skyward Specialty Insurance Group Inc COM              | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     27365 | NS      | $1195303.20   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                | Tarsus Pharmaceuticals Inc COM                         | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13727 | NS      | $962949.05    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Academy Sports and Outdoors Inc           | Academy Sports and Outdoors Inc COM                    | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |     25816 | NS      | $1457313.21   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Energy Industries, Inc.          | Advanced Energy Industries, Inc. COM                   | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     10377 | NS      | $3348761.64   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Agilysys Inc                              | Agilysys Inc COM                                       | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     23244 | NS      | $1653578.14   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Axsome Therapeutics Inc.                  | Axsome Therapeutics Inc. COM                           | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |      7759 | NS      | $1311426.16   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| BEL Fuse Inc                              | BEL Fuse Inc CLASS'B'SHS USD0.1                        | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |      3336 | NS      | $660461.28    | 0.29%             |  |  |  | No            |                  2 | On Loan: —       |
| Adaptive Biotechnologies Corp             | Adaptive Biotechnologies Corp COM                      | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    144771 | NS      | $2009421.49   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Procore Technologies Inc                  | Procore Technologies Inc COM                           | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     30824 | NS      | $1756968.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: —       |
| Warby Parker Inc                          | Warby Parker Inc CL A COM                              | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11021 | NS      | $232212.47    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| VSE Corp.                                 | VSE Corp. COM                                          | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      3236 | NS      | $596718.39    | 0.26%             |  |  |  | No            |                  2 | On Loan: —       |
| Xenon Pharmaceuticals Inc                 | Xenon Pharmaceuticals Inc COM                          | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     24016 | NS      | $1396530.38   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Kiniksa Pharmaceuticals International PLC | Kiniksa Pharmaceuticals International PLC ORD SHS CL A | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     30896 | NS      | $1487642.41   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Marex Group Plc                           | Marex Group Plc ORD                                    | CUSIP: G5S37H101<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |      4492 | NS      | $200253.37    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Gilat Satellite Networks Ltd.             | Gilat Satellite Networks Ltd. SHS NEW                  | CUSIP: M51474118<br>LEI: 529900RVHDCYJ5YWHP12 | Long             | EC               | CORP              | IL        |     23101 | NS      | $346977.02    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                 | JFrog Ltd ORD SHS                                      | CUSIP: M6191J100<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |     55952 | NS      | $2625827.38   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Boot Barn Holdings Inc                    | Boot Barn Holdings Inc COM                             | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     11875 | NS      | $1738025.00   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Braze Inc                                 | Braze Inc COM CL A                                     | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |     50343 | NS      | $1188598.23   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Dianthus Therapeutics Inc                 | Dianthus Therapeutics Inc COM                          | CUSIP: 252828108<br>LEI: 549300Z3N6ODPCOFC890 | Long             | EC               | CORP              | US        |      7837 | NS      | $657681.04    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc.                | Edgewise Therapeutics Inc. COM                         | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35176 | NS      | $1108044.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Biomarin Pharmaceutical Inc.              | Biomarin Pharmaceutical Inc. COM USD0.001              | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     24792 | NS      | $1400500.07   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Cipher Digital Inc.                       | Cipher Digital Inc. COM                                | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |     11556 | NS      | $148725.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Cytokinetics Inc                          | Cytokinetics Inc COM NEW                               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |     17365 | NS      | $1144527.13   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Dycom Industries, Inc.                    | Dycom Industries, Inc. COM                             | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      4885 | NS      | $1655135.66   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Generac Holdings Inc.                     | Generac Holdings Inc. COM                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      7681 | NS      | $1500329.77   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| HeartFlow Inc.                            | HeartFlow Inc. COM                                     | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11608 | NS      | $282422.63    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Herc Holdings Inc                         | Herc Holdings Inc COM                                  | CUSIP: 42704L104<br>LEI: 549300TP80QLITMSBP82 | Long             | EC               | CORP              | US        |     10660 | NS      | $1061203.00   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| JBT Marel Corp.                           | JBT Marel Corp. COM                                    | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |     14921 | NS      | $1907948.28   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Lionsgate Studios Corp.                   | Lionsgate Studios Corp. COM                            | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     91054 | NS      | $873207.87    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Grp Inc                               | MYR Grp Inc COM                                        | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      8993 | NS      | $2538903.76   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Matador Resources Company                 | Matador Resources Company COM                          | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     17533 | NS      | $1107735.00   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Ondas Inc.                                | Ondas Inc. COM NEW                                     | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |     27913 | NS      | $252333.52    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics, Inc.                    | PTC Therapeutics, Inc. COM                             | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      8658 | NS      | $589869.54    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Everpure Inc.                             | Everpure Inc. CL A                                     | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     21826 | NS      | $1288607.05   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Q2 Holdings Inc                           | Q2 Holdings Inc COM                                    | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     23114 | NS      | $1093292.18   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Terawulf Inc                              | Terawulf Inc COM                                       | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |     59201 | NS      | $854270.41    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Zurn Elkay Water Solutions Corporation    | Zurn Elkay Water Solutions Corporation COM             | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     33241 | NS      | $1490526.41   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Evercore Inc.                             | Evercore Inc. CLASS A                                  | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      6413 | NS      | $1914344.70   | 0.84%             |  |  |  | No            |                  2 | On Loan: —       |
| Fastly Inc.                               | Fastly Inc. CL A                                       | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |     20739 | NS      | $602675.35    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowco Holdings Inc.                      | Flowco Holdings Inc. COM CL A                          | CUSIP: 342909108<br>LEI: 529900837MXVPIR9FZ68 | Long             | EC               | CORP              | US        |     79611 | NS      | $1639986.57   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Formfactor Inc                            | Formfactor Inc COM USD0.001                            | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     22109 | NS      | $2144351.97   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Healthequity Inc                          | Healthequity Inc COM                                   | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     21865 | NS      | $1827258.05   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| iRhythm Holdings Inc.                     | iRhythm Holdings Inc. COM                              | CUSIP: 450056106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11595 | NS      | $1368441.87   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Immunocore Holdings plc                   | Immunocore Holdings plc ADS                            | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             | EC               | CORP              | GB        |      5912 | NS      | $178246.80    | 0.08%             |  |  |  | No            |                  2 | On Loan: —       |
| Kratos Defense & Security Solutions, Inc. | Kratos Defense & Security Solutions, Inc. COM NEW      | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     27054 | NS      | $1907577.59   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Lindblad Expeditions Holdings Inc.        | Lindblad Expeditions Holdings Inc. COM                 | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |     30128 | NS      | $521214.40    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc.  | MACOM Technology Solutions Holdings Inc. COM           | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11223 | NS      | $2492291.57   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Mama's Creations, Inc                     | Mama's Creations, Inc COM                              | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18406 | NS      | $282348.03    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                       | Mercury Systems Inc COM USD0.01                        | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     31063 | NS      | $2264803.32   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Miami International Holdings Inc.         | Miami International Holdings Inc. COM                  | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     11355 | NS      | $441936.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                               | Neogen Corp COM USD0.16                                | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     16959 | NS      | $157549.11    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OSI System Inc.                           | OSI System Inc. COM NPV                                | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |      2336 | NS      | $620231.35    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIC Pharmaceuticals Inc.                 | ORIC Pharmaceuticals Inc. COM                          | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               | CORP              | US        |     30854 | NS      | $390920.18    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ouster Inc                                | Ouster Inc COM NEW                                     | CUSIP: 68989M202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13202 | NS      | $242520.74    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                             | RB Global Inc COM                                      | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |     10756 | NS      | $1030962.61   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc COM                         | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      3771 | NS      | $327963.87    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| GeneDx Holdings Corp                      | GeneDx Holdings Corp COM CL A                          | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14109 | NS      | $906079.97    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Champion Homes Inc.                       | Champion Homes Inc. COM                                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26190 | NS      | $1947750.27   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Standex International Corp                | Standex International Corp COM                         | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      1739 | NS      | $443201.54    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Steel Dynamics, Inc.                      | Steel Dynamics, Inc. COM STK USD0.01                   | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     12340 | NS      | $2221200.00   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Sterling Infrastructure Inc               | Sterling Infrastructure Inc COM                        | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      1775 | NS      | $722904.25    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Terns Pharmaceuticals Inc.                | Terns Pharmaceuticals Inc. COM                         | CUSIP: 880881107<br>LEI: 254900S1ZDQMF4MYP709 | Long             | EC               | CORP              | US        |     16856 | NS      | $888648.30    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc.                             | Transcat Inc. COM                                      | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      3758 | NS      | $276025.10    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Twist Bioscience Corporation              | Twist Bioscience Corporation COM                       | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     42121 | NS      | $2001589.95   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Viavi Solutions Inc                       | Viavi Solutions Inc COM                                | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     62012 | NS      | $2063759.42   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Yeti Holdings Inc                         | Yeti Holdings Inc COM                                  | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     36786 | NS      | $1345999.71   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambarella Inc                             | Ambarella Inc COM USD0.00045                           | CUSIP: G037AX101<br>LEI: 254900XN7F4DG0CEKC02 | Long             | EC               | CORP              | KY        |      4319 | NS      | $222320.56    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Essent Group Ltd.                         | Essent Group Ltd. COM USD0.015                         | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | BM        |     34756 | NS      | $2031140.64   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnipFMC PLC                            | TechnipFMC PLC USD1                                    | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     50140 | NS      | $3466178.13   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| TAT Technologies                          | TAT Technologies ORD NEW                               | CUSIP: M8740S227<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      9652 | NS      | $392160.76    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Rock Coffee Bar Inc.                | Black Rock Coffee Bar Inc. CL A                        | CUSIP: 092244102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56043 | NS      | $724075.56    | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Calix Inc.                                | Calix Inc. COM USD0.01                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      7143 | NS      | $349935.57    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Celcuity Inc.                             | Celcuity Inc. COM                                      | CUSIP: 15102K100<br>LEI: 25490070W7UU7W2SEY87 | Long             | EC               | CORP              | US        |      9850 | NS      | $1124278.98   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc.                   | Cogent Biosciences Inc. COM                            | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71920 | NS      | $2768200.77   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                              | Artivion Inc COM                                       | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     68550 | NS      | $2510300.96   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Dave Inc                                  | Dave Inc CLASS A COM NEW                               | CUSIP: 23834J201<br>LEI: 25490061SUVXCW51RZ82 | Long             | EC               | CORP              | US        |      7238 | NS      | $1260063.42   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                     | Element Solutions Inc COM                              | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     90004 | NS      | $3072736.55   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| LIncoln Educational Services Corp.        | LIncoln Educational Services Corp. COM                 | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     22464 | NS      | $913835.52    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co.                  | Sphere Entertainment Co. CL A                          | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |      4910 | NS      | $576434.01    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mineralys Therapeutics Inc.               | Mineralys Therapeutics Inc. COM                        | CUSIP: 603170101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16963 | NS      | $459527.68    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                   | Mirion Technologies Inc COM CL A                       | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     77665 | NS      | $1443792.37   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc          | Montrose Environmental Group Inc COM                   | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |     44058 | NS      | $964429.63    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Neptune Insurance Holdings Inc.           | Neptune Insurance Holdings Inc. CL A                   | CUSIP: 64073B103<br>LEI: 529900I3QTHC0Q1C2D65 | Long             | EC               | CORP              | US        |     11519 | NS      | $278644.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Nlight Inc.                               | Nlight Inc. COM                                        | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5705 | NS      | $325299.10    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                | Performance Food Group Co. COM                         | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     19187 | NS      | $1643558.41   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| SentinelOne Inc                           | SentinelOne Inc CL A                                   | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |     62125 | NS      | $800170.00    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| StandardAero Inc.                         | StandardAero Inc. COM                                  | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35715 | NS      | $922518.46    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| StoneX Group Inc                          | StoneX Group Inc COM                                   | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      4673 | NS      | $376877.45    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Synaptics Incorporated                    | Synaptics Incorporated COM USD0.001                    | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |     24493 | NS      | $1715489.70   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Turning Point Brands Inc                  | Turning Point Brands Inc COM                           | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |      2327 | NS      | $201960.33    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute, Inc.       | Universal Technical Institute, Inc. COM USD0.0001      | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     18467 | NS      | $666658.70    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Valvoline Inc                             | Valvoline Inc COM                                      | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     42399 | NS      | $1427998.31   | 0.63%             |  |  |  | No            |                  2 | On Loan: —       |
| Varonis Systems Inc                       | Varonis Systems Inc COM                                | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     55064 | NS      | $1182224.08   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| The Vita Coco Company Inc                 | The Vita Coco Company Inc COM                          | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |      9033 | NS      | $432771.03    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Willdan Group Inc.                        | Willdan Group Inc. COM                                 | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      4454 | NS      | $340998.24    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| York Space Systems Inc.                   | York Space Systems Inc. COM                            | CUSIP: 987084100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15818 | NS      | $350685.06    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Stevanato Group S.p.A.                    | Stevanato Group S.p.A. ORD SHS                         | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |     81183 | NS      | $1116266.25   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-19

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

**Signature:** /s/Kelly New

**Name of Signer:** Kelly New

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